TIDMBODI
RNS Number : 3652T
Bodisen Biotech Inc
04 June 2009
Bodisen Biotech, Inc. reports Unaudited First Quarter Financial Results
Review & Extracts of the Form10-Q as required by the Securities & Exchange
Commission
Bodisen Biotech, Inc. (the "Company") (OTC Pink Sheets: BBCZ; London AIM: BODI;
website: www.bodisen.com) recently announced its first quarter unaudited results
for the period ended March 31, 2009 which are extracted from the Company's Form
10-Q filed with the SEC.
Enquiries:
Charles Stanley Securities
Rick Thompson / Philip Davies / Carl Holmes020 7149 6000
Bodisen Biotech, Inc.
Joseph C. Visconti001 561 370 3617
Results of Operations
Three months ended March 31, 2009 compared to Three months ended March 31, 2008.
Revenue. The Company generated revenues of $1,535,035 for the three months
ended March 31, 2009, an increase of $626,516 or 69.0%, compared to $908,519 for
the three months ended March 31, 2008. The significant increase in revenue is
due to a decrease in the Company's products price which resulted in a large
increase in sales volume.
Gross Profit. The Company achieved a gross profit of $211,751 for the three
months ended March 31, 2009, a decrease of $129,480 or 37.9%, compared to
$341,231 for the three months ended March 31, 2008. The decrease in gross
profit was due to increased costs of revenue. Gross margin (gross profit as a
percentage of revenues), decreased from 37.6% for the three months ended March
31, 2008, to 13.8% for the three months ended March 31, 2009 primarily as a
result of an increase in raw material costs.
Operating expenses. The Company incurred net operating expenses of $176,642 for
the three months ended March 31, 2009, a decrease of $664,961 or 79.0% compared
to $841,603 for the three months ended March 31, 2008. The decrease in operating
expenses is primarily related to a decrease in the general cost of operations
due to the reduction in the Company's revenues during the past few years.
Aggregated selling expenses accounted for $12,246 of the Company's operating
expenses for the three months ended March 31, 2009, a decrease of $170,013 or
93.3% compared to $182,259 for the three months ended March 31, 2008. The
decrease in aggregated selling expenses is due to the decrease in the Company's
marketing costs. General and administrative expenses accounted for the
remainder of the net operating expenses of $152,482 for the three months ended
March 31, 2009, which decreased $506,862 or 76.9% compared to $659,344 for the
three months ended March 31, 2008. The decrease in general and administrative
expenses is primarily related to a general cost of operations due to the
reduction in the Company's revenues during the past few years.
Non Operating Income and Expenses. The Company had total non-operating income
of $512,310 for the three months ended March 31, 2009 compared to total
non-operating income of $2,268,307 for the three months ended March 31, 2008.
Other income was $482,797 for the three months ended March 31, 2009 compared to
$2,212,059 for three months ended March 31, 2008. The other income for both
periods in 2009 and 2008 is primarily due to bad debt recoveries. Total
non-operating income includes interest income of $192 for the three months ended
March 31, 2009 compared to $56,248 of interest income for the three months ended
March 31, 2008. The decrease in interest income in 2009 is due less cash in the
bank generating interest income. Also included in non-operating income
(expense) for the three months ended March 31, 2009 is $130,247 related to the
loss on the sale of an investment and equity income in an investment of
$159,643.
About Bodisen Biotech, Inc.
Bodisen Biotech, Inc. is a manufacturer of liquid and organic compound
fertilizers, pesticides, insecticides and agricultural raw material certified by
the Petroleum Chemical Industry Administrative office of China (Chemical
Petroleum Production Administrative Bureau), Shaanxi provincial government and
Chinese government. The company is headquartered in Shaanxi province and is a
Delaware corporation. The company files annual and periodic reports with the
U.S. Securities and Exchange Commission, which are accessible at www.sec.gov.
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. These statements are based on the current expectations or beliefs of
Bodisen Biotech, Inc. management and are subject to a number of factors and
uncertainties that could cause actual results to differ materially from those
described in the forward-looking statements.
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME
(LOSS) FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
+-------------------------------------------+---+---------------+---+------------------+
| | | Three Months Ended March 31, |
+-------------------------------------------+---+--------------------------------------+
| | | 2009 | | 2008 |
+-------------------------------------------+---+---------------+---+------------------+
| | | (unaudited) | | (unaudited) |
+-------------------------------------------+---+---------------+---+------------------+
| | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Net Revenue | $ | 1,535,035 | $ | 908,519 |
+-------------------------------------------+---+---------------+---+------------------+
| | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Cost of Revenue | | 1,323,284 | | 567,288 |
+-------------------------------------------+---+---------------+---+------------------+
| | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Gross profit | | 211,751 | | 341,231 |
+-------------------------------------------+---+---------------+---+------------------+
| | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Operating expenses | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Selling expenses | | 12,246 | | 182,259 |
+-------------------------------------------+---+---------------+---+------------------+
| General and | | 152,482 | | 659,344 |
| administrative expenses | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Loss on | | 11,914 | | - |
| disposal of | | | | |
| assets | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Total | | 176,642 | | 841,603 |
| operating | | | | |
| expenses | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Profit/Loss from operations | | 35,109 | | (500,372) |
+-------------------------------------------+---+---------------+---+------------------+
| | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Non-operating income/(expense): | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Other income/(expense) | | 482,797 | | 2,212,059 |
+-------------------------------------------+---+---------------+---+------------------+
| Interest income | | 192 | | 56,248 |
+-------------------------------------------+---+---------------+---+------------------+
| Interest expense | | (75 ) | | - |
+-------------------------------------------+---+---------------+---+------------------+
| | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Total | | 512,310 | | 2,268,307 |
| non-operating | | | | |
| income/(expense) | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Profit/loss before provision for | | 547,419 | | 1,767,935 |
| income taxes | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Provision for income taxes | | - | | - |
+-------------------------------------------+---+---------------+---+------------------+
| | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Net income/(loss) | | 547,419 | | 1,767,935 |
+-------------------------------------------+---+---------------+---+------------------+
| Other comprehensive income (loss) | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Foreign currency | | (54,350) | | 1,900,030 |
| translation gain (loss) | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Unrealized loss on | | (722,319 ) | | (3,281,391 ) |
| marketable equity | | | | |
| security | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Comprehensive income/(loss) | $ | (229,250 ) | $ | 386,574 |
+-------------------------------------------+---+---------------+---+------------------+
| | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Weighted average shares outstanding | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Basic | | 18,710,250 | | 18,310,250 |
+-------------------------------------------+---+---------------+---+------------------+
| Diluted | | 18,710,250 | | 18,310,250 |
+-------------------------------------------+---+---------------+---+------------------+
| | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Earnings per share: | | | | |
+-------------------------------------------+---+---------------+---+------------------+
| Basic | $ | 0.03 | $ | 0.10 |
+-------------------------------------------+---+---------------+---+------------------+
| Diluted | $ | 0.03 | $ | 0.10 |
+-------------------------------------------+---+---------------+---+------------------+
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2008 AND DECEMBER 31, 2007
+------------------------------------------------+----+-----------------+---+--------------+
| | | March 31, | | December |
| | | | | 31, |
+------------------------------------------------+----+-----------------+---+--------------+
| | | 2009 | | 2008 |
+------------------------------------------------+----+-----------------+---+--------------+
| | | (unaudited) | | |
+------------------------------------------------+----+-----------------+---+--------------+
| ASSETS | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| CURRENT ASSETS: | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| Cash & cash equivalents | $ | 224,605 | $ | 90,716 |
+------------------------------------------------+----+-----------------+---+--------------+
| Accounts receivable and other | | 2,063,532 | | 719,607 |
| receivable, net of allowance for | | | | |
| doubtful accounts of $5,577,944 | | | | |
| and $6,069,700 | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| Other receivables | | 401,856 | | 375,780 |
+------------------------------------------------+----+-----------------+---+--------------+
| Inventory | | 1,998,342 | | 2,629,280 |
+------------------------------------------------+----+-----------------+---+--------------+
| Advances to suppliers | | 174,142 | | - |
+------------------------------------------------+----+-----------------+---+--------------+
| Prepaid expense and other current | | 787,180 | | 803,091 |
| assets | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| Total current | | 5,649,657 | | 4,618,474 |
| assets | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| PROPERTY AND EQUIPMENT, net | | 5,258,688 | | 5,373,232 |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| CONSTRUCTION IN PROGRESS | | 17,533,332 | | 17,542,626 |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| MARKETABLE SECURITY | | 5,468,985 | | 6,191,304 |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| INTANGIBLE ASSETS, net | | 5,031,415 | | 5,093,073 |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| OTHER ASSETS | | 2,960,954 | | 3,669,063 |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| LOAN RECEIVABLE | | - | | - |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| TOTAL ASSETS | $ | 41,903,031 | $ | 42,487,772 |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| CURRENT LIABILITIES: | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| Accounts payable | $ | 374,717 | $ | 710,475 |
+------------------------------------------------+----+-----------------+---+--------------+
| Accrued expenses | | 82,823 | | 102,556 |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| Total current | | 457,540 | | 813,031 |
| liabilities | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| STOCKHOLDERS' EQUITY: | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| Preferred stock, $0.0001 per | | | | |
| share; authorized 5,000,000 | | | | |
| shares; | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| nil issued and outstanding | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| Common stock, $0.0001 per share; | | 1,871 | | 1,871 |
| authorized 30,000,000 shares; | | | | |
| issued and outstanding 18,310,250 | | | | |
| and 18,710,250 | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| Additional paid-in capital | | 33,945,822 | | 33,945,822 |
+------------------------------------------------+----+-----------------+---+--------------+
| Other comprehensive income | | 10,664,293 | | 11,440,962 |
+------------------------------------------------+----+-----------------+---+--------------+
| Statutory reserve | | 4,314,488 | | 4,314,488 |
+------------------------------------------------+----+-----------------+---+--------------+
| Retained Earnings | | (7,480,983 ) | | (8,028,402 ) |
+------------------------------------------------+----+-----------------+---+--------------+
| Total | | 41,445,491 | | 41,674,741 |
| stockholders' | | | | |
| equity | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 41,903,031 | $ | 42,487,772 |
+------------------------------------------------+----+-----------------+---+--------------+
| | | | | |
+------------------------------------------------+----+-----------------+---+--------------+
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
+-------------------------------------------+---+--------------+---+---------------+
| | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| | | Three Months Ended March 31, |
+-------------------------------------------+---+----------------------------------+
| | | 2009 | | 2008 |
+-------------------------------------------+---+--------------+---+---------------+
| | | (unaudited) | | (unaudited) |
+-------------------------------------------+---+--------------+---+---------------+
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Net income (loss) | $ | 547,419 | $ | 1,767,935 |
+-------------------------------------------+---+--------------+---+---------------+
| Adjustments to reconcile net income | | | | |
| (loss) to net cash | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| used in operating activities: | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Depreciation and | | 147,101 | | 118,141 |
| amortization | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Loss on disposal of assets | | 11,914 | | - |
+-------------------------------------------+---+--------------+---+---------------+
| Loss on the sale of | | 130,247 | | - |
| investment | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Recovery of bad | | (483,514 ) | | (2,370,691 ) |
| debts | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Equity income in | | (159,643 ) | | - |
| investment | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| (Increase) / | | | | |
| decrease in | | | | |
| assets: | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Accounts | | (861,484) | | 1,670,737 |
| receivable | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Other receivable | | (26,589) | | (1,264,440) |
| & Loan | | | | |
| Receivable | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Inventory | | 627,397 | | (495,907) |
| | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Advances to | | (174,154 ) | | 682,752 |
| suppliers | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Prepaid expense | | 14,817 | | 49,372 |
+-------------------------------------------+---+--------------+---+---------------+
| Increase / (decrease) in | | | | |
| current liabilities: | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Accounts payable | | (335,494) | | (89,350) |
| and accrued | | | | |
| expenses | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Accrued expenses | | (16,640 ) | | (44,532 ) |
+-------------------------------------------+---+--------------+---+---------------+
| | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Net cash used in operating activities | | (578,623 ) | | 24,017 |
+-------------------------------------------+---+--------------+---+---------------+
| | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Acquisition of property and | | - | | (64,214) |
| equipment | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Additions to construction in | | (14,624 ) | | - |
| progress | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Proceeds from sale of | | 735,480 | | 47,403 |
| investment | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Net cash used in investing activities | | 720,856 | | (16,811 ) |
+-------------------------------------------+---+--------------+---+---------------+
| | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Effect of exchange rate changes on cash | | (8,344 ) | | 143,788 |
| and cash equivalents | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| NET INCREASE (DECREASE) IN CASH & CASH | | 133,889 | | 150,994 |
| EQUIVALENTS | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| CASH & CASH EQUIVALENTS, BEGINNING OF | | 90,716 | | 617,406 |
| PERIOD | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| CASH & CASH EQUIVALENTS, END OF PERIOD | $ | 224,605 | $ | 768,400 |
+-------------------------------------------+---+--------------+---+---------------+
| | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW | | | | |
| INFORMATION: | | | | |
+-------------------------------------------+---+--------------+---+---------------+
| Interest paid | $ | - | $ | - |
+-------------------------------------------+---+--------------+---+---------------+
| Income taxes paid | $ | - | $ | - |
+-------------------------------------------+---+--------------+---+---------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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