TORONTO, ONTARIO--(Marketwired - Aug. 22, 2013) - GreenStar Agricultural Corporation (formerly China Green Star Agricultural Corporation) (TSX VENTURE:GRE) ("GreenStar" or the "Corporation") today announced its financial results for the three and six month periods ending June 30, 2013.

Key Financial Metrics

In thousands except share data and EPS Q2 2013 Q2 2012 Change YTD 2013 YTD 2012 Change
Key Operation Results Unaudited Unaudited Unaudited Unaudited
Total revenue $ 9,446 $ 7,028 34.41 % $ 20,006 $ 16,003 25.01 %
Gross profit $ 4,574 $ 3,182 43.75 % $ 9,082 $ 7,046 28.90 %
EBITDA1 $ 4,357 $ 3,010 44.75 % $ 8,847 $ 6,582 34.41 %
Net profit before income tax $ 3,944 $ 2,813 40.21 % $ 8,025 $ 6,194 29.56 %
Profit for the period $ 2,863 $ 2,066 38.58 % $ 5,894 $ 4,575 28.83 %
EPS - basic $ 0.19 $ 0.14 35.71 % $ 0.39 $ 0.30 30.00 %
EPS - diluted2 $ 0.09 $ 0.07 28.57 % $ 0.19 $ 0.15 26.67 %
Dec. 31,
Key Balance Sheet Highlights Unaudited Audited
Cash and cash equivalents $ 14,240 $ 7,836 81.73 %
Total assets $ 55,243 $ 46,614 18.51 %
Total Liabilities $ 5,857 $ 6,307 -7.13 %
Shareholders' Equity $ 49,386 $ 40,308 22.52 %
Weighted average number of shares outstanding (basic, in thousands) 15,070 15,070 -
Working capital per share, diluted $ 0.88 $ 0.62 41.94 %
Net assets per share, diluted $ 1.58 $ 1.29 22.48 %
(1) Earnings before interest, taxes, depreciation and amortization (EBITDA) is often used as a measure of financial performance. However, EBITDA is a not a term that has specific meaning in accordance with IFRS, and may be calculated differently by other companies.).
(2) Includes the effect of the 16,069,892 special warrants granted on completion of the RTO. Each special warrant is convertible into one common share for no additional consideration.

"Despite challenging economic conditions in both the domestic Chinese market, and internationally, the Corporation managed to substantially grow, both its top line revenues and net profit in the period. Historically, over the past three years, the second quarter and first half represented 17% and 38% respectively of annual revenues, said Mr. Guan Lianyun, Chairman and CEO of GreenStar. "We are beginning to see the positive effect that GreenStar's increased land base is having on the overall results. The Corporation's fresh produce volumes increased dramatically during the quarter and the first half of 2013, and when combined with selling price increases, the results delivered robust revenue and earnings growth for GreenStar. We believe that the Corporation is well positioned to continue on this established path of growing revenues and profits, and enhancing shareholder value."

Q2 2013 Financial Highlights

  • Revenue of $9.4 million, an increase of 34.4% over $7 million in Q2 2012
  • Gross profit of $4.6 million, an increase of 43.8% over $3.2 million in Q2 2012
  • EBITDA of $4.4 million, an increase of 44.8% over $3 million in Q2 2012
  • Net profit of $2.9 million, an increase of 38.6% over $2.1 million in Q2 2012
  • Earnings per share (fully diluted) of $0.09, an increase of 28.6% over $0.07 in Q2 2012

2013 YTD Financial Highlights

  • Revenue of $20 million, an increase of 25% over $16 million in the first half 2012
  • Gross profit of $9.1 million, an increase of 29% over $7.0 million in the first half 2012
  • EBITDA of $8.8 million, an increase of 34.4% over $6.6 million in the first half 2012
  • Net profit of $5.9 million, an increase of 28.8% over $4.6 million in the first half 2012
  • Earnings per share (fully diluted) of $0.19, an increase of 26.7% over $0.15 in the first half 2012

Shareholders' equity $49.4 million, an increase of 22.5% over $40.3 million as at December 31, 2012.

GreenStar invites readers to review Management's Discussion & Analysis, as filed on SEDAR, for a more complete review and analysis of the Corporation's financial information and performance.

About GreenStar Agricultural Corporation

GreenStar operates two main divisions, agricultural and food processing. The agricultural division is involved in the cultivation and harvesting of agricultural products such as fresh fruit and vegetables, for sale either directly as fresh fruit and vegetables or canned, and sold overseas and domestically. The food processing division is primarily involved in the processing of canned food, which includes canned tomato paste, canned boiled bamboo shoots, canned oranges, canned peaches and various other types of fruits and vegetables.

GreenStar has been operating for over 19 years. Through the application of science and technology in production, quality control and assurance, and business operations and management, GreenStar has focused on maintaining product and reputational excellence with a high standard of food quality. Key assets include a well established management team, modern production facilities, and a close partnership with local farmers.

GreenStar Agricultural Corp. is listed on the TSX Venture Exchange under the symbol "GRE".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Caution Regarding Forward-Looking Information:

Certain statements in this press release may constitute ''forward looking'' statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements.

When used in this press release, such statements may use such words as ''may'', ''will'', ''expect'', ''believe'', ''plan'' and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward looking information in this press release includes management's belief that the Corporation will continue to grow its revenues and profits and enhance shareholder value. These forward looking statements involve a number of risks and uncertainties. Some of the factors that could cause actual results to differ materially from those expressed in or underlying such forward looking statements are the effects of, as well as changes in: international, national and local business and economic conditions; political or economic instability in the Company's markets; competition; legislation and governmental regulation; and accounting policies and practices. The foregoing list of factors is not exhaustive. Please see the Company's annual MD&A dated April 25, 2013, available on, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law."

Contact Information:

GreenStar Agricultural Corporation
Robert Macdonald
(416) 849 3858

Investor Cubed Inc.
(647) 258-3311, (888) 258-3323