We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Man Shing Agricultural Holdings Inc (PK) | USOTC:MSAH | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0154 | 0.0146 | 0.043 | 0.00 | 14:30:23 |
Mr. Shili Liu, Chairman and Chief Executive Officer of Man Shing, stated, "Our financial results for the first quarter of our 2012 fiscal year were in line with our expectations. Growth in our business is directly attributable to the amount of land we have on which to harvest our high quality fresh ginger and other vegetable products. During the quarter, the demand for our products remained at an all-time high and we managed our inventory accordingly as we approached the upcoming October harvest season. We are encouraged that we were able to complete harvesting on our original 5.2 million square meters of farmland and the 2.4 million square meters we leased in March 2011. The addition of the new land will allow us to increase our inventory, fulfill more purchase orders and will ultimately lead to an increase in revenue and earnings going forward."
Financial results for the 2012 fiscal first quarter ended September 30, 2011 | |||
2012 Fiscal First Quarter (USD) (unaudited) | |||
Three Months Ended September 30, | 2011 | 2010 | CHANGE |
Revenue | $7.2 million | $7.3 million | -2% |
Gross Profit | $2.9 million | $3.2 million | -8.3% |
Gross Profit Margin | 40.5% | 43.2% | -6.3% |
Net Income | $2.1 million | $2.2 million | -6.8% |
Basic EPS* | $0.04 | $0.06 | -- |
Diluted EPS ** | $0.04 | $0.03 | -- |
* Based on 48 million and 36.4 million shares outstanding for 2012 and 2011 fiscal first quarters, respectively. ** Based on 49.8 million and 72.4 million fully diluted shares outstanding for 2012 and 2011 fiscal first quarters, respectively. |
Financial Results for the 2012 Fiscal First Quarter Ended September 30, 2011
Revenue for the 2012 fiscal first quarter ended September 30, 2011 totaled $7.2 million compared to $7.3 million for the same period in fiscal 2011. The slight decrease in revenue was mainly attributable to the lower supply of high quality fresh ginger inventory available to export year over year. Demand remained at an all time high and nearly all of our existing inventory was shipped during the 2012 fiscal first quarter leading into harvest season in October.
Cost of sales for the fiscal first quarter ended September 30, 2011 totaled $4.3 million, or 60% of revenue, an increase of 2.7% compared to $4.2 million, or 57% of revenue, for the fiscal first quarter ended September 30, 2010. Cost of sales includes the costs associated with the planting, harvesting and maintaining of ginger and other agricultural products. Cost of sales as a percentage of revenues increased mainly due to the slight increase in costs of planting and production. The Company minimizes waste by storing the ginger in a thermostatic warehouse.
Gross profit for the fiscal first quarter ended September 30, 2011 totaled $2.9 million, a decrease of 8.3% compared to $3.2 million for the fiscal first quarter ended September 30, 2010. Gross profit margin was 40.5% for the 2012 fiscal first quarter as compared to 43.2% for the 2011 fiscal first quarter. The decrease in gross profit margin was due primarily to the slight increase in material costs.
Operating expenses for the fiscal first quarter ended September 30, 2011 totaled $790,000 as compared to $932,000 for the fiscal first quarter ended September 30, 2010. The decrease in operating expenses was due to the decrease in selling and marketing expenses and general and administrative expenses. Selling and marketing expenses decreased by approximately $137,000, or as a percentage of revenue from 11% to 9%, year over year due to the decrease in distribution costs.
Net income for the 2011 fiscal first quarter ended September 30, 2011 totaled $2.1 million, compared to $2.2 million for the 2011 fiscal first quarter. Basic and diluted earnings per share for the 2012 fiscal first quarter were $0.04, based on 48 million basic and 49.8 million diluted shares outstanding versus basic and diluted earnings per share of $0.06 and $0.03 for the same period the year prior, based on 36.3 million basic and 72.4 million diluted shares outstanding.
Net income margin remained stable at 29% for the 2012 fiscal first quarter as compared to 30% for the same period the prior year. The decrease in net income is attributable to the slight decrease in sales during the quarter. However, the Company was able to maintain expenses at a low level as a percentage of revenue to maintain a stable net income margin.
Liquidity and Capital Resources
As of September 30, 2011, Man Shing had approximately $11.4 million in cash and cash equivalents. As of September 30, 2011, total current assets and total assets were approximately $30.8 million and $32.4 million, respectively. During the same period, total current liabilities and total liabilities were approximately $4.7 million and $6.2 million, respectively. Working capital totaled $26 million as of September 30, 2011, as compared to $23.6 million as of June 30, 2011. Shareholder's equity totaled $26.2 million as of September 30, 2011, as compared to $23.7 million as of June 30, 2011.
About Man Shing Agricultural Holdings, Inc.
Man Shing Agricultural Holdings, Inc., through its operating subsidiary in Shandong China, is focused on the production and processing of fresh ginger and other select vegetables such as onion and garlic. The Company produces high quality ginger which meets the requirements of the British Retail Consortium Global Food Standard. The Company focuses on customers located in countries such as Japan and the European Union which are food safety oriented. For further information about Man Shing Agricultural Holdings, Inc., please visit the Company's website at http://www.msaginger.com/
Forward Looking Statement:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or our future financial performance. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "expects," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predict," "should" or "will" or the negative of these terms or other comparable terminology. These statements are only predictions. Uncertainties and other factors may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Our expectations are as of the date hereof, and we do not intend to update any of the forward-looking statements after the filing date to conform these statements to actual results, unless required by law. We file annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy and information statements and amendments to reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended. You may read and copy these materials at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the public reference room by calling the SEC at 1-800-SEC-0330. The SEC also maintains a website (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding us and other companies that file materials with the SEC electronically.
Condensed Consolidated Balance Sheets (Unaudited) | ||
ASSETS | September 30, 2011 | June 30, 2011 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 11,368,919 | $ 7,081,297 |
Accounts receivable, trade | 6,876,540 | 6,330,625 |
Inventories | 2,439,803 | 5,443,117 |
Deferred inventory costs | 9,660,017 | 9,064,571 |
Prepayments | 427,104 | 371,881 |
Other receivables | 673 | 787 |
Tax recoverable | -- | 15,144 |
TOTAL CURRENT ASSETS | 30,773,056 | 28,307,422 |
FIXED ASSETS | ||
Property, plant, and equipment | 1,716,628 | 1,619,838 |
Accumulated depreciation | (287,187) | (257,250) |
Construction in progress | 215,640 | 211,752 |
NET FIXED ASSETS | 1,645,081 | 1,574,340 |
TOTAL ASSETS | $ 32,418,137 | $ 29,881,762 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
CURRENT LIABILITIES | ||
Short-term borrowing | $ 1,951,250 | $ 1,916,064 |
Accounts payable | 824,895 | 691,628 |
Other payables and accrued liabilities | 1,489,055 | 1,685,016 |
Receipts in advance | 372,532 | 402,557 |
Tax payable | 104,500 | -- |
TOTAL CURRENT LIABILITIES | 4,742,232 | 4,695,265 |
LONG-TERM LIABILITIES | ||
Convertible note | 1,500,000 | 1,500,000 |
TOTAL LIABILITIES | $ 6,242,232 | $ 6,195,265 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $.001 par, 25,000,000 shares authorized, 176,750 shares issued and outstanding at September 30, 2011 and June 30, 2011, respectively | $ 177 | $ 177 |
Common stock, $.001 par, 175,000,000 shares authorized, 48,026,958 shares issued and outstanding at September 30, 2011 and June 30, 2011, respectively | 48,027 | 48,027 |
Additional paid-in capital | 4,225,545 | 4,210,545 |
Accumulated other comprehensive income | 1,596,797 | 1,180,599 |
Statutory reserves | 5,823,139 | 5,823,139 |
Retained earnings | 14,482,220 | 12,424,010 |
TOTAL STOCKHOLDER'S EQUITY | $ 26,175,905 | $ 23,686,497 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 32,418,137 | $ 29,881,762 |
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income | ||
For the Three Months Ended September 30, 2011 and 2010 | ||
For the Three Months Ended | ||
September 30, 2011 | September 30, 2010 | |
Revenues | ||
Sales | $ 7,181,048 | $ 7,333,954 |
Cost of sales | 4,274,273 | 4,163,709 |
Gross profit | 2,906,775 | 3,170,245 |
Operating expenses | ||
Selling and marketing expenses | 645,373 | 782,208 |
General and administrative expenses | 144,718 | 150,202 |
Total Operating expenses | 790,091 | 932,410 |
Operating income | 2,116,684 | 2,237,835 |
Other income (expenses), net | ||
Financial income (expenses), net | (77,893) | (28,867) |
Non-operating income (expense), net | 19,419 | (236) |
Total other income (expenses), net | (58,474) | (29,103) |
Income from operations before income taxes | 2,058,210 | 2,208,732 |
Income taxes | -- | -- |
Net Income | 2,058,210 | 2,208,732 |
Other comprehensive income, net | ||
Foreign currency translation gain, net | 416,198 | 247,962 |
Total comprehensive income | $ 2,474,408 | $ 2,456,694 |
Weighted average number of shares outstanding | ||
Basic | 48,026,958 | 36,345,522 |
Diluted | 49,794,458 | 72,389,015 |
Earnings per share | ||
Basic | $ 0.04 | $ 0.06 |
Diluted | $ 0.04 | $ 0.03 |
CONTACT: Company Contact: Man Shing Agricultural Holdings, Inc. Mr. Shili Liu, CEO, Chairman and president paulson@msaginger.com Mr. Kenny Chow, CFO kenny@msaginger.com +86-536-464-4888 +852-2530-3122 www.msaginger.com Investor Contact: Alliance Advisors, LLC Alan Sheinwald, President & Founder (914) 669-0222 ASheinwald@AllianceAdvisors.net www.AllianceAdvisors.net
1 Year Man Shing Agricultural (PK) Chart |
1 Month Man Shing Agricultural (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions