TIDMBODI
RNS Number : 6943D
Bodisen Biotech Inc
18 May 2012
Bodisen Biotech, Inc. reports Unaudited First Quarter Financial
Results
Review & Extracts of the Form10-Q as required by the
Securities & Exchange Commission
Bodisen Biotech, Inc. (the "Company") (OTC Pink Sheets: BBCZ;
London AIM: BODI; website: www.bodisen.com) recently announced its
first quarter unaudited results for the period ended March 31, 2012
which are extracted from the Company's Form 10-Q filed with the
SEC.
Results of Operations
Three months ended March 31, 2012 compared to Three months ended
March 31, 2011.
Revenue: We generated revenue of $1,080,966 for the three months
ended March 31, 2012, an increase of $56,289 or 5.5%, compared to
$1,024,677 for the three months ended March 31, 2011. The increase
in revenue is primarily attributable to products structure change
and increased demand from customers for crop production and
fertilizer.
Gross Profit: We generated a gross profit of $328,624 for the
three months ended March 31, 2012, a decrease of $216,836 or 39.8%,
compared to $545,460 for the three months ended March 31, 2011.
Gross margin (gross profit as a percentage of revenue), was 30.4%
for the three months ended March 31, 2012, compared to 53.2% for
the three months ended March 31, 2011. The decrease in the gross
margin percentage was primarily attributable to increase in the
price of the raw materials needed for our products as well as an
increase in our labour costs.
Selling Expenses: Aggregated selling expenses accounted for
$501,628 of our operating expenses for the three months ended March
31, 2012, a decrease of $182,269 or 26.7%, compared to $683,897 for
the three months ended March 31, 2011. The decrease in our
aggregated selling expense is primarily attributable to a decrease
in advertising expenses in China of approximately $200,000 during
the three months ended March 31, 2012 compared to the three months
ended March 31, 2011.
General and Administrative Expenses: General and administrative
expenses accounted for $818,609 of our operating expenses for the
three months ended March 31, 2012, an increase of $301,999 or
58.5%, compared to $516,610 for the three months ended March 31,
2011. The increase is principally due to:
i. an increase in our provision for bad debt expenses of
approximately $150,000 (due to the Company's strengthening its
control policy over credits extended to customers) during the three
months ended March 31, 2012 compared to the three months ended
March 31, 2011;
ii. an increase in lease expense of approximately $37,000 for
the three months ended March 31, 2012 compared to March 31,
2011.
Non Operating Income and Expenses: We had total non-operating
expenses of $8,453 for the three months ended March 31, 2012 a
change of $5,235 compared to $13,688 for the three months ended
March 31, 2011. The decrease is principally due to:
i. a decrease in interest income of approximately $29,000 (due
to fully repaid of note receivable in January 2012) during the
three months ended March 31, 2012 compared to the three months
ended March 31, 2011;
ii. a decrease in interest expense of approximately $24,000 (due
to fully settlement of bank loan in January 2012) during the three
months ended March 31, 2012 compared to the three months ended
March 31, 2011.
Liquidity and Capital Resources
We are primarily a parent holding company for the operations
carried out by our operating subsidiary, Yang Ling, which carries
out its activities in the People's Republic of China. Because of
our holding company structure, our ability to meet our cash
requirements apart from our financing activities, including payment
of dividends on our common stock, if any, substantially depends
upon the receipt of dividends from our subsidiaries, particularly
Yang Ling.
As of March 31, 2012, we had $382,022 of cash compared to
$935,375 as of December 31, 2011.
Cash Flows
Operating: We used $472,517 of cash for operating activities for
the three months ended March 31, 2012 compared to $1,952,514 of
cash used in operating activities for the three months ended March
31, 2011. The cash used in operating consisted of a net loss of
$983,160 offset by non cash expenses of depreciation and
amortization of $425,281 and bad debt expense of $143,803. As a
result of collection of accounts receivable the company received
$1,938,738 in cash. In preparation for greater sales, we increased
inventory by $928,359. Deferred revenues and were paid down
resulting in a decrease in cash of $190,390.
Investing: Our investing activities provided $1,339,008 of cash
for the three months ended March 31, 2012, representing the
addition of property and equipment of $8,242 and proceeds from note
receivable of $1,347,250, compared to cash used in investing
activities of $525 for the three months ended March 31, 2011
representing the addition of property and equipment.
Financing. Our financing activities used $1,426,500 of cash as a
result of the repayment of a note payable for the three months
ended March 31, 2012 compared to $0 provided by financing
activities for the three months ended March 31, 2011.
Off-Balance Sheet Arrangements
We currently do not have any material off-balance sheet
arrangements except for the remaining pre-payments under the
land-lease arrangement described above.
About Bodisen Biotech, Inc.
Bodisen Biotech, Inc. is a manufacturer of liquid and organic
compound fertilizers, pesticides, insecticides and agricultural raw
material certified by the Petroleum Chemical Industry
Administrative office of China (Chemical Petroleum Production
Administrative Bureau), Shaanxi provincial government and Chinese
government. The company is headquartered in Shaanxi province and is
a Delaware corporation. The company files annual and periodic
reports with the U.S. Securities and Exchange Commission, which are
accessible at www.sec.gov.
Safe Harbor Statement
This press release may contain forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
based on the current expectations or beliefs of Bodisen Biotech,
Inc. management and are subject to a number of factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements.
Enquiries:
Charles Stanley Securities
(Nominated Adviser)
Russell Cook / Carl Holmes 020 7149 6000
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE
INCOME (LOSS) FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND
2011
Three Months Ended March
31,
-----------------------------
2012 2011
----------- ------------
(unaudited)
Revenue $ 1,080,966 $ 1,024,677
Cost of Revenue 752,342 479,217
----------- ------------
Gross profit 328,624 545,460
Operating expenses 501,628
Selling expenses 818,609 683,897
General and administrative
expenses 1,320,237 516,610
Total operating expenses 1,200,507
(991,613
Loss from operations (655,047)
Non-operating income/(expense):
Other income/(expense) (612) (229)
Interest income 20,376 48,067
Interest expense (11,311) (34,150)
----------- ------------
Total non-operating income 8,453 13,688
Net loss (983,160) (641,359)
Other comprehensive income
(loss)
Foreign currency translation
gain (loss) 210,955 222,439
Unrealized gain (loss)
on marketable equity security 2,392,029 (4,743,687)
Total other comprehensive
income (loss) 2,602,984 (4,521,248)
------------
Comprehensive income/(loss) $ 1,619,824 $ (5,162,607)
=========== ============
Weighted average shares
outstanding
Basic 21,510,250 21,510,250
=========== ============
Diluted 21,510,250 21,510,250
=========== ============
Earnings per share:
Basic $ (0.05) $ (0.03)
=========== ============
Diluted $ (0.05) $ (0.03)
=========== ============
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2012 AND DECEMBER 31, 2011
December
March 31, 31,
2012 2011
------------- -------------
(unaudited) (audited)
ASSETS
CURRENT ASSETS:
Cash $ 382,022 $ 935,375
Accounts receivable and other
receivable, net of allowance
for doubtful accounts of
$303,013 and $158,384 1,785,047 3,840,546
Other receivables 4,178 19,215
Note receivable 79,150 1,415,700
Inventory 3,090,113 2,149,262
Advances to suppliers 695,956 498,960
Prepaid expense and other
current assets 653,441 6,944
Total current assets 6,689,907 8,866,002
PROPERTY AND EQUIPMENT, net 21,754,616 22,003,784
MARKETABLE SECURITY, AVAILABLE-FOR-SALE 3,603,183 1,211,154
INTANGIBLE ASSETS, net 4,856,109 4,852,720
TOTAL ASSETS $ 36,903,815 $ 36,933,660
============= =============
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES:
Accounts payable $ 683,589 $ 702,253
Accrued expenses 52,744 81,437
Deferred revenue 369,837 556,449
Bank loan - 1,415,700
Total current liabilities 1,106,170 2,755,839
Long-term bank loan - -
TOTAL LIABILITIES 1,106,170 2,755,839
------------- -------------
STOCKHOLDERS' EQUITY:
Preferred stock, $0.0001
per share; authorized 5,000,000
shares; nil issued and outstanding - -
Common stock, $0.0001 per
share; 30,000,000 shares
authorized 21,510,250 and
21,510,250 shares issued
and outstanding 2,151 2,151
Additional paid-in capital 35,345,542 35,345,542
Accumulated other comprehensive
income 11,479,028 8,876,044
Statutory reserve 4,314,488 4,314,488
Retained Earnings (15,343,564) (14,360,404)
Total stockholders' equity 35,797,645 34,177,821
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 36,903,815 $ 36,933,660
============= =============
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011
Three Months Ended
March 31,
-------------------------------
2012 2011
------------ -------------
(unaudited) (unaudited)
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net loss $ (983,160) $ (641,359)
Adjustments to reconcile
net loss to net cash
used in operating activities:
Depreciation and amortization 425,281 432,138
Allowance for bad debts/write
offs 143,803 3,298
(Increase) / decrease in
assets:
Accounts receivable 1,938,738 111,727
Other receivables 15,178 (13,858)
Inventory (928,359) (504,557)
Advances to suppliers (194,068) (304,849)
Prepaid expense (647,270) (4,301)
Increase / (decrease) in
current liabilities:
Accounts payable (23,091) (12,030)
Accrued expenses (33,909) (3,497)
Deferred revenue (190,390) (369,258)
Other payables 4,730 (645,968)
------------ -------------
Net cash used in operating
activities (472,517) (1,952,514))
------------ -------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Acquisition of property
and equipment (8,242) (525)
Proceeds from repayment
of note receivable 1,347,250 -
-------------
Net cash provided by (used
in) investing activities 1,339,008 (525)
------------ -------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Repayment of bank loan (1,426,500) -
Net cash used in financing
activities (1,426,500) -
------------ -------------
Effect of exchange rate
changes on cash and cash
equivalents 6,656 17,259
------------ -------------
NET DECREASE IN CASH (553,353) (1,935,510)
CASH, BEGINNING OF PERIOD 935,375 3,675,209
------------ -------------
CASH, END OF PERIOD $ 382,022 $ 1,739,699
============ =============
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION:
Interest paid $ 11,067 $ -
=======
Income taxes paid - -
=======
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFGGUCUAUPPGAR
Bodisen Biotech (LSE:BODI)
Historical Stock Chart
From Apr 2024 to May 2024
Bodisen Biotech (LSE:BODI)
Historical Stock Chart
From May 2023 to May 2024
