Fourth Quarter 2010 Highlights:
Revenue was $25.3 million, up 172.6% from $9.3 million in 4Q09, outperformed 4Q10 guidance range of $20 - $24 million
Gross profit was $9.4 million, up 87.5% from $5.0 million in 4Q09
Net income was $3.6 million, up 112.4% from $1.7 million in 4Q09, outperformed 4Q10 guidance range of $3.0 - $3.2 million
Earnings per diluted share was $0.13, up from $0.10 in 4Q09
Full Year 2010 Highlights:
Revenue was $69.8 million, up 101.2% from $34.7 million in 2009
Gross profit was $28.0 million, up 59.0% from $ 17.6 million in 2009
Net income was $12.4 million, up 82.5% from $6.8 million in 2009
Earnings per diluted share was up to $0.53 from $0.42 in 2009
First Quarter 2011 Guidance:
Management feels confident to give its guidance for the first quarter of 2011 for revenue to be in the range of $24 - $26 million and net income to be in the range of $3.2 - $3.5 million.
"Rodobo closed its fiscal year 2010 with strong fourth quarter results and it is our fourth consecutive top line growth quarter. Our strong revenue and net income growths demonstrated the strong market demand for Rodobo's high quality, fresh and nutritious milk powder products, the effectiveness of our strategy of expanding our production capacity, and our ability in marketing execution" stated Mr. Yanbin Wang, the Chairman and Chief Executive Officer of Rodobo. "Overall, 2010 was an extraordinary and successful year for Rodobo. The acquisition of the Beixue Group is a key groundwork of our growth strategy. As we move into 2011, we will continue to consolidate our acquisition, realign our product lines and improve our capacity utilization as we continue to expand our distribution network and further penetrate into our existing market in both formulated dairy and raw milk powder products."
I thought $0.50 for the year 2010, but they beat it with $0.03. I didn't have the time to analyse it so I will be back soon to give you some background. But at $2.15 it is a STEAL.
POSITION: LONG
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