Bodisen Biotech Announces Record Second
Quarter Earnings of $0.17 per Share, 99% Increase in Revenue and 48%
Increase in Net Income
August 23, 8:00 am ET
Bodisen Provides Earnings Guidance for 2005
NEW YORK--(BUSINESS WIRE)--Aug. 23, 2005--Bodisen Biotech, Inc.
(OTCBB: BBOI, website: /)
announced financial results for its second quarter ending June 30,
2005. The following are some of the highlights as reflected in its
filing with the SEC:
Selected Second Quarter 2005 Results Compared to the Same Period
- Revenue of $8,416,805, an increase of 99%
- Net income of $2,692,014, an increase of 48%
- Gross profit of $3,255,664, an increase of 64%
- Basic earnings per share of $0.18 (fully diluted:$0.17), an
increase of 50% for basic earnings per share and 42% for fully
Selected First Half 2005 Results Compared to the Same Period in
- Revenue of $13,118,480, an increase of 104%
- Net income of $3,488,746, an increase of 55%
- Gross profit increased 72% compared to the six month period
ended June 30, 2004
- Basic earnings per share of $0.23 (fully diluted: $0.22), an
increase of 53% for basic earnings per share and 47% for fully
Bodisen generated net revenue of $8,416,805 for the three month
period ending June 30, 2005, an increase of $4,186,600, or 99%,
compared to $4,230,205 for the same period in 2004. For the six
months ended June 30, 2005, the company reported net revenues of
$13,118,480 an increase of $6,702,186 or 104% compared to $6,416,294
for the comparable period in 2004. The increase in revenue was
primarily attributable to the completion of a new manufacturing
facility which had a major impact on manufacturing capacity, and a
renewed focus on marketing efforts as the company entered new
territories, resulting in increases in the customer base and related
volume of recurring and new customer sales.
Bodisen reported net income of $2,692,014 for the three month
period ended June 30, 2005, an increase of $867,999, or 48% from
$1,824,015. For the six months ended June 30, 2005, Bodisen reported
net income of $3,488,746 an increase of $1,243,756 or 55% compared
to $2,244,990 for the comparable period in 2004. The increase was
attributable to the growth in demand for the Company's products as
they entered new markets throughout China.
EARNINGS GUIDANCE FOR YEAR 2005
Bodisen affirmed fiscal 2005 (December yearend) guidance for
earnings of approximately $8 million (including 1Q05 one time
financing related charge), or approximately 50 cents per share, on
revenue of approximately $28 million. Guidance does not include
positive impact from increased sales channels and further expansion
of manufacturing capacities, as a result of the Company's planned
dual listing before yearend on the AIM market of the London Stock
Exchange raising up to 10 million British Pound (US$18 million)
through placement of new shares (Broker: UK investment bank Charles
Stanley; Reporting accountant: Deloitte & Touche).
Ms. Qiong Wang, Chairman and CEO of Bodisen commented: "We are
pleased that our second quarter results have exceeded our
expectations. Our new production facility has allowed us to meet
strong demand for our environmentally friendly organic fertilizer
products. The rapidly growing Chinese economy has lifted the
standard of living for 1.3 billion Chinese, including 900 million
farmers. Chinese consumers are very conscious of food quality. Many
Chinese only use foods and vegetables that are grown with organic
fertilizers although such foods are slightly higher priced. In order
to increase their household income, farmers across China demand
fertilizers that not only generate higher crop yields, but also are
organic and environmentally friendly. The year of 2005 should be
another banner year of strong earnings growth for Bodisen."
Wang continued her comment: "During the second half of 2005, in
addition to our continued focus on core business, Bodisen's
management is committed to increasing shareholder awareness. We look
forward to presenting Bodisen to US and European fund managers
through road shows in the fall."
About Bodisen Biotech, Inc.
Utilizing proprietary technologies, Bodisen sells over 60
packaged products in 3 product categories: Organic Compound
Fertilizer; Organic Liquid Fertilizer; and Pesticides &
Insecticides. Bodisen's organic fertilizers can be absorbed by
plants within 48 hours while enriching soil conditions without the
damaging effects associated with chemical fertilizers.
Bodisen is headquartered in Shaanxi, China, an agricultural hub
of China and the economic gateway to the western regions of China.
The Bodisen brand is a highly recognized fertilizer brand in China.
Its environmentally friendly "green" products support the mandate of
the Chinese government to increase crop yields for the purpose of
decreasing China's dependency on food imports. Among China's
population of 1.3 billion, approximately 900 million Chinese are
farmers whose income depend on their crop yields.
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.
Bodisen Biotech, Inc.
Source: Bodisen Biotech, Inc.