starboy
13 years ago
China Nutrifruit Group Limited Announces First Quarter Fiscal Year 2012 Results
Date : 08/15/2011 @ 6:30AM
Source : PR Newswire
Stock(CNGL)
Quote : 1.8 0.09 (5.26%) @ 1:03PM
China Nutrifruit Group Limited Announces First Quarter Fiscal Year 2012 Results
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China Nutrifruit Grp. Limited Common Stock (AMEX:CNGL)
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Today : Monday 15 August 2011
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China Nutrifruit Group Limited (NYSE Amex: CNGL) ("China Nutrifruit" or "the Company"), a leading producer of premium specialty fruit based products in China ("PRC"), today announced its financial results for the first quarter fiscal year 2012, ended June 30, 2011.
First Quarter Fiscal Year 2012 Highlights and Recent Events
Net sales increased 6.9% year-over-year to $10.3 million
Gross profit increased 16.4% year-over-year to $4.8 million, with gross margin of 46.6%
Operating earnings rose 11.9% year-over-year to $2.7 million, with operating margin of 26.4%
Net income increased 0.4% year-over-year to $1.8 million, or $0.04 per diluted share
In June 2011, the Company filed an application with the SEC to withdraw its registration statement on Form S-1 for the proposed Taiwan Depositary Receipt offering and withdraw its application for listing on the Taiwan Stock Exchange
"Historically, we experience modest growth in net sales and profitability in our first fiscal quarter as we primarily engage in selling remaining inventory from the prior year production season. At the end of the first quarter of fiscal 2012, we sold through most of our inventory position. During the quarter, our newly introduced seabuckthorn and blackcurrant glazed fruit products continued to benefit from strong market demand and as a result, we recorded a 6.9% year-over-year increase in net sales, demonstrating our strong capability in diversifying our product portfolio," commented Mr. Yu Changjun, Chairman and CEO of China Nutrifruit. "On the operational level, due to our continued efforts to implement cost control measures, we recorded 3.8 percentage points year-over-year growth in our gross margin. Due to our solid market position, coupled with our product diversification and capacity expansion initiatives, we expect to achieve strong revenue and net income growth in fiscal year 2012," added Mr. Yu.
First Quarter Fiscal Year 2012 Results
Net sales for the first quarter of fiscal year 2012 increased 6.9% to $10.3 million, from $9.6 million in the same quarter of fiscal 2011. Sales growth during the quarter was primarily due to increased sales volume of glazed fruit products. The Company's recently introduced seabuckthorn and blackcurrant glazed fruit and concentrate juice products accounted for approximately 19.1% of the total sales during the quarter.
In the first quarter of fiscal year 2012, net sales from concentrated juice products, which accounted for 50.5% of total net sales, were $5.2 million, up slightly from $5.0 million, or 52.3% of total net sales, in the same quarter of fiscal year 2011. Net sales from glazed fruit products reached $3.8 million, contributing 37.2% of net sales, up 119.2% as compared to $1.7 million, or 18.2% of total net sales in the same period of prior year. Sales of concentrate pulp products were $1.0 million, or 9.7% of total net sales, down 56.5% compared to $2.3 million in the same period in fiscal year 2011. Net sales of concentrate pulp decreased as the Company ceased cooperation with one of two OEM factories in this quarter due to changes in the factory's business operations. In fiscal year 2012, the Company made a strategic decision to replace this relationship with another OEM concentrate pulp manufacturer that consistently meets the Company's stringent quality requirements. Sales from nectar were $0.3 million, or 2.6% of total net sales, down 52.3% from $0.6 million, or 5.8% of total net sales in the first quarter of fiscal 2011.
Gross profit for the first quarter of fiscal year 2012 increased 16.4% to $4.8 million from $4.1 million for the same period a year ago. Gross margin was 46.6% for the first quarter of fiscal year 2012, up from 42.8% in the year ago period. The increase in gross margin was mainly due to significant increase in sales volume of higher margin glazed fruit products. Gross margin on glazed fruit products rose to 54.9% from 49.8% a year ago. In contrast, gross margin of concentrate pulp products, nectar and concentrate juice were 23.6%, 67.3% and 43.8% compared to 25.5%, 69.3% and 45.3%, respectively, in the first quarter of fiscal year 2011.
In the first quarter of fiscal year 2012, selling, general, and administrative expenses were $2.1 million, up 22.8% from the same period last fiscal year. Selling expenses were $0.4 million, or 4.0% of net sales, down 29.8% compared to $0.6 million, or 6.1% of net sales, in the first quarter of fiscal year 2011. As a percentage of net sales, decline in selling expenses was mainly due to the Company's well established relationships with existing distributors who continued to place repeat orders with higher volume, resulting in lower sales related travel expenses.
General and administrative expenses were $1.7 million, or 16.2% of net sales, up 50.7% from $1.1 million, or 11.5% of net sales a year ago. The increase in general and administrative expenses was mainly attributable to increase in professional expenses related to the Company's proposed Taiwan Deposit Receipt offering in Taiwan which was withdrawn in June 2011. In addition, the increase in payroll expenses also contributed to the increase in general and administrative expenses for the quarter.
Operating earnings in the first quarter of fiscal year 2012 were $2.7 million compared to $2.4 million in the comparable period last fiscal year. Operating margin for the quarter improved to 26.4%, up from 25.2 % a year ago.
Provision for income taxes for the quarter was $0.9 million compared to $0.7 million a year ago. The Company's effective tax rate was 33.9% for the first quarter fiscal year 2012 compared to 27.1% for the same period last year.
Net income in the first quarter of fiscal year 2012 was $1.8 million, or $0.04 per diluted share, up slightly compared to the same period last fiscal year. The calculation of diluted earnings per share for the first quarter of fiscal 2011 is based on 36.9 million weighted average shares outstanding compared to 36.7 million in the same quarter of fiscal 2011.
Financial Condition
As of June 30, 2011, China Nutrifruit had $57.2 million in cash and equivalents, $10.8 million in current liabilities with no long-term debt and working capital of $53.1 million. Shareholders' equity was $96.4 million as of June 30, 2011, up from $93.3 million as of March 31, 2011.
The Company generated $11.5 million net cash from operating activities, compared to cash used in operating activities of $5.8 million in the same period fiscal year 2011. The Company used $0.6 million and $4.1 in prepayment for purchase of property and equipment for the upgrade of glazed fruit and concentrate juice production lines and the construction of the Company's new concentrate paste facility in Zhaoyuan respectively, which is scheduled to begin operations in late August 2011.
Subsequent Events
On July 25, 2011, the Company commenced the fiscal year 2012 production season.
In July 2011, the Company completed technological upgrades to glazed fruit production lines in Daqing and completed installation of additional processing equipment at concentrate juice production lines in Mudanjiang, increasing annual concentrate juice production capacity by 50% to reach 9,000 tons.
In August 2011, the Company relocated its headquarters to Daqing Hi-Tech Industrial Development Zone, Daqing, Heilongjiang, China.
Business Outlook
"We are pleased to begin fiscal year 2012 with a strong cash flow position to support our production season and numerous new product development and capacity expansion initiatives. During our production season this year, we expect to introduce several new products, including fruit and vegetable powder products, concentrate paste products, golden berry dried fruits, and cherry tomato glazed fruits products. In addition, with our recent technological upgrades to our glazed fruit production lines in Daqing and installation of additional processing equipment at concentrate juice production lines in Mudanjiang, we have successfully increased our annual concentrate juice production capacity by 50% to reach 9,000 tons. We also expect to benefit from increased operational efficiency following these upgrades," said Mr. Yu. "As we are currently in the process of engaging another OEM factory, a process that may take several months, we expect concentrate pulp products to contribute less to our overall sales for the time being."
"In light of these initiatives and updates, we remain confident in our ability to achieve our financial guidance for fiscal year 2012, with revenue of approximately $110 million to $113 million and net income of approximately $29 million to $30 million," concluded Mr. Yu.
Conference Call Information
Management will conduct a conference call at 9:00 a.m. Eastern Time on Monday, August 15, 2011, to discuss financial results for the first quarter fiscal year 2012, ended June 30, 2011.
To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (866) 759-2078. International callers should dial +1-706-643-0585. The conference ID number for the call is 89319601.
If you are unable to participate in the call at this time, a replay will be available for fourteen days starting from Monday, August 15, 2011 at 12:00 noon Eastern Time. To access the replay, dial 855-859-2056. International callers should dial +1-404-537-3406. The conference ID number for the replay is 89319601.
About China Nutrifruit Group Limited
Through its subsidiaries Daqing Longheda Food Company Limited and Daqing Senyang Fruit and Vegetable Food Technology Company Limited, China Nutrifruit, is engaged in developing, processing, marketing and distributing a variety of food products processed primarily from premium specialty fruits grown in Northeast China, including golden berry, crab apple, blueberry, seabuckthorn, blackcurrant and raspberry. Its processing facility possesses ISO9001 and HACCP series qualifications. Currently, the Company has established an extensive nationwide sales and distribution network throughout 18 provinces in China. For more information, please visit http://www.chinanutrifruit.com.
starboy
14 years ago
China Nutrifruit Group Limited Announces Third Quarter of Fiscal 2010 Results
- Revenue increased 28% year-over-year to $17.8 million
- Net income increased 45% to $4.6 million
- Affirms FY 2010 and FY 2011 Guidance
DAQING, China, Feb. 5 /PRNewswire-Asia-FirstCall/ --
China Nutrifruit Group Limited (NYSE Amex: CNGL) ("China Nutrifruit" or "the Company"), a leading producer of premium specialty fruit based products in China ("PRC"), today reported financial results for the third fiscal quarter ended December 31, 2009.
Third Quarter Fiscal Year ("FY") 2010 Highlights
-- Net sales increased 28.4% year-over-year to $17.8 million
-- Gross profit increased 34.8% year-over-year to $8.1 million, with gross
margin of 45.7%
-- Operating earnings increased 40.6% year-over-year to $6.2 million, with
operating margin of 34.9%
-- Net income increased 44.7% year-over-year to $4.6 million, or $0.11 per
diluted share
-- Successfully raised aggregate gross proceeds of approximately $13.3
million in private placement financing
-- Began production of new glazed fruit production line at the Company's
Daqing facility in Heilongjiang Province, China
"China Nutrifruit had a strong third quarter with solid year-over-year growth in both revenue and net income. As planned, we successfully added a new glazed fruit production line during the quarter which will further boost sales of our rapidly growing glazed fruit products," commented Mr. Changjun Yu, Chairman of China Nutrifruit. "We experienced a healthy harvest with our facilities operating at a utilization rate in excess of 90%. Our new glazed fruit production line began production in December and will help us meet the growing market demand for our products."
Third Quarter FY 2010 Results
Net sales for the third quarter of FY 2010 increased 28.4% to $17.8 million, as compared to $13.9 million in the same quarter of fiscal 2009. The strong growth in sales was attributable to the increase in sales volume driven by rising market demand and growth in consumer spending. During the third quarter, net sales from concentrated juice products, which accounted for 47.2% of total net sales, were $8.4 million. Net sales from glazed fruit reached $5.4 million, contributing 30.1% of the net sales during the quarter compared to 6.1% in the prior year primarily due to increased sales of the Company's new blueberry glazed fruit product.
Gross profit for the third quarter of FY 2010 grew 34.8% to $8.1 million, from $6.0 million for the same period a year ago. Gross margin was 45.7% for the third quarter of FY 2010 compared to 43.5% in the third quarter of FY 2009. The increase in gross margin was mainly due to product mix changes resulting in increased sales of glazed fruit products which had a higher margin of 51.9%, compared with fruit concentrate and concentrate pulp products, which had gross margins of 44.4% and 28.3%, respectively, during the quarter.
In the third quarter of FY 2010, selling, general, and administrative expenses were $1.9 million, up 18.6% from $1.6 million in the same period last year. Selling expenses were $1.1 million, or 6.1% of net sales, compared to $0.9 million, or 6.8% of net sales, in the third quarter of FY 2009. Selling expenses as a percentage of net sales declined due to lower sales related travel expenses as the Company's established customer relationships resulted in a higher volume of repeat orders from existing customers. General and administrative ("G&A") expenses were $0.8 million, up 22.9% from $0.7 million a year ago. As a percentage of net sales, G&A expenses decreased to 4.6% compared to 4.8% in the third quarter of FY 2009.
Operating earnings in the third quarter of FY 2010 rose 40.6% to $6.2 million, from $4.4 million in the comparable period last year.
Provision for income taxes was $1.6 million compared to $1.1 million a year ago.
Net income in the third quarter of FY 2010 was $4.6 million, or $0.11 per diluted share, up 44.7% from $3.2 million, or $0.09 per diluted share a year ago. The calculation of diluted earnings per share for the third quarter of fiscal 2010 is based on 40.2 million shares compared to share count of 36.1 million in the third quarter of fiscal 2009.
Nine Months Results
For the nine months ended December 31, 2009, net sales were $46.5 million, up 28.4% from $36.2 million for the nine months ended December 31, 2009. Net sales from concentrated juice products increased 10.8% to $20.1 million from $18.1 million in the comparable period last year and accounted for 43.2% of total net sales. Net sales from glazed fruit grew 110.4% to $10.2 million from $4.8 million in the same period last year and accounted for 21.9% of net sales. Sales of concentrate pulp products increased 185.1% to $6.4 million, as compared to $2.2 million in the prior year, and accounted for 13.7% of total net sales.
Gross profit increased 26.6% to $21.8 million from $17.2 million a year ago. Gross margin was 46.8% in the first nine months of FY 2010 compared to 47.5% in the comparable period a year ago. Earnings from operations were $16.8 million, up 23.4% from $13.6 million last year. Net income for the nine months ended December 31, 2009 was $12.5 million, or $0.33 per diluted share, up 25.7% from $10.0 million, or $0.51 per diluted share, in the same period of FY 2009. The calculation of diluted earnings per share for the first nine months of FY 2010 is based on 37.5 million shares compared to share count of 19.5 million in the comparable period of fiscal 2009.
Financial Condition
As of December 31, 2009, China Nutrifruit had $19.1 million in cash and cash equivalents, $3.0 million in total liabilities with no long-term debt and working capital of $39.3 million. Shareholders' equity was $58.9 million as of December 31, 2009.
In first nine months of FY2010, the Company generated $5.7 million in cash flow
from operating activities due to net income, the collection of trade receivables offset by the increase in inventory during the production season.
Business Outlook
China Nutrifruit plans to construct a new fruit and vegetable powder manufacturing facility in Daqing, Heilongjiang Province with an annual production capacity of 10,000 tons at a total cost of approximately $19.1 million. The new facility is expected to begin production in September 2010 and will produce tomato, pumpkin and other popular fruit and vegetable powders that can be used as ingredients in a variety of food products. The Company expects the new line to contribute approximately $13 to $14 million in revenue for fiscal year 2011. In addition, China Nutrifruit is seeking to maximize utilization at its new automated glazed fruit production line.
The Company affirms previously issued fiscal 2010 and 2011 guidance. For FY 2010, the Company expects approximately $72.0 - $76.0 million in revenue and $18.5 million in net income, excluding non-cash stock compensation expenses. For FY 2011, the Company expects approximately $90-$95 million in revenue, and projected net income of approximately $22-$23 million.
"We expect strong consumer spending and an increasing demand for healthy products to continue to drive demand for specialty fruit and beverage products. We have received a great deal of interest and demand from both domestic and international distributors for fruit and vegetable powder products. This high growth segment complements our existing product lines and we plan to leverage our widespread network of suppliers and distributors to sell these products," said Mr. Yu. "We intend to enhance our position as a premium food processor by continuing to introduce new products and utilizing our strong distribution network, industry relationships, and production efficiency."
Conference Call Information
Management will conduct a conference call at 9:00 a.m. Eastern Time on Friday, February 5, 2010 to discuss its third fiscal quarter 2010 results. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 877-380-4607. International callers should dial +1-702-928-6995. The conference ID number for the call is 53493754. If you are unable to participate in the call at this time, a replay will be available on Friday, February 5, 2010 at 11:00 a.m. Eastern Time, through Friday, February 19, 2010. To access the replay, dial 800-642-1687. International callers should dial +1-706-645-9291. The conference ID number for the replay is 53493754.
About China Nutrifruit Group Limited
Through its subsidiary Daqing Longheda Food Company Limited, China Nutrifruit, is engaged in developing, processing, marketing and distributing a variety of food products processed primarily from premium specialty fruits grown in Northeast China, including golden berry, crab apple, blueberry and raspberry. The Company's processing facility possesses ISO9001 and HACCP series qualifications. Currently, the Company has established an extensive nationwide sales and distribution network throughout 20 Provinces in China. For more information, please visit http://www.chinanutrifruit.com/ .
di4
15 years ago
China Nutrifruit Group Limited to Present at CCG IR's China Rising Conference in New York
May 4, 2009 9:30:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesDAQING CITY, China, May 4 /PRNewswire-Asia-FirstCall/ -- China Nutrifruit Group Limited, (OTC Bulletin Board: CNGL), ("China Nutrifruit" or "the Company"), a leading producer of premium specialty fruit based products in the People's Republic of China ("PRC"), announced today that the Company's management will present at the upcoming China Rising Conference hosted by CCG Investor Relations in New York, NY on May 18, 2009.
The date, time and location of China Nutrifruit's presentation at the China Rising Conference are as follows:
Date: Monday, May 18, 2009
Time: 11:30 a.m. to 12:00 p.m. Eastern Time
Presenter: Jinglin Shi, Chief Executive Officer
Colman Cheng, Chief Financial Officer
Venue: The Yale Club
50 Vanderbilt Avenue
New York, NY 10017
Webcast: http://www.chinarisingconference.com/webcast.html
A replay of the webcast will be available for up to one year following the presentation using the same link.
The China Rising Investment Conference hosted by CCG Investor Relations will provide over 250 fund managers and investors access to senior management of a wide range of Chinese growth companies in sectors including consumer staples, agriculture, pharmaceuticals, infrastructure, information technology, advanced materials, capital goods, and alternative energy. The conference will include over 30 U.S.-listed Chinese companies and a number of private companies.
Interested parties and investors may find more information for the conference by visiting the website at http://www.chinarisingconference.com.
About China Nutrifruit Group Limited
Through its subsidiary Daqing Longheda Food Company Limited, China Nutrifruit is engaged in developing, processing, marketing and distributing a variety of food products processed primarily from premium specialty fruits grown in Northeast China, including golden berry, crab apple, blueberry and raspberry. The Company's processing facility possesses ISO9001 and HACCP series qualifications. The Company has established an extensive nationwide sales and distribution network covering 19 provinces and 43 cities, through 70 distributors in China.
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements". These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Company Contact:
Mr. Colman Cheng, Chief Financial Officer
China Nutrifruit Group Limited
Tel.+ 852 9039 8111
Email: zsj@longheda.net
Website: www.longheda.net
Investor Relations Contact:
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Website: www.ccgirasia.com
SOURCE China Nutrifruit Group Limited
----------------------------------------------
Mr. Colman Cheng
Chief Financial Officer
+852-9039-8111
zsj@longheda.net
or Investor Relations
Mr. Crocker Coulson
President
crocker.coulson@ccgir.com
+1-646-213-1915 (NY office)
atout
17 years ago
FTEC - 8K 10/19/2007
On October 18, 2007, Fashion Tech International, Inc., a Nevada
corporation (the "Company"), entered into a Stock Purchase Agreement
(the "Stock Purchase Agreement"), with Halter Financial Investments,
L.P., a Texas limited partnership ("Purchaser"), pursuant to which the
Company agreed to sell Purchaser 25,137,574 unregistered shares of the
Company's common stock for $400,000. The Stock Purchase Agreement
requires, as a condition to closing, the election and appointment of the
person or persons designated by Purchaser as the new officers and
director or directors of the Company;
The Stock Purchase Agreement also requires the Company's Board of
Directors to declare and pay a special cash dividend of $0.11 per share
to the current shareholders of the Company and that the Purchaser will
not participate in such dividend. The proposed dividend will be payable
to shareholders of record at the close of business on October 29, 2007,
with a payment date on October 31, 2007, which is subsequent to the date
the required payment from Purchaser under the Stock Purchase Agreement
has been received. The dividend will be payable to the Company's
current shareholders who hold 3,591,082 shares of its common stock which
will result in a total dividend distribution of $395,020.
The Stock Purchase Agreement contains covenants that require
Purchaser, in its capacity as controlling shareholder of the Company
following closing, to agree that it will not approve any additional
reverse stock splits without the prior consent of a majority of the
members of the Company's current Board of Directors as
representatives of the Company's current shareholders, that it will
ensure that the Company does not authorize the issuance of any
additional shares of common stock or securities convertible into
shares of common stock except for up to a 17.5 to 1 reverse split in
connection with a combination transaction with a corporation with
current business operations (a "Going Public Transaction"), and that
it will not allow the Company to enter into a Going Public
Transaction unless the Company, on a combined basis with the
operating entity with which it completes a Going Public Transaction,
satisfies the financial conditions for listing on the NASADAQ Stock
Market immediately following the closing of the Going Public
Transaction. The Stock Purchase Agreement also grants demand and
"piggy back" registration rights to Purchaser and, to the extent
required, to the current holders of the Company's restricted common
stock.
After giving effect to the stock sale, the Purchaser would hold
25,137,574 shares or approximately 87.5% of the 28,728,656 shares of the
Company's common stock to be outstanding following the completion of
such action. As such, the Stock Purchase Agreement will result in a
change of control of the Company and, following consummation of the
transactions contemplated by the Stock Purchase Agreement, the Purchaser
will be able to elect directors and control the policies and practices
of the Company. The Stock Purchase Agreement will not result in any
change in the status of the Company as a shell company and the Company
will continue its search for business opportunities for acquisition or
participation by the Company.
The foregoing summary of selected provisions of the Stock Purchase
Agreement does not purport to be complete and is qualified in its
entirety by reference to the Stock Purchase Agreement, a copy of
which is filed as an exhibit to this report.
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