Rodobo International, Inc. ( RDBO), a fast growing dairy company in China, reported financial results for the first quarter ended December 31, 2010.
First Quarter 2011 Highlights:
Revenue was $25.6 million, up 153.9% from $10.1 million in 1Q10, close to the upper range of the company's 1Q11 guidance $24 - $26 million
Gross profit was $9.8 million, up 84.8% from $5.3 million in 1Q10
Net income was $4.1 million, up 80.2% from $2.3 million in 1Q10, outperforming 1Q11 guidance range of $3.2 - $3.5 million
Earnings per diluted share was $0.15, up from $0.14 in 1Q10
Second Quarter 2011 Guidance:
Management feels confident to give its guidance for the second quarter of 2011 for revenue to be in the range of $23 - $26 million and net income to be in the range of $3.3 - $3.6 million.
"We started off 2011 with another quarter of record revenue and strong profitability. It is our fifth consecutive top line growth quarter," stated Mr. Yanbin Wang, Chairman and Chief Executive Officer. "We saw continuous strong market demand for Rodobo's high quality and nutritious milk powder products in the first quarter, especially for whole milk powder products. During the quarter, we further developed our existing market by adding more sales outlets and strived to increase sales per outlet. We will continue to consolidate our acquisition, realign our product lines and improve our capacity utilization in the rest of this year."