Financial Summary
Third Quarter 201 1 Results | ||||
Q3 201 1 | Q3 20 10 | CHANGE | ||
Net Sales | $ 30.9 million | $ 22.7 million | +36. 4 % | |
Gross Profit | $ 7.7 million | $ 8.3 million | - 7. 5 % | |
Net Income | $ 0.8 million | $ 4.2 million | - 80. 6 % | |
Diluted EPS * | $ 0. 03 | $ 0. 14 | - 78.6 % | |
Adjusted Net Income* * | $ 2. 0 million | $ 4.8 million | - 5 7 . 1 % | |
Adjusted Diluted EPS* * | $ 0. 0 7 | $ 0. 16 | - 5 6 . 3 % | |
Nine Month Results
Nine M onths ended September 30 , | ||||
YTD 2011 | YTD 2010 | CHANGE | ||
Net Sales | $ 79.6 million | $ 69.9 million | + 1 4 . 0 % | |
Gross Profit | $ 24.5 million | $ 25.1 million | - 2. 7 % | |
Net Income | $ 7.4 million | $ 14.9 million | - 50. 1 % | |
Diluted EPS | $0. 2 5 | $0. 5 1 | - 51.0 % | |
Adjusted Net Income* | $ 10. 4 million | $ 16. 7 million | - 3 7 . 2 % | |
Adjusted Diluted EPS* | $ 0. 36 | $0. 5 7 | - 3 6 . 8 % | |
"I was pleased to see a stabilization in our snackfood business since the middle of the second quarter and our growth of snackfood sales and Hi-Power through our third quarter," exclaimed Mr. Pengfei Liu , Chairman and CEO of China Marine . "As a result of increased marketing support and food safety advertising for Mingxiang® foods, our seafood snack sales grew by 7.6% from the second to the third quarter, with sales in Fujian Province growing by 16.9%. "Hi-Power" sales were robust, signifying that our investments in advertising and marketing have yielded positive results. As we see more reorders and expect to selectively add new distributors, we believe "Hi-Power" sales are poised to maintain very solid growth into 2012."
2011 Guidance:
Based on current market demand, Management is reiterating full year 2011 financial guidance as follows:
Projections | % Change vs 2010 | ||
Consolidated Revenues: | $130+ million | + 5.9 % | |
Consolidated Adjusted Net Income: | $14.8 million | -37 .0 % | |
Adjusted Diluted EPS: | $ 0. 50 | -3 8 .3 % | |
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Not bad results could be better.
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