American Dairy Reports FY 2003 Net Income Increase of 526%
13 4월 2004 - 6:05AM
PR Newswire (US)
American Dairy Reports FY 2003 Net Income Increase of 526% LOS
ANGELES and HEILONGJIANG PROVINCE, China, April 12
/PRNewswire-FirstCall/ -- American Dairy, Inc. (BULLETIN BOARD:
ADIY) , one of the leading producers and distributors of milk
powder and soy bean products in China, today announces that is has
filed its Form10-KSB with the SEC. Net income increased by 526%
from $325,257 in 2002 to $2,036,807 for 2003. This increase in net
income is attributable primarily to the following factors: (1) a
57% increase in sales; (2) a 23% increase in gross profit margins
from 35% in 2002 to 58% in 2003; and (3) a 141% increase in
distribution expenses, offset in part by: (i) a 113% increase in
general and administrative expenses, and(ii) a $333,020 increase in
enterprise income tax expense. Revenues increased by $6,886,542 or
57% from $12,172,815 in 2002 to $19,059,357 in 2003. This increase
was due primarily to expanding market areas and adding new value
added products. Unit sales prices remained constant during the
year. "Our goal by the end of this year is to achieve a substantial
growth across the board," stated Leng You-Bin, CEO of American
Dairy Inc. "Successful marketing efforts in 2003 have helped us
create greater brand awareness and as a result have achieved
significant revenue growth and profitability. We are excited as
first quarter 2004 net profits are expected to exceed $1,000,000."
American Dairy acquired 40 acres of land in Kedong County, China to
construct new facilities. Plans at this new site are to construct a
new dairy processing plant with modern processing and packaging
equipment imported from Denmark and Belgium. It is projected that
the new facility will be capable of processing 300 tons of fresh
milk per day increasing production of milk powder an additional
20,000 tons annually. In addition, a new 20,000 ton per year soy
bean powder facility is expected to be completed by October of
2004. Heilongjiang is world renown for the production of soy bean
products. The new facility will increase production capacity and
meet expansion needs for the next two years. About American Dairy,
Inc. American Dairy, Inc. conducts operations in the The People's
Republic of China ("China") through its wholly owned subsidiary
Feihe Dairy. Founded in 1962, Feihe Dairy is one of the leading
producers and distributors of milk powder, soybean milk powder,
land related dairy products in China. Feihe Dairy's 99% owned
subsidiaries Sanhao Dairy and Baiquan Feihe Dairy produce and
supply processed milk to Feihe Dairy. Forward-Looking Statements
Statements in this document that are not statements of historical
or current fact constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve known and unknown risks,
uncertainties and other unknown factors that could cause the actual
results of the Company to be materially different from the
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are urged
to consider statements labeled with the terms "believes," "belief,"
"expects," "intends," "anticipates," "will" or "plans" to be
uncertain and forward-looking. The forward-looking statements
contained herein are also subject generally to other risks and
uncertainties that are described from time to time in the Company's
reports and registration statements filed with the Securities and
Exchange Commission. For further information, please contact:
General Information, Karney Chang of American Eastern Securities,
+1-213-488-5131 ext. 106, , for American Dairy, Inc. DATASOURCE:
American Dairy, Inc. CONTACT: General Information, Karney Chang of
American Eastern Securities, +1-213-488-5131 ext. 106, , for
American Dairy, Inc.
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