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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 : 3652T Bodisen Biotech Inc 04 June 2009 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, 2009 which are extracted from the Company's Form 10-Q filed with the SEC. Enquiries: Charles Stanley Securities Rick Thompson / Philip Davies / Carl Holmes020 7149 6000 Bodisen Biotech, Inc. Joseph C. Visconti001 561 370 3617 Results of Operations Three months ended March 31, 2009 compared to Three months ended March 31, 2008. Revenue. The Company generated revenues of $1,535,035 for the three months ended March 31, 2009, an increase of $626,516 or 69.0%, compared to $908,519 for the three months ended March 31, 2008. The significant increase in revenue is due to a decrease in the Company's products price which resulted in a large increase in sales volume. Gross Profit. The Company achieved a gross profit of $211,751 for the three months ended March 31, 2009, a decrease of $129,480 or 37.9%, compared to $341,231 for the three months ended March 31, 2008. The decrease in gross profit was due to increased costs of revenue. Gross margin (gross profit as a percentage of revenues), decreased from 37.6% for the three months ended March 31, 2008, to 13.8% for the three months ended March 31, 2009 primarily as a result of an increase in raw material costs. Operating expenses. The Company incurred net operating expenses of $176,642 for the three months ended March 31, 2009, a decrease of $664,961 or 79.0% compared to $841,603 for the three months ended March 31, 2008. The decrease in operating expenses is primarily related to a decrease in the general cost of operations due to the reduction in the Company's revenues during the past few years. Aggregated selling expenses accounted for $12,246 of the Company's operating expenses for the three months ended March 31, 2009, a decrease of $170,013 or 93.3% compared to $182,259 for the three months ended March 31, 2008. The decrease in aggregated selling expenses is due to the decrease in the Company's marketing costs. General and administrative expenses accounted for the remainder of the net operating expenses of $152,482 for the three months ended March 31, 2009, which decreased $506,862 or 76.9% compared to $659,344 for the three months ended March 31, 2008. The decrease in general and administrative expenses is primarily related to a general cost of operations due to the reduction in the Company's revenues during the past few years. Non Operating Income and Expenses. The Company had total non-operating income of $512,310 for the three months ended March 31, 2009 compared to total non-operating income of $2,268,307 for the three months ended March 31, 2008. Other income was $482,797 for the three months ended March 31, 2009 compared to $2,212,059 for three months ended March 31, 2008. The other income for both periods in 2009 and 2008 is primarily due to bad debt recoveries. Total non-operating income includes interest income of $192 for the three months ended March 31, 2009 compared to $56,248 of interest income for the three months ended March 31, 2008. The decrease in interest income in 2009 is due less cash in the bank generating interest income. Also included in non-operating income (expense) for the three months ended March 31, 2009 is $130,247 related to the loss on the sale of an investment and equity income in an investment of $159,643. 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, 2008 AND 2007 +-------------------------------------------+---+---------------+---+------------------+ | | | Three Months Ended March 31, | +-------------------------------------------+---+--------------------------------------+ | | | 2009 | | 2008 | +-------------------------------------------+---+---------------+---+------------------+ | | | (unaudited) | | (unaudited) | +-------------------------------------------+---+---------------+---+------------------+ | | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Net Revenue | $ | 1,535,035 | $ | 908,519 | +-------------------------------------------+---+---------------+---+------------------+ | | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Cost of Revenue | | 1,323,284 | | 567,288 | +-------------------------------------------+---+---------------+---+------------------+ | | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Gross profit | | 211,751 | | 341,231 | +-------------------------------------------+---+---------------+---+------------------+ | | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Operating expenses | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Selling expenses | | 12,246 | | 182,259 | +-------------------------------------------+---+---------------+---+------------------+ | General and | | 152,482 | | 659,344 | | administrative expenses | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Loss on | | 11,914 | | - | | disposal of | | | | | | assets | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Total | | 176,642 | | 841,603 | | operating | | | | | | expenses | | | | | +-------------------------------------------+---+---------------+---+------------------+ | | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Profit/Loss from operations | | 35,109 | | (500,372) | +-------------------------------------------+---+---------------+---+------------------+ | | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Non-operating income/(expense): | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Other income/(expense) | | 482,797 | | 2,212,059 | +-------------------------------------------+---+---------------+---+------------------+ | Interest income | | 192 | | 56,248 | +-------------------------------------------+---+---------------+---+------------------+ | Interest expense | | (75 ) | | - | +-------------------------------------------+---+---------------+---+------------------+ | | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Total | | 512,310 | | 2,268,307 | | non-operating | | | | | | income/(expense) | | | | | +-------------------------------------------+---+---------------+---+------------------+ | | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Profit/loss before provision for | | 547,419 | | 1,767,935 | | income taxes | | | | | +-------------------------------------------+---+---------------+---+------------------+ | | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Provision for income taxes | | - | | - | +-------------------------------------------+---+---------------+---+------------------+ | | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Net income/(loss) | | 547,419 | | 1,767,935 | +-------------------------------------------+---+---------------+---+------------------+ | Other comprehensive income (loss) | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Foreign currency | | (54,350) | | 1,900,030 | | translation gain (loss) | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Unrealized loss on | | (722,319 ) | | (3,281,391 ) | | marketable equity | | | | | | security | | | | | +-------------------------------------------+---+---------------+---+------------------+ | | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Comprehensive income/(loss) | $ | (229,250 ) | $ | 386,574 | +-------------------------------------------+---+---------------+---+------------------+ | | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Weighted average shares outstanding | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Basic | | 18,710,250 | | 18,310,250 | +-------------------------------------------+---+---------------+---+------------------+ | Diluted | | 18,710,250 | | 18,310,250 | +-------------------------------------------+---+---------------+---+------------------+ | | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Earnings per share: | | | | | +-------------------------------------------+---+---------------+---+------------------+ | Basic | $ | 0.03 | $ | 0.10 | +-------------------------------------------+---+---------------+---+------------------+ | Diluted | $ | 0.03 | $ | 0.10 | +-------------------------------------------+---+---------------+---+------------------+ CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2008 AND DECEMBER 31, 2007 +------------------------------------------------+----+-----------------+---+--------------+ | | | March 31, | | December | | | | | | 31, | +------------------------------------------------+----+-----------------+---+--------------+ | | | 2009 | | 2008 | +------------------------------------------------+----+-----------------+---+--------------+ | | | (unaudited) | | | +------------------------------------------------+----+-----------------+---+--------------+ | ASSETS | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | CURRENT ASSETS: | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | Cash & cash equivalents | $ | 224,605 | $ | 90,716 | +------------------------------------------------+----+-----------------+---+--------------+ | Accounts receivable and other | | 2,063,532 | | 719,607 | | receivable, net of allowance for | | | | | | doubtful accounts of $5,577,944 | | | | | | and $6,069,700 | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | Other receivables | | 401,856 | | 375,780 | +------------------------------------------------+----+-----------------+---+--------------+ | Inventory | | 1,998,342 | | 2,629,280 | +------------------------------------------------+----+-----------------+---+--------------+ | Advances to suppliers | | 174,142 | | - | +------------------------------------------------+----+-----------------+---+--------------+ | Prepaid expense and other current | | 787,180 | | 803,091 | | assets | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | Total current | | 5,649,657 | | 4,618,474 | | assets | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | PROPERTY AND EQUIPMENT, net | | 5,258,688 | | 5,373,232 | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | CONSTRUCTION IN PROGRESS | | 17,533,332 | | 17,542,626 | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | MARKETABLE SECURITY | | 5,468,985 | | 6,191,304 | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | INTANGIBLE ASSETS, net | | 5,031,415 | | 5,093,073 | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | OTHER ASSETS | | 2,960,954 | | 3,669,063 | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | LOAN RECEIVABLE | | - | | - | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | TOTAL ASSETS | $ | 41,903,031 | $ | 42,487,772 | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | CURRENT LIABILITIES: | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | Accounts payable | $ | 374,717 | $ | 710,475 | +------------------------------------------------+----+-----------------+---+--------------+ | Accrued expenses | | 82,823 | | 102,556 | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | Total current | | 457,540 | | 813,031 | | liabilities | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | 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 | | 10,664,293 | | 11,440,962 | +------------------------------------------------+----+-----------------+---+--------------+ | Statutory reserve | | 4,314,488 | | 4,314,488 | +------------------------------------------------+----+-----------------+---+--------------+ | Retained Earnings | | (7,480,983 ) | | (8,028,402 ) | +------------------------------------------------+----+-----------------+---+--------------+ | Total | | 41,445,491 | | 41,674,741 | | stockholders' | | | | | | equity | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 41,903,031 | $ | 42,487,772 | +------------------------------------------------+----+-----------------+---+--------------+ | | | | | | +------------------------------------------------+----+-----------------+---+--------------+ CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007 +-------------------------------------------+---+--------------+---+---------------+ | | | | | | +-------------------------------------------+---+--------------+---+---------------+ | | | Three Months Ended March 31, | +-------------------------------------------+---+----------------------------------+ | | | 2009 | | 2008 | +-------------------------------------------+---+--------------+---+---------------+ | | | (unaudited) | | (unaudited) | +-------------------------------------------+---+--------------+---+---------------+ | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Net income (loss) | $ | 547,419 | $ | 1,767,935 | +-------------------------------------------+---+--------------+---+---------------+ | Adjustments to reconcile net income | | | | | | (loss) to net cash | | | | | +-------------------------------------------+---+--------------+---+---------------+ | used in operating activities: | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Depreciation and | | 147,101 | | 118,141 | | amortization | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Loss on disposal of assets | | 11,914 | | - | +-------------------------------------------+---+--------------+---+---------------+ | Loss on the sale of | | 130,247 | | - | | investment | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Recovery of bad | | (483,514 ) | | (2,370,691 ) | | debts | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Equity income in | | (159,643 ) | | - | | investment | | | | | +-------------------------------------------+---+--------------+---+---------------+ | (Increase) / | | | | | | decrease in | | | | | | assets: | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Accounts | | (861,484) | | 1,670,737 | | receivable | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Other receivable | | (26,589) | | (1,264,440) | | & Loan | | | | | | Receivable | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Inventory | | 627,397 | | (495,907) | | | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Advances to | | (174,154 ) | | 682,752 | | suppliers | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Prepaid expense | | 14,817 | | 49,372 | +-------------------------------------------+---+--------------+---+---------------+ | Increase / (decrease) in | | | | | | current liabilities: | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Accounts payable | | (335,494) | | (89,350) | | and accrued | | | | | | expenses | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Accrued expenses | | (16,640 ) | | (44,532 ) | +-------------------------------------------+---+--------------+---+---------------+ | | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Net cash used in operating activities | | (578,623 ) | | 24,017 | +-------------------------------------------+---+--------------+---+---------------+ | | | | | | +-------------------------------------------+---+--------------+---+---------------+ | CASH FLOWS FROM INVESTING ACTIVITIES | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Acquisition of property and | | - | | (64,214) | | equipment | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Additions to construction in | | (14,624 ) | | - | | progress | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Proceeds from sale of | | 735,480 | | 47,403 | | investment | | | | | +-------------------------------------------+---+--------------+---+---------------+ | | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Net cash used in investing activities | | 720,856 | | (16,811 ) | +-------------------------------------------+---+--------------+---+---------------+ | | | | | | +-------------------------------------------+---+--------------+---+---------------+ | Effect of exchange rate changes on cash | | (8,344 ) | | 143,788 | | and cash equivalents | | | | | +-------------------------------------------+---+--------------+---+---------------+ | | | | | | +-------------------------------------------+---+--------------+---+---------------+ | NET INCREASE (DECREASE) IN CASH & CASH | | 133,889 | | 150,994 | | EQUIVALENTS | | | | | +-------------------------------------------+---+--------------+---+---------------+ | | | | | | +-------------------------------------------+---+--------------+---+---------------+ | CASH & CASH EQUIVALENTS, BEGINNING OF | | 90,716 | | 617,406 | | PERIOD | | | | | +-------------------------------------------+---+--------------+---+---------------+ | | | | | | +-------------------------------------------+---+--------------+---+---------------+ | CASH & CASH EQUIVALENTS, END OF PERIOD | $ | 224,605 | $ | 768,400 | +-------------------------------------------+---+--------------+---+---------------+ | | | | | | +-------------------------------------------+---+--------------+---+---------------+ | 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 QRFUUUGGQUPBGUC
1 Year Bodisen Biotech Chart |
1 Month Bodisen Biotech Chart |
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