RNS Number : 9412U
Bodisen Biotech Inc
21 May 2008
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) today announced its first
quarter unaudited results for the period ended March 31, 2008 which are extracted from the Company's Form 10-Q filed with the SEC.
First Quarter Financial & Operational highlights
Revenues of approximately $900,000 compared with $5.0m in the same period of 2007.
Net Income was a profit of $1.76m compared with a loss of ($3.36m) for the same period, following a bad debt recovery of $2.1m.
Diluted EPS was $0.10 compared with ($0.08) in the same period last year.
Enquiries:
Charles Stanley Securities
Rick Thompson / Philip Davies / Freddy Crossley 020 7149 6000
Bodisen Biotech, Inc.
Scott King 001 219 939 3073
Results of Operations
Three months ended March 31, 2008 compared to Three months ended March 31, 2007.
Revenue. We generated revenues of $908,519 for the three months ended March 31, 2008, a decrease of $4,009,953, compared to $5,008,472
for the three months ended March 31, 2007. The significant decrease in revenue was due to the fact that we had a much smaller customer base
in the three months ended March 31, 2008 as compared to March 31, 2007 (as a result of the loss of customers following our delisting from
the American Stock Exchange, or Amex), as well as a snow storm that occurred in the first quarter of 2008, which affected crop plantings and
led to a decrease in the use of fertilizer.
Gross Profit. We achieved a gross profit of $341,231 for the three months ended March 31, 2008, a decrease of $1,648,991, compared to
$1,990,222 for the three months ended March 31, 2007. The significant decrease in gross profit was due to the significant decrease in sales
revenue. Gross margin (gross profit as a percentage of revenues), decreased from 39.7% for the three months ended March 31, 2007, to 37.6%
for the three months ended March 31, 2008, primarily as a result of a small increase in raw material costs.
Operating expenses. We incurred net operating expenses of $841,603 for the three months ended March 31, 2008, a decrease of $2,679,920
or 76.1% compared to $3,521,523 for the three months ended March 31, 2007. The significant decrease was primarily a result of the fact that
operating expenses for the three months ended March 31, 2007 were higher than normal due to a $1,360,277 allowance for bad debts recorded
during that period. The decrease was also due to an overall reduction in overhead due to the decrease in sales.
Aggregated selling expenses accounted for $182,259 of our operating expenses for the three months ended March 31, 2008, a decrease of
$166,755 or 47.8% compared to $349,014 for the three months ended March 31, 2007. The decrease in our aggregated selling expenses is due to
the significant decrease in sales. General and administrative expenses accounted for the remainder of our operating expenses of $659,344 for
the three months ended March 31, 2008, which decreased $2,513,165 or 79.2% compared to $3,172,509 for the three months ended March 31, 2007.
The significant decrease in general and administrative expenses was a result of the fact that such expenses for the three months ended March
31, 2007 were higher than normal due to a $1,360,277 allowance for bad debts recorded during that period. The decrease was also due to an
overall reduction in overhead due to the decrease in sales..
Non Operating Income and Expenses. We had total non-operating income of $2,268,307 for the three months ended March 31, 2008 compared to
total non-operating income of $21,755 for the three months ended March 31, 2007. Other income was $2,212,059 for the three months ended
March 31, 2008 compared to other expense of $67,197 for three months ended March 31, 2007. The change is primarily due to a bad debt
recovery of $2,184,912 during the three months ended March 31, 2008. Interest income was $56,248 for the three months ended March 31, 2008
compared to $90,009 of interest income for the three months ended March 31, 2007. The decrease in 2008 is due to a decrease in our overall
cash balance.
Net Income/(loss). We had net income of $1,767,935 for the three months ended March 31, 2008 compared to a net loss of $(1,509,546) for
the three months ended March 31, 2007. We had earnings/(loss) per share of $0.10 and $(0.08) for the three months ended March 31, 2008 and
2007, respectively.
About Bodisen Biotech, Inc.
Bodisen Biotech, Inc. is a leading 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,
2008 2007
(unaudited) (unaudited)
Net Revenue $ 908,519 $ 5,008,472
Cost of Revenue 567,288 3,018,250
Gross profit 341,231 1,990,222
Operating expenses
Selling expenses 182,259 349,014
General and administrative expenses 659,344 3,172,509
Total operating expenses 841,603 3,521,523
Loss from operations (500,372) (1,531,301)
Non-operating income/(expense):
Other income/(expense) 2,212,059 (67,197)
Interest income 56,248 90,009
Interest expense - (1,057)
Total non-operating income/(expense) 2,268,307 21,755
Profit/loss before provision for income 1,767,935 (1,509,546)
taxes
Provision for income taxes - -
Net income/(loss) 1,767,935 (1,509,546)
Other comprehensive income (loss)
Foreign currency translation gain - 641,676
Unrealized loss on marketable equity - (2,497,159)
security
Comprehensive income/(loss) $ 1,767,935 $ (3,365,029)
Weighted average shares outstanding
Basic 18,310,250 18,310,250
Diluted 18,310,250 18,310,250
Earnings per share:
Basic $ 0.10 $ (0.08)
Diluted $ 0.10 $ (0.08)
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2008 AND DECEMBER 31, 2007
March 31, December 31,
2008 2007
(unaudited)
ASSETS
CURRENT ASSETS:
Cash & cash equivalents $ 768,400 $ 617,406
Accounts receivable and other receivable, 1,356,605 618,052
net of allowance for doubtful accounts of
$24,095,816 and $25,447,689
Other receivables 3,671,817 2,292,763
Inventory 1,733,654 1,179,448
Advances to suppliers 9,452,441 9,741,090
Prepaid expense and other current assets 5,227,194 5,066,015
Total current assets 22,210,111 19,514,774
PROPERTY AND EQUIPMENT, net 5,433,918 5,306,254
CONSTRUCTION IN PROGRESS 8,122,327 7,722,756
MARKETABLE SECURITY 10,958,608 14,239,999
INTANGIBLE ASSETS, net 2,097,922 2,050,652
OTHER ASSETS 3,911,974 3,720,785
LOAN RECEIVABLE 2,545,300 2,439,275
TOTAL ASSETS $ 55,280,160 $ 54,994,495
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 1,122,468 $ 1,186,768
Accrued expenses 183,327 219,936
Total current liabilities 1,305,795 1,406,704
STOCKHOLDERS' EQUITY:
Preferred stock, $0.0001 per share;
authorized 5,000,000 shares;
nil issued and outstanding
Common stock, $0.0001 per share; authorized 1,831 1,831
30,000,000 shares; issued and outstanding
18,310,250 and 18,310,250
Additional paid-in capital 33,860,062 33,860,062
Other comprehensive income 15,139,414 16,520,775
Statutory reserve 4,314,488 4,314,488
Retained Earnings 658,570 (1,109,365)
Total stockholders' equity 53,974,365 53,587,791
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 55,280,160 $ 54,994,495
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
Three Months Ended March 31,
2008 2007
(unaudited) (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ - $ -
Adjustments to reconcile net income (loss)
to net cash
used in operating activities:
Depreciation and amortization 118,141 115,221
Allowance for bad debts (2,370,691) 1,360,277
(Increase) / decrease in assets:
Accounts receivable 1,670,737 (1,760,948)
Other receivable & Loan Receivable (1,264,440) (1,177,348)
Inventory (495,907) (1,851,263)
Advances to suppliers 682,752 487,098
Prepaid expense 49,372 (2,512)
Increase / (decrease) in current
liabilities:
Accounts payable and accrued expenses (89,350) 354,315
Accrued expenses (44,532) 1,992
Net cash used in operating activities (1,743,918) (2,473,168)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment (64,214) (57,187)
Additions to construction in progress - (823,584)
Proceeds from other assets 47,403 43,583
Net cash used in investing activities (16,811) (837,188)
Effect of exchange rate changes on cash and 143,788 105,437
cash equivalents
NET INCREASE (DECREASE) IN CASH & CASH (1,616,941) (3,204,919)
EQUIVALENTS
CASH & CASH EQUIVALENTS, BEGINNING OF - 11,824,327
PERIOD
CASH & CASH EQUIVALENTS, END OF PERIOD $ (1,616,941) $ 8,619,408
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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