Friday, April 1, 2011

SkyPeople Fruit Juice (SPU) FY 2010 Results

Press Release


Fourth Quarter 2010 Highlights

A record with revenue of $43.9 million, up 22.6% from 4Q 2009

Apple concentrates and Hedetang fruit beverages increased 359% and 417%, respectively

Net income was $11.2 million, up 9.8% year-over-year, also a record

Diluted EPS showed a decrease to $0.47 for 4Q 2010 based on 23.1 million shares versus $0.56 per share in 4Q 2009 based on 18.6 million shares

"The fourth quarter is traditionally our strongest and was an appropriate ending to a successful year in which we demonstrated the significant growth in both apple concentrates and our branded Hedetang fruit beverages," started Yonkue Xue, Chief Executive Officer of SkyPeople Fruit Juice. "Due to seasonality, we normally witness kiwifruit concentrates and fresh fruits as the dominant contributor to revenues in the quarter. This year, however, we witnessed triple digit growth from our apple concentrates and production. I am especially proud of the 4 fold increase in fruit beverage sales, which was driven by a broader distribution footprint, the addition of new retail locations, and reorders from existing customers. Our Hedetang-branded beverages are currently sold through over 84 distributors and over 100 retail stores in approximately 17 cities. As the market continues to embrace these unique flavors, we are pursuing a significant growth opportunity in this segment and commercialized a new fruit juice line, Qian Mei Duo in January 2011 to target one of the fastest growing markets in China, the active, health-conscious female 18-29 years old."

Twelve months Results

For the Year Ended December 31, 2010

                                               FY 2010             FY 2009             CHANGE

Net Sales                                $93.2 million        $59.2 million       +57.4%

Gross Profit                             $38.0 million        $25.4 million       +49.6%

Net Income                             $21.2 million        $15.2 million       +39.5%

EPS (Diluted)                          $0.92                   $0.85                 +9.5%

Adjusted Net Income*            $23.3 million        $15.8 million       +53.3%

Adjusted EPS (Diluted)*         $1.01                  $0.84                  +20.2%

This company is going to profit from the rise in disposable income and healthy life style in China.

CC transcript

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