Emerald Dairy’s Q3 Profit Surges 66%
Emerald Dairy (OTCBB: EMDY), a producer of infant milk formula operating in China, said today that third quarter earnings increased by 66.4% year-over-year to $1.5 million, or 4 cents per diluted share.
Revenue for the quarter was $12.9 million, up from $10.2 million for the year-ago quarter.
The increase in sales and earnings is primarily due to a 24.5% increase in sales of the company's Xinganling-branded milk products. The increase was also due to an expansion of the company's production line to enable the increased volume of the Xinganling product . The Xinganling brand accounted for 86% of the company's third quarter sales.
On a segment basis, milk powders accounted for 86.6% of revenues, private labelling sales accounted for 7.6% of revenues, while rice and soybean powder sales made up the rest of revenues.
On an adjusted basis, earnings more than doubled to $2 million, or 6 cents per diluted share.
For the year-to-date, the company earned $0.5 million, or 21 cents per diluted share, compared to $3.7 million, or 12 cents per diluted share for the same period in 2009.
At quarter end, the company had working capital of $24.4 million and $5.8 million in short term loan.
The company also reiterated its fiscal 2010 guidance of $60 to $65 million in revenues.
The company's shares were inactive after the announcement was made. Over the past year, the company's shares have dropped 36%.
Related news
- Mariana Resources kicks off drilling programme at Las Calandrias gold-silver project
- Orogen Gold begins Phase 1 drilling programme at Deli Jovan
- Magnolia Petroleum on track to hit 100 wells target by end-2012
- Mwana Africa sells 15pct stake in Freda Rebecca gold mine for $405k - UPDATE
- Genel Energy on track as production increases
- Rambler Metals & Mining raises further C$4.13 million from Tinma International
- Wasabi Energy completes purchase of minority stake to own Global Geothermal
