Man Shing Earns $0.23 per Share for the 2012 Fiscal Year Ending June 30, 2012
(firmenpresse) - HONG KONG -- (Marketwire) -- 09/05/12 -- 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 year ended June 30, 2012. The Company had earnings per share of $0.23 for the fiscal year ending June 30, 2012. Additionally, Man Shing reported $14.1 million, or $0.29 per share, in cash and cash equivalents as of June 30, 2012.
Revenue totaled $33.4 million;
Gross profit increased 9.3% to $14.9 million, gross margin improved to 44.5% vs. 42.2% YOY;
Total operating expenses decreased 21.5%, driven by a decrease of 23.9% in selling and marketing expenses and a decrease of 16.9% in general and administrative expenses;
Net income increased 24.1% to $11.2 million;
EPS of $0.23 based on 48.1 million shares outstanding;
Cash and cash equivalents totaled $14.1 million, or $0.29 per share.
Mr. Shili Liu, Chairman and Chief Executive Officer of Man Shing, stated, "During our 2012 fiscal year we achieved several key milestones from a financial and operational perspective. Financially, we increased net income while managing costs and driving profitability. Revenue for the year increased 3.5% while gross profit increased 9.3%, gross profit margin improved to 44.5% and net income increased 24.1%. Our increased profitability during the year was driven by our ability to leverage our current infrastructure to maintain stable cost of sales. We successfully reduced our operating expenses by 22% year-over-year as sales and marketing and general and administrative expenses decreased 23.9% and 16.9%, respectively. Operationally, we continue to experience stable demand for our existing products. Additionally, we are always testing the market with new and potentially higher margin products to increase profits."
Revenue for the fiscal year ended June 30, 2012 totaled $33.4 million, an increase of 3.5%, as compared to $32.3 million for the fiscal year ended June 30, 2011. Revenues were derived from the sales of our frozen and fresh ginger and other agricultural products. Geographic revenue contribution during the 2012 fiscal year was 66% through distribution partners within China and direct sales of 22% to Japan, 7% to the United Kingdom, 3% to the Netherlands and 2% to other countries.
Cost of sales for the 2012 fiscal year totaled $18.5 million, a decrease of 1%, compared to $18.7 million for the 2011 fiscal year. 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 55% year-over-year, due primarily to a decrease in the costs of planting and production costs, such as raw material costs.
Gross profit for the 2012 fiscal year totaled $14.9 million, an increase of 9.3% compared to $13.6 million for the 2011 fiscal year. Gross profit margin increased to 44.5% during the 2012 fiscal year as compared to 42.2% for the prior fiscal year. The increase in gross profit margin was primarily attributable to a decrease in the cost of planting and production.
Operating expenses for the 2012 fiscal year decreased 21.5% to $3.5 million as compared to $4.5 million the prior fiscal year. Selling and marketing expenses decreased 23.9% year-over-year and general and administrative expenses decreased 16.9%.
Net income for the 2012 fiscal year totaled $11.2 million, an increase of 24.1% as compared to $9 million for the prior year. Net income margin improved to 34% for the 2012 fiscal year as compared to 28% the year prior. Basic and diluted earnings per share for the 2012 fiscal year were $0.23, based on 48.1 million basic and 49.5 million diluted shares outstanding, respectively. These results compare to basic and diluted earnings per share of $0.21 and $0.15 for the same periods the year prior, based on 42.3 million basic and 59.6 million diluted shares outstanding, respectively.
As of June 30, 2012, Man Shing had approximately $14.1 million in cash and cash equivalents, or $0.29 per share based on 48.1 million shares outstanding. As of June 30, 2012, total current assets and total assets were approximately $39.5 million and $41.3 million, respectively. Total current liabilities and total liabilities were approximately $5.7 million, respectively. Shareholder's equity totaled $35.6 million as of June 30, 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: 05.09.2012 - 07:01 Uhr
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