Man Shing Earns $0.08 and $0.18 per Share for the 2012 Fiscal Third Quarter and First Nine Months
(firmenpresse) - HONG KONG -- (Marketwire) -- 05/08/12 -- Man Shing Agricultural Holdings, Inc. (OTCBB: MSAH) ("Man Shing," the "Company," "we," "us," or "our"), located in the Shandong Province and one of the largest Chinese exporters of high quality, fresh ginger to Japan, the United Kingdom, and the Netherlands, today announced the financial results for the quarter and nine months ended March 31, 2012. The Company had earnings per share of $0.08 and $0.18 per share for the 2012 fiscal third quarter and first nine months ending March 31, 2012. Additionally, Man Shing reported $15.5 million, or $0.32 per share, in cash and cash equivalents as of March 31, 2012.
Revenue increased 17.3% year-over-year to $9.3 million;
Gross profit increased 37.3% to $4.6 million, gross margin improved to 48.9% vs. 41.8% YOY;
Net income increased 65.4% to $3.8 million;
EPS of $0.08 based on 48.1 million shares outstanding;
Cash and cash equivalents totaled $15.5 million, or $0.32 per share.
Mr. Shili Liu, Chairman and Chief Executive Officer of Man Shing, stated, "During the third quarter, we successfully used the leverage in our unique business model to utilize the current infrastructure to generate additional revenue with very little incremental increases in our expenses. This enabled us to increase margins and profitability. As a result, year-over-year gross profit margin for the quarter increased from 41.8% to 48.9% and net income margin increased from 29% to 41%, yielding an increase in net income of 65.4%. We also enhanced our earnings by producing more products with higher margins. During the quarter, we generated $8.8 million in operating cash flow as compared to $2.3 million during the quarter ended March 31, 2011, and as of March 31, 2012 we had $15.5 million, or $0.32 per share, of cash. Our strong cash flow will help us prepare for the upcoming planting season and better enable us in bringing our products to market, while further evaluating new higher margin products."
Revenue for the third quarter ended March 31, 2012 totaled $9.3 million, an increase of 17.3%, as compared to $8 million for the same period in fiscal 2011. The fiscal third quarter represented the Company's first full quarter of harvested product from the additional 2.4 million square meters of land leased in March of 2011. During the quarter, the demand for our products remained at an all-time high. Geographic revenue contribution during the quarter was 69% through distribution partners within China and direct sales of 17% to Japan, 10% to the United Kingdom, 1% to the Netherlands and 3% to other countries.
Cost of sales for the third quarter ended March 31, 2012 totaled $4.8 million, an increase of 3%, compared to $4.6 million for the third quarter ended March 31, 2011. Cost of sales includes the costs associated with the planting, harvesting, and storing of ginger and other agricultural products such as ginger seeds and fertilizers. Cost of revenues as a percentage of total revenue decreased from 58% in fiscal 2011 to 51% during the current quarter due primarily to a decrease in the costs of planting and production.
Gross profit for the third quarter ended March 31, 2012 totaled $4.6 million, an increase of 37.3% compared to $3.3 million for the third quarter ended March 31, 2011. Gross profit margin increased to 48.9% during the current quarter as compared to 41.8% for the prior year. The increase in gross profit margin was primarily attributable to a decrease in the cost of planting costs.
Net income for the third quarter ended March 31, 2012 totaled $3.8 million, an increase of 65.4%, as compared to $2.3 million for the third quarter ended March 31, 2011. Net income margin improved to 41% for the current quarter as compared to 29% the year prior. Basic and diluted earnings per share for the third quarter ended March 31, 2012 were $0.08, based on 48.1 million basic and 49.9 million diluted shares outstanding, respectively. These results compare to basic and diluted earnings per share of $0.05 for the same periods the year prior, based on 45.1 million basic and 46.9 million diluted shares outstanding, respectively.
Revenue increased 7.9% year-over-year to $25.3 million;
Gross profit increased 15% to $11.3 million; gross margin improved to 44.7% vs. 41.9% YOY;
Net income increased 26.4% to $8.6 million;
EPS of $0.18 based on 48.1 million shares outstanding.
Revenue for the nine months ended March 31, 2012 totaled $25.3 million, an increase of 7.9% compared to $23.4 million for the same period in fiscal 2011. Geographic revenue contribution for the nine month period ended March 31, 2012 was 67% through distribution partners within China and direct sales of 18% to Japan, 8% to the United Kingdom, 3% to the Netherlands and 4% to other countries.
Cost of sales for the nine months ended March 31, 2012 totaled $14 million, an increase of 2.9% compared to $13.6 million for the nine months ended March 31, 2011. Cost of sales includes the costs associated with the planting, harvesting and maintaining of ginger and other agricultural products. Cost of revenues as a percentage of total revenue decreased from 58% in fiscal 2011 to 55% during the current quarter due primarily to a decrease in costs of planting and production.
Gross profit for the nine months ended March 31, 2012 totaled $11.3 million, an increase of 15% compared to $9.8 million for the nine months ended March 31, 2011. Gross profit margin was 44.7% for the current nine month period ended March 31, 2012 as compared to 41.9% the year prior.
Net income for the nine months ended March 31, 2012 totaled $8.6 million, an increase of 26.4% compared to $6.8 million for the nine months ended March 31, 2011. Net income margin increased to 34% for the current nine month period as compared to 29% the year prior. Basic and diluted earnings per share for the nine months ended March 31, 2012 was $0.18 and $0.17, based on 48.1 million basic and 49.8 million diluted shares outstanding, versus basic and diluted earnings per share of $0.17 and $0.11 for the same period the year prior, based on 40.4 million basic and 62.8 million diluted shares outstanding, respectively.
As of March 31, 2012, Man Shing had approximately $15.5 million in cash and cash equivalents, or $0.32 per share based on 48.2 million shares outstanding. As of December 31, 2011, total current assets and total assets were approximately $37.5 million and $39.3 million, respectively. Total current liabilities and total liabilities were approximately $4.6 million and $6.1 million, respectively. Working capital totaled $32.9 million as of March 31, 2012, as compared to $23.6 million as of June 30, 2011. Shareholder's equity totaled $33.2 million as of March 31, 2012, as compared to $23.7 million as of June 30, 2011.
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
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 () that contains reports, proxy and information statements and other information regarding us and other companies that file materials with the SEC electronically.
Man Shing Agricultural Holdings, Inc.
Mr. Shili Liu
CEO, Chairman and president
Mr. Kenny Chow
CFO
+86-536-464-4888
+852-2530-3122
Alliance Advisors, LLC
Alan Sheinwald
President & Founder
(914) 669-0222
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Datum: 08.05.2012 - 06:00 Uhr
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