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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bodisen | LSE:BODI | London | Ordinary Share | COM STK USD0.0001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMBODI
RNS Number : 0147M
Bodisen Biotech Inc
17 May 2010
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, 2010 which are extracted from the Company's Form
10-Q filed with the SEC.
Enquiries:
Charles Stanley Securities
(Nominated Adviser)
Russell Cook / Carl Holmes 020 7149 6000
Results of Operations
Three months ended March 31, 2010 compared to Three months ended March 31, 2009.
Revenue. The Company generated revenue of $1,031,309 for the three months ended
March 31, 2010, a decrease of $503,726 or 33%, compared to $1,535,035 for the
three months ended March 31, 2009. The decrease in revenue is primarily
attributable to the overall slowdown in the global economy. The decrease in
revenue is attributed to lower sales volume.
Gross Profit. Bodisen achieved a gross profit of $221,426 for the three months
ended March 31, 2010, an increase of $9,675 or 5%, compared to $211,751for the
three months ended March 31, 2009. Gross margin (gross profit as a percentage of
revenues), was 21% for the three months ended March 31, 2010, compared to 14%
for the three months ended March 31, 2009. The increase in the gross margin
percentage was primarily attributable to an overall decrease in production
costs.
Operating expenses. The Company incurred net operating expenses of $562,496 for
the three months ended March 31, 2010, an increase of $859,368 or 283%, compared
to operating income of $306,872 for the three months ended March 31, 2009. The
increase in the Company's operating expenses is primarily attributable to a
decrease in bad debt recoveries in 2010 and an increase in marketing promotion
and advertising programs and depreciation and amortization expenses. For the
three months ended March 31, 2009, the Company recognized $483,514 in bad debt
recoveries compared to $31,505 for the comparable period in 2010.
Aggregated selling expenses accounted for $141,414 of its operating expenses for
the three months ended March 31, 2010, an increase of $129,168 or 1,055%,
compared to $12,246 for the three months ended March 31, 2009. The increase in
the Company's aggregated selling expenses is primarily attributable to an
increase in marketing promotion and advertising programs.
General and administrative expenses accounted for the remainder of the Company's
net operating expenses of $421,082 for the three months ended March 31, 2010, an
increase of $752,114 or 227%, compared to income of $331,032 for the three
months ended March 31, 2009. The increase in general and administrative expenses
is primarily attributable to a decrease in bad debt recoveries in 2010 and an
increase in and depreciation and amortization expenses. For the three months
ended March 31, 2009, Bodisen recognized $483,514 in bad debt recoveries
compared to $31,505 for the comparable period in 2010. Also, for the three
months ended March 31, 2010 depreciation and amortization expense increased by
$113,723 or 77% due to the increase in property and equipment.
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.
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS) FOR
THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009
+---------------------------------+-+---------------+-+---------------+
| | | Three Months Ended March 31, |
+---------------------------------+-+---------------------------------+
| | | 2010 | | 2009 |
+---------------------------------+-+---------------+-+---------------+
| | | | | (unaudited) |
+---------------------------------+-+---------------+-+---------------+
| | | | | |
+---------------------------------+-+---------------+-+---------------+
| Net Revenue | $| 1,031,309 |$ | 1,535,035 |
+---------------------------------+-+---------------+-+---------------+
| | | | | |
+---------------------------------+-+---------------+-+---------------+
| Cost of Revenue | | 809,883 | | 1,323,284 |
+---------------------------------+-+---------------+-+---------------+
| | | | | |
+---------------------------------+-+---------------+-+---------------+
| Gross profit | | 221,426 | | 211,751 |
+---------------------------------+-+---------------+-+---------------+
| | | | | |
+---------------------------------+-+---------------+-+---------------+
| Operating expenses | | | | |
+---------------------------------+-+---------------+-+---------------+
| Selling expenses | | 141,414 | | 12,246 |
+---------------------------------+-+---------------+-+---------------+
| General and administrative | | 421,082 | | (331,032) |
| expenses | | | | |
+---------------------------------+-+---------------+-+---------------+
| Write down of assets | | | | 11,914 |
+---------------------------------+-+---------------+-+---------------+
| Total operating expenses | | 562,496 | | (306,872) |
+---------------------------------+-+---------------+-+---------------+
| | | | | |
+---------------------------------+-+---------------+-+---------------+
| Profit/Loss from operations | | (341,070) | | 518,623 |
+---------------------------------+-+---------------+-+---------------+
| | | | | |
+---------------------------------+-+---------------+-+---------------+
| Non-operating income/(expense): | | | | |
+---------------------------------+-+---------------+-+---------------+
| Other income/(expense) | | (614) | | (717) |
+---------------------------------+-+---------------+-+---------------+
| Interest income | | 3,168 | | 192 |
+---------------------------------+-+---------------+-+---------------+
| Interest expense | | (660) | | (75 ) |
+---------------------------------+-+---------------+-+---------------+
| Loss on the sale of investment | | - | | (130,247) |
+---------------------------------+-+---------------+-+---------------+
| Equity income in investment | | - | | 159,643 |
+---------------------------------+-+---------------+-+---------------+
| | | | | |
+---------------------------------+-+---------------+-+---------------+
| Total non-operating | | 1,894 | | 28,796 |
| income/(expense) | | | | |
+---------------------------------+-+---------------+-+---------------+
| | | | | |
+---------------------------------+-+---------------+-+---------------+
| Profit/loss before provision | | (339,176) | | 547,419 |
| for income taxes | | | | |
+---------------------------------+-+---------------+-+---------------+
| | | | | |
+---------------------------------+-+---------------+-+---------------+
| Provision for income taxes | | - | | - |
+---------------------------------+-+---------------+-+---------------+
| | | | | |
+---------------------------------+-+---------------+-+---------------+
| Net income/(loss) | | (339,176) | | 547,419 |
+---------------------------------+-+---------------+-+---------------+
| Other comprehensive income | | | | |
| (loss) | | | | |
+---------------------------------+-+---------------+-+---------------+
| Foreign currency translation | | (79) | | (54,350) |
| gain (loss) | | | | |
+---------------------------------+-+---------------+-+---------------+
| Unrealized loss on marketable | | (1,130,410) | | (722,319 ) |
| equity security | | | | |
+---------------------------------+-+---------------+-+---------------+
| | | | | |
+---------------------------------+-+---------------+-+---------------+
| Comprehensive income/(loss) | $| (1,469,665) |$ | (229,250 ) |
+---------------------------------+-+---------------+-+---------------+
| | | | | |
+---------------------------------+-+---------------+-+---------------+
| Weighted average shares | | | | |
| outstanding | | | | |
+---------------------------------+-+---------------+-+---------------+
| Basic | | 18,710,250 | | 18,710,250 |
+---------------------------------+-+---------------+-+---------------+
| Diluted | | 18,710,250 | | 18,710,250 |
+---------------------------------+-+---------------+-+---------------+
| | | | | |
+---------------------------------+-+---------------+-+---------------+
| Earnings per share: | | | | |
+---------------------------------+-+---------------+-+---------------+
| Basic | $| (0.02) |$ | 0.03 |
+---------------------------------+-+---------------+-+---------------+
| Diluted | $| (0.02) |$ | 0.03 |
+---------------------------------+-+---------------+-+---------------+
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2010 AND DECEMBER 31, 2009
+-----------------------------------------+--+---------------+-+---------------+
| | | March 31, | | December |
| | | | | 31, |
+-----------------------------------------+--+---------------+-+---------------+
| | | 2010 | | 2009 |
+-----------------------------------------+--+---------------+-+---------------+
| | | (unaudited) | | |
+-----------------------------------------+--+---------------+-+---------------+
| ASSETS | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| CURRENT ASSETS: | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| Cash & cash equivalents | $| 4,293,375 | $ | 4,824,135 |
+-----------------------------------------+--+---------------+-+---------------+
| Accounts receivable and other | | 2,158,993 | | 2,158,993 |
| receivable, net of allowance for | | | | |
| doubtful accounts of $2,720,097 and | | | | |
| $2,751,613 | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| Other receivables | | 32,364 | | 26,298 |
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| Inventory | | 794,035 | | 991,140 |
+-----------------------------------------+--+---------------+-+---------------+
| Advances to suppliers | | 976,735 | | 541,754 |
+-----------------------------------------+--+---------------+-+---------------+
| Prepaid expense and other current | | 833,839 | | 966,942 |
| assets | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| Total current assets | | 9,089,341 | | 9,141,311 |
+-----------------------------------------+--+---------------+-+---------------+
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| PROPERTY AND EQUIPMENT, net | | 11,634,551 | | 11,837,406 |
+-----------------------------------------+--+---------------+-+---------------+
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| CONSTRUCTION IN PROGRESS | | 10,422,641 | | 10,422,641 |
+-----------------------------------------+--+---------------+-+---------------+
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| MARKETABLE SECURITY | | 7,044,879 | | 8,175,290 |
+-----------------------------------------+--+---------------+-+---------------+
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| INTANGIBLE ASSETS, net | | 4,819,114 | | 4,873,904 |
+-----------------------------------------+--+---------------+-+---------------+
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| TOTAL ASSETS | $| 43,010,526 | $| 44,450,552 |
+-----------------------------------------+--+---------------+-+---------------+
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| CURRENT LIABILITIES: | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| Accounts payable | $| 93,624 | $| 71,504 |
+-----------------------------------------+--+---------------+-+---------------+
| Accrued expenses | | 169,192 | | 161,673 |
+-----------------------------------------+--+---------------+-+---------------+
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| Total current liabilities | | 262,816 | | 233,177 |
+-----------------------------------------+--+---------------+-+---------------+
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| STOCKHOLDERS' EQUITY: | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| Preferred stock, $0.0001 per share; | | | | |
| authorized 5,000,000 shares; | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| nil issued and outstanding | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| Common stock, $0.0001 per share; | | 1,871 | | 1,871 |
| authorized 30,000,000 shares; issued | | | | |
| and outstanding 18,310,250 and | | | | |
| 18,710,250 | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| Additional paid-in capital | | 33,945,822 | | 33,945,822 |
+-----------------------------------------+--+---------------+-+---------------+
| Other comprehensive income | | 12,342,818 | | 13,473,307 |
+-----------------------------------------+--+---------------+-+---------------+
| Statutory reserve | | 4,314,488 | | 4,314,488 |
+-----------------------------------------+--+---------------+-+---------------+
| Retained Earnings | | (7,857,289) | | (7,518,113) |
+-----------------------------------------+--+---------------+-+---------------+
| Total stockholders' equity | | 42,747,710 | | 44,217,375 |
+-----------------------------------------+--+---------------+-+---------------+
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| TOTAL LIABILITIES AND STOCKHOLDERS' | $| 43,010,526 | $| 44,450,552 |
| EQUITY | | | | |
+-----------------------------------------+--+---------------+-+---------------+
| | | | | |
+-----------------------------------------+--+---------------+-+---------------+
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009
+-------------------------------------+-+-------------+-+-------------+
| | | | | |
+-------------------------------------+-+-------------+-+-------------+
| | | Three Months Ended March |
| | | 31, |
+-------------------------------------+-+-----------------------------+
| | | 2010 | | 2009 |
+-------------------------------------+-+-------------+-+-------------+
| | |(unaudited) | |(unaudited) |
+-------------------------------------+-+-------------+-+-------------+
| CASH FLOWS FROM OPERATING | | | | |
| ACTIVITIES: | | | | |
+-------------------------------------+-+-------------+-+-------------+
| Net income (loss) |$ | |$ | 547,419 |
+-------------------------------------+-+-------------+-+-------------+
| Adjustments to reconcile net income | | | | |
| (loss) to net cash | | | | |
+-------------------------------------+-+-------------+-+-------------+
| used in operating activities: | | | | |
+-------------------------------------+-+-------------+-+-------------+
| Depreciation and amortization | | 260,824 | | 147,101 |
+-------------------------------------+-+-------------+-+-------------+
| Loss on disposal of assets | | - | | 11,914 |
+-------------------------------------+-+-------------+-+-------------+
| Loss on the sale of investment | | - | | 130,247 |
+-------------------------------------+-+-------------+-+-------------+
| Recovery of bad debts | | (31,505) | | (483,514 ) |
+-------------------------------------+-+-------------+-+-------------+
| Equity income in investment | | - | | (159,643 ) |
+-------------------------------------+-+-------------+-+-------------+
| (Increase) / decrease in assets: | | | | |
+-------------------------------------+-+-------------+-+-------------+
| Accounts receivable | | (336,320) | | (861,484) |
+-------------------------------------+-+-------------+-+-------------+
| Other receivable & Loan Receivable | | (6,064) | | (26,589) |
+-------------------------------------+-+-------------+-+-------------+
| Inventory | | 197,037 | | 627,397 |
+-------------------------------------+-+-------------+-+-------------+
| Advances to suppliers | | (434,833) | | (174,154 ) |
+-------------------------------------+-+-------------+-+-------------+
| Prepaid expense | | 133,058 | | 14,817 |
+-------------------------------------+-+-------------+-+-------------+
| Increase / (decrease) in current | | | | |
| liabilities: | | | | |
+-------------------------------------+-+-------------+-+-------------+
| Accounts payable and accrued | | 22,112 | | (335,494) |
| expenses | | | | |
+-------------------------------------+-+-------------+-+-------------+
| Accrued expenses | | 7,516 | | (16,640 ) |
+-------------------------------------+-+-------------+-+-------------+
| | | | | |
+-------------------------------------+-+-------------+-+-------------+
| Net cash used in operating | | (527,351) | | (578,623 ) |
| activities | | | | |
+-------------------------------------+-+-------------+-+-------------+
| | | | | |
+-------------------------------------+-+-------------+-+-------------+
| CASH FLOWS FROM INVESTING | | | | |
| ACTIVITIES | | | | |
+-------------------------------------+-+-------------+-+-------------+
| Acquisition of property and | | (3,267) | | - |
| equipment | | | | |
+-------------------------------------+-+-------------+-+-------------+
| Additions to construction in | | - | | (14,624 ) |
| progress | | | | |
+-------------------------------------+-+-------------+-+-------------+
| Proceeds from sale of investment | | - | | 735,480 |
+-------------------------------------+-+-------------+-+-------------+
| | | | | |
+-------------------------------------+-+-------------+-+-------------+
| Net cash used in investing | | (3,267) | | 720,856 |
| activities | | | | |
+-------------------------------------+-+-------------+-+-------------+
| | | | | |
+-------------------------------------+-+-------------+-+-------------+
| Effect of exchange rate changes on | | (142) | | (8,344 ) |
| cash and cash equivalents | | | | |
+-------------------------------------+-+-------------+-+-------------+
| | | | | |
+-------------------------------------+-+-------------+-+-------------+
| NET INCREASE (DECREASE) IN CASH & | | (530,760) | | 133,889 |
| CASH EQUIVALENTS | | | | |
+-------------------------------------+-+-------------+-+-------------+
| | | | | |
+-------------------------------------+-+-------------+-+-------------+
| CASH & CASH EQUIVALENTS, BEGINNING | | 4,824,135 | | 90,716 |
| OF PERIOD | | | | |
+-------------------------------------+-+-------------+-+-------------+
| | | | | |
+-------------------------------------+-+-------------+-+-------------+
| CASH & CASH EQUIVALENTS, END OF | $| 4,293,375 |$ | 224,605 |
| PERIOD | | | | |
+-------------------------------------+-+-------------+-+-------------+
| | | | | |
+-------------------------------------+-+-------------+-+-------------+
| SUPPLEMENTAL DISCLOSURE OF CASH | | | | |
| FLOW INFORMATION: | | | | |
+-------------------------------------+-+-------------+-+-------------+
| Interest paid | $| - |$ | - |
+-------------------------------------+-+-------------+-+-------------+
| Income taxes paid | | | | |
+-------------------------------------+-+-------------+-+-------------+
| | | | | |
+-------------------------------------+-+-------------+-+-------------+
| SUPPLEMENTAL NON-CASH INVESTING AND | | | | |
| FINANCING ACTIVITIES: | | | | |
+-------------------------------------+-+-------------+-+-------------+
| Transfer of construction in process | $| - |$ | 7,166,581 |
| to property and equipment | | | | |
+-------------------------------------+-+-------------+-+-------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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