Sunwin International Reports Financial Results for the Second Quarter and First Six Months of Fiscal 2012 Ended October 31, 2011
(firmenpresse) - QUFU, CHINA -- (Marketwire) -- 12/15/11 -- Sunwin International Neutraceuticals, Inc. "Sunwin International" (OTCBB: SUWN), one of the top global providers of high quality stevia extracts including Rebaudioside A 98, announced today its financial results for the second quarter and first six months of fiscal 2012.
Total revenues reached $3.6 million in the second quarter of fiscal 2012, an increase of 55% compared to the same period in fiscal 2011 and an increase of 25% sequentially from the first quarter of fiscal 2012. Total revenues for the first six months of fiscal 2012 reached $6.4 million, an increase of 39% compared to the same period in fiscal 2011. The increase in revenues was evident in both of our business segments: Stevioside and Chinese Medicine. Stevioside revenues increased due to higher sales volume of lower grades stevia products in the domestic market to Chinese manufacturers who use our products as raw materials coupled with a moderate increase in sales volume in the international market. The increase in Chinese Medicine revenues was driven by seasonally higher demand for livestock breeding in preparation for the Chinese holiday season thereby driving up demand for our products. Gross profit in the second quarter was $0.7 million, up by 63% from the second quarter of fiscal 2011. For the first six months of fiscal 2012, gross profit was $1.1 million, up by 9% from the same period in fiscal 2011. The consolidated gross profit margin for the second quarter improved to 19.4% compared to 18.5% for the same period in fiscal 2011 and 12.8% for the first quarter of fiscal 2012. The improvement in gross margin was primarily due to higher margins experienced in the Stevioside segment offset by a decline in margins in the Chinese Medicine segment, due to significantly higher raw material and energy costs for this segment.
Total operating expenses for the second quarter of fiscal 2012 were $1.4 million compared to $0.9 million in fiscal 2011. For the first six months of fiscal 2012, operating expenses were $2.8 million compared to $1.8 million for the same period in fiscal 2011. The increase in operating expenses for the second quarter and the first six months of fiscal 2012 was largely attributable to a $0.7 million loss on disposition of obsolete property and equipment. We reported a net loss attributable to Sunwin International of $741,000 or ($0.00) per share for the second quarter, compared to a net loss of $443,000 or ($0.00) per share in the second quarter of fiscal 2011. For the first six months of fiscal 2012, we reported a net loss attributable to Sunwin International of $1.7 million or ($0.01) per share, compared to a net loss of $876,000 or ($0.00) per share for the same period in fiscal 2011.
At October 31, 2011, cash was $8.0 million with working capital of $13.6 million compared to April 30, 2010 where cash was $10.6 million with working capital of $14.2 million. Shareholder's Equity attributable to Sunwin International increased to $29.3 million, up from $28.3 million at April 30, 2010.
Commenting on the results for the second quarter and first six months of fiscal 2012, Dongdong Lin, CEO of Sunwin International, stated, "We are pleased with the sales growth we have achieved in our Stevioside segment in the second quarter of fiscal 2012. We anticipate that the foundation we have built in our partnerships including our recently announced distribution agreement with Domino Foods, Inc. will begin to finally accelerate future sales in the North American marketplace. Additionally, the approval of stevia in November, for use in the food and beverage industry in the EU has opened one of the largest worldwide marketplaces for our higher grade stevia products. We believe that Sunwin has positioned itself to be in the forefront of these markets with our distribution partners and anticipate potential sales growth for our stevia extracts as food and beverage companies around the world begin to adopt all natural stevia as the best alternative for their products in the no calorie and low calorie segments."
About Sunwin International Neutraceuticals, Inc.
Sunwin International Neutraceuticals, Inc. engages in the areas of zero calorie, all natural sweeteners (Sunwin Stevia™ Extracts) and essential traditional Chinese medicine. As an industry leader in agricultural processing, Sunwin has built an integrated global firm with the sourcing and production capabilities to meet the needs of consumers throughout the world. For more info about Sunwin, please visit
Safe Harbor Statement
Sunwin International Neutraceuticals, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our guidance and expectations regarding revenues, net income and earnings.
We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the fiscal year ended April 30, 2011.
Lillian Wong
U.S. Representative
954-363-7333
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Datum: 15.12.2011 - 12:28 Uhr
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