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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 |
TIDMBODI
RNS Number : 7443G
Bodisen Biotech Inc
17 May 2011
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, 2011 which are extracted from the Company's Form 10-Q filed with the SEC.
Results of Operations
Three months ended March 31, 2011 compared to Three months ended March 31, 2010.
Revenue. The Company generated revenue of $1,024,677 for the three months ended March 31, 2011, a decrease of $513,665 or 33%, compared to $1,538,342 for the three months ended March 31, 2010. The decrease in revenue is primarily attributable to the severe inflation which caused purchasing from the farmers to decrease.
Gross Profit (Loss). Bodisen achieved a gross profit of $545,460 for the three months ended March 31, 2011, a decrease of $182,999 or 25%, compared to 728,459 for the three months ended March 31, 2010. Gross margin (gross profit as a percentage of revenue), was 53.2% for the three months ended March 31, 2011, compared to 47.4% for the three months ended March 31, 2010. The increase in the gross margin percentage was primarily attributable to the higher profit margins which are earned on the new products.
Selling Expenses. Aggregated selling expenses accounted for $683,897 of our operating expenses for the three months ended March 31, 2011, an increase of $542,483 or 384%, compared to $141,414 for the three months ended March 31, 2010. The increase in our aggregated selling expenses is primarily attributable to an increase in marketing promotion and advertising programs.
General and Administrative Expenses. General and administrative expenses accounted for $516,610 of our operating expenses for the three months ended March 31, 2011, a decrease of $231,374 or 31%, compared to $747,984 for the three months ended March 31, 2010. The decrease is principally due to a decrease in our bad debt expense.
Non Operating Income and Expenses.We had total non-operating income of $13,688 for the three months ended March 31, 2011, a change of $11,794 compared to income of $1,894 for the three months ended March 31, 2010. Other income (expense) was $(229) for the three months ended March 31, 2011 compared to $(614) for the three months ended March 31, 2010. During the three months ended March 31, 2011 and 2010, we did not incur any gains or losses related to equity income in investment.
Liquidity and Capital Resources. We are primarily a parent holding company for the operations carried out by our indirect 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, 2011, we had $1,739,699 of cash and cash equivalents compared to $3,675,209 as of December 31, 2010.
Cash Flows
Operating: We used $1,952,514 of cash for operating activities for the three months ended March 31, 2011 compared to $527,351 of cash used in operating activities for the three months ended March 31, 2010. The cash used in operating consisted of a net loss of $1.4 million offset by non cash expenses of depreciation and amortization of $432,138. In preparation for greater sales, we increased inventory by $504,557 our advances to suppliers increased $304,849. Deferred revenues and other payables were paid down resulting in a decrease in cash of $369,258 and $645,968, respectively.
Investing: Our investing activities used $525 of cash for the three months ended March 31, 2011, compared to $3,267 of cash used investing activities for the three months ended March 31, 2010. The decrease is immaterial.
Contractual Commitments
In August 2006, we entered into a 30-year land-lease arrangement with the government of the People's Republic of China, under which we pre-paid $2,529,818 upon execution of the contract of lease expense for the next 15 years. We agreed to make a prepayment for the next eight years in November 2021, and will make a final pre-payment in November 2029 for the remaining seven years. The annual lease expense amounts to approximately $169,580. Our land-lease arrangement is currently our only material on- and off-balance sheet expected or contractually committed future obligation.
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, 2011 AND 2010
Three Months Ended March 31, --------------------------------- 2011 2010 -------------- ------------- (unaudited) Net Revenue $ 1,024,677 $ 1,538,342 Cost of Revenue 479,217 809,883 -------------- ------------- Gross profit 545,460 728,459 Operating expenses Selling expenses 683,897 141,414 General and administrative expenses 516,610 747,984 Total operating expenses 1,200,507 889,398 Loss from operations (655,047) (160,939) Non-operating income/(expense): Other income/(expense) (229) (614) Interest income 48,067 3,168 Interest expense (34,150) (660) -------------- ------------- Total non-operating income/(expense) 13,688 1,894 Net loss (641,359) (159,045) Other comprehensive income (loss) Foreign currency translation gain (loss) 222,439 (79) Unrealized loss on marketable equity security (4,743,687) (1,310,410) Comprehensive income/(loss) $ (4,521,248) $ (1,130,489) ============== ============= Weighted average shares outstanding Basic 21,510,250 18,710,250 ============== ============= Diluted 21,510,250 18,710,250 ============== ============= Earnings per share: Basic $ (0.03) $ 0.01 ============== ============= Diluted $ (0.03) $ 0.01 ============== =============
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2011 AND DECEMBER 31, 2010
March 31, December 31, 2011 2010 ------------- ------------- (unaudited) (audited) ASSETS CURRENT ASSETS: Cash & cash equivalents $ 1,739,699 $ 3,675,209 Accounts receivable and other receivable, net of allowance for doubtful accounts of $1,015,933 and $1,005,992 4,413,915 4,499,673 Other receivables 23,151 9,185 Note receivable 1,527,000 1,517,000 Inventory 1,712,321 1,198,134 Advances to suppliers 976,048 665,765 Prepaid expense and other current assets 12,971 8,598 Total current assets 10,405,105 11,573,564 PROPERTY AND EQUIPMENT, net 22,633,610 22,870,340 MARKETABLE SECURITY, AVAILABLE-FOR-SALE 4,037,180 8,780,867 INTANGIBLE ASSETS, net 4,799,535 4,813,409 TOTAL ASSETS $ 41,875,430 $ 48,038,180 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 1,252,826 $ 1,256,681 Accrued expenses 164,766 811,181 Deferred revenue 1,255,992 1,615,865 Note payable 1,527,000 - Total current liabilities 4,200,584 3,683,727 Long-term note payable - 1,517,000 TOTAL LIABILITIES 4,200,584 5,200,727 ------------- ------------- STOCKHOLDERS' EQUITY: Preferred stock, $0.0001 per share; authorized 5,000,000 shares; nil issued and outstanding - - Common stock, $0.0001 per share; authorized 30,000,000 shares; issued and outstanding 21,510,250 2,151 2,151 Additional paid-in capital 35,345,542 35,345,542 Accumulated other comprehensive income 10,704,056 15,225,304 Statutory reserve 4,314,488 4,314,488 Retained Earnings (12,691,391) (12,050,032) Total stockholders' equity 37,674,846 42,837,453 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 41,875,430 $ 48,038,180 ============= =============
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010
Three Months Ended March 31, --------------------------------- 2011 2010 ------------- -------------- (as restated) (unaudited) (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (641,359) $ (159,045) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 432,138 260,824 Allowance (recovery) of bad debts 3,298 295,397 (Increase) / decrease in assets: Accounts receivable 111,727 (336,320) Other receivables (13,858) (6,064) Inventory (504,557) 197,037 Advances to suppliers (304,849) (434,833) Prepaid expense (4,301) 133,058 Increase / (decrease) in current liabilities: Accounts payable (12,030) 22,112 Accrued expenses (3,497) 7,516 Deferred revenue (369,258) (507,033) Other payables (645,968) - ------------- -------------- Net cash used in operating activities (1,952,514)) (527,351) ------------- -------------- CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property and equipment (525) (3,257) Net cash used in investing activities (525) (3,267) ------------- -------------- Effect of exchange rate changes on cash and cash equivalents 17,259 (142) ------------- -------------- NET DECREASE IN CASH & CASH EQUIVALENTS (1,935,510) (530,760) CASH & CASH EQUIVALENTS, BEGINNING OF PERIOD 3,675,209 4,824,135 ------------- -------------- CASH & CASH EQUIVALENTS, END OF PERIOD $ 1,739,699 $ 4,293,375 ============= ============== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $ - $ - ============= ============== Income taxes paid - - ============= ==============
This information is provided by RNS
The company news service from the London Stock Exchange
END
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