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Yang joined the infant formula company in China as CFO in June 2010 and utilized all his expertise and experience to improve the company’s top line and narrow down the losses. Yang has an experience of over 16 years in corporate finance, commodity trading and international business development. He will however, continue to guide the company as a member of the board.
Until a permanent CFO is selected, Weiguo Zhang will stand in as the CFO. He has been President and Chief Operating Officer since 2005. Zhang joined Synutra in 2001 and is currently responsible for financial and marketing operations of the company, including investor relations, corporate development, and international strategic development. Mr. Zhang is also a director and a member of the compensation committee and audit committee of RINO International Corporation ( RINO ) .
Prior to joining Synutra, Zhang was the managing director of Bambridge International, Ltd., which he founded in 1995.
The company’s search for a new CFO has begun, but we believe Synutra is in safe hands in the interim.
In the recently concluded first quarter 2012, the company reported a loss of 17 cents, which was worse than the Zacks Consensus Estimate of a loss of 7 cents per share and the year-ago quarter's earnings of 19 cents a share.
The company’s lower-than-expected results were due to sluggish revenue. During the quarter,net sales dipped 47.8% year over year to $43.8 million.
The Zacks Consensus Estimates for 2012 and 2013 are pegged at 25 cents and 70 cents per share, respectively. The company currently retains a Zacks #3 Rank, which translates into a short-term Hold rating on the stock. We also reiterate our long-term Neutral recommendation on the stock.
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