Man Shing Earns $0.04 per Diluted Share for the Fiscal First Quarter Ending September 30, 2012
(firmenpresse) - HONG KONG -- (Marketwire) -- 11/15/12 -- Man Shing Agricultural Holdings, Inc. (OTCQB: 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 fiscal first quarter ending September 30, 2012. Revenue and net income totaled $7.1 million and $2 million or $0.04 per diluted share.
Mr. Shili Liu, Chairman and Chief Executive Officer of Man Shing, stated, "We are pleased with the stable financial results we achieved during the quarter. Our financial results for the first quarter of our 2013 fiscal year were in line with our expectations. Our quarterly results on a year-over-year comparable basis were flat mostly due to a slight decrease in volume and slight increases in production costs. Overall the demand for our products remained stable with margins at approximately 40%. During the quarter, we managed our inventory as we approached the October harvest season. We are encouraged that we were able to complete the harvesting on our 7.7 million square meters of farmland. The harvest will allow us to increase our inventory and fulfill outstanding purchase orders."
Revenue for the fiscal first quarter ended September 30, 2012 totaled $7.1 million, a decrease of 2% as compared to $7.2 million for the fiscal first quarter ended September 30, 2011. Revenues were derived from the sale of our frozen and fresh ginger and other agricultural products. The slight decrease in revenue was attributable to a slight decrease in production volume as compared to the same period the year prior. Geographic revenue contribution during the 2013 fiscal first quarter was 48.1% through distribution partners within China and direct sales of 44.3% to Japan, 6.2% to the United Kingdom and 1.4% to the Netherlands.
Cost of sales for the 2013 and 2012 fiscal first quarters totaled approximately $4.3 million. 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 increased slightly to 61% in fiscal 2013 as compared to 60% for the same period the year prior, due primarily to an increase in costs of planting and production.
Gross profit for the 2013 fiscal first quarter totaled $2.8 million, a decrease of 5% compared to $2.9 million for the 2012 fiscal first quarter. Gross profit margin decreased to 39% during the 2013 fiscal first quarter as compared to 41% for the same period the prior year. The decrease in gross profit margin during the period was due primarily to an increase in material costs and a decrease in sales.
Net income for the 2013 fiscal first quarter totaled $2 million, a decrease of 4% as compared to $2.1 million for the same period the prior year. Net income margin was down slightly to 28% for the 2013 fiscal first quarter as compared to 29% for the same period the prior year. Basic and diluted earnings per share for the 2013 and 2012 fiscal first quarters were $0.04, based on 48.2 million basic and diluted shares outstanding for the 2013 fiscal period and 48 million basic and 49.8 million diluted shares outstanding for the 2012 fiscal period.
As of September 30, 2012, Man Shing had approximately $16.1 million in cash and cash equivalents. As of September 30, 2012, total current assets and total assets were approximately $41.6 million and $43.3 million, respectively. Total current liabilities and total liabilities were both approximately $5.9 million. Current ratio improved to 7.1 to 1 as of June 30, 2012 as compared to 6.9 to 1 as of June 30, 2012. Shareholder's equity totaled $37.4 million as of September 30, 2012, as compared to $35.6 million as of June 30, 2012.
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
Valter Pinto
Vice President
(914) 669-0222 x201
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 15.11.2012 - 07:00 Uhr
Sprache: Deutsch
News-ID 1171588
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
HONG KONG
Phone:
Kategorie:
Equipment & Supplies
Anmerkungen:
Diese Pressemitteilung wurde bisher 128 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Man Shing Earns $0.04 per Diluted Share for the Fiscal First Quarter Ending September 30, 2012
"
steht unter der journalistisch-redaktionellen Verantwortung von
Man Shing Agricultural Holdings (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
