Bodisen Biotech Announces 3rd Quarter Earnings of $0.22
per Share, 94% Increase in Revenue and 80% Increase in Net Income
Thursday November 3, 8:00 am
Before a One Time Financing Related Accounting Charge of
$0.03 Per Share
NEW YORK--(BUSINESS WIRE)--Nov. 3, 2005--Bodisen Biotech, Inc.
(AMEX: BBC, website: /) announced financial results
for the third quarter ended September 30, 2005. Bodisen is the first
Asia based environmentally friendly bio fertilizer company listed on
a US stock exchange. The following are some of the highlights as
reflected in its filing with the SEC:
Selected Third Quarter
2005 Results Compared to the Same Period in 2004
- Revenue of $10,516,790, an increase of 94%
- Gross profit of $3,955,609, an increase of 96%, net income of
$2,871,041, an increase of 80%, after a one time financing related
- Basic earnings per share of $0.22 before the financing related
accounting charge of $0.03 per share as a result of a $3 million
financing the company completed in March 2005 (fully diluted:$0.19
after charge), an increase of 90% for both basic and fully diluted
earnings per share.
Selected Results for the First Nine Months of 2005 Compared to
the Same Period in 2004
- Revenue of $23,635,270, an increase of 100%
- Net income of $6,359,787, an increase of 65%
- Gross profit increased 82% compared to the nine month period
ended Sept. 30, 2004
- Basic earnings per share of $0.42 (fully diluted: $0.41), an
increase of 68% for basic earnings per share and 64% for fully
Bodisen generated net revenue of $10,516,790 for the three month
period ending Sept. 30, 2005, an increase of $5,108,949, or 94%,
compared to $5,407,841 for the same period in 2004. For the nine
months ended Sept. 30, 2005, the company reported net revenues of
$23,635,270 an increase of $11,811,135 or approximately 100%
compared to $11,824,135 for the comparable period in 2004. The
increase in revenues was the result of new marketing and
distribution programs, which resulted in increases in our customer
base and related volume of recurring and new customer sales as well
the completion of our new manufacturing facility which had a major
impact on our capacity.
Bodisen reported net income of $2,871,041 for the three month
period ended Sept. 30, 2005, an increase of $1,274,209, or 80% from
$1,596,832. For the nine months ended Sept. 30, 2005, Bodisen
reported net income of $6,359,787 an increase of $2,517,965 or 65%
compared to $3,841,822 for the comparable period in 2004. The
increase was attributed to the growth in the demand for the
Company's products as we enter new markets throughout China.
Ms. Qiong Wang, CEO of Bodisen commented: "Our third quarter
results have exceeded expectations. Our new production facility and
new sales programs have allowed us to timely meet expected strong
demand for our fertilizer products. Our products target China's 900
million farmers who increasingly prefer environmentally friendly
organic fertilizers over chemical fertilizers. Chinese consumers are
very conscious of food quality. Many Chinese only use foods and
vegetables that are grown with organic fertilizers. In order to
increase their household income, farmers across China demand
fertilizers that not only generate higher crop yields such as
Bodisen's products, but also are organic and environmentally
friendly. Our 4th quarter sales in liquid fertilizers and pesticides
have been very strong. Bodisen will have a record year of earnings
for 2005. We will participate in two annual national agricultural
product shows in the first two weeks of November. Last year at those
shows, we generated over $20 million of orders. We expect to have
even better results this year. "
Ms. Wang continued: "Bodisen is an environmentally friendly
company. The Chinese government has planned a "green" Olympics in
2008 featuring China's focus on environmental issues. Environmental
concerns are among China's top priorities. Over the years, chemical
fertilizers have been a major source of pollution in China harming
the land and water supply. Soil damage from chemical fertilizer use
has caused crop yields to dramatically decrease in many regions
across China. Market share for environmentally friendly bio
fertilizers has been increasing year over year while market share
for chemical fertilizers are decreasing. Bodisen's environmentally
friendly fertilizers are in a favorable market environment to
support our continued rapid growth. Bodisen's management is
committed to increasing investor awareness. We presented Bodisen to
US fund managers this fall and are pleased that well known
institutional investors have participated in our growth. Bodisen
will continue our investor relations efforts."
About Bodisen Biotech, Inc.
A Delaware company, Bodisen is headquartered in Shaanxi, China's
agricultural hub. 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 are farmers whose incomes depend on their crop yields.
With over 60 products and approximately 600 (and growing)
nationwide distribution centers, Bodisen has experienced rapid
growth. Bodisen's products are based on proprietary agricultural
technology jointly developed by company scientists and university
laboratories. These products address grains, vegetables, and fruit
crops and have been proven to increase crop yields by 10% to 35%
while being 100% environmentally friendly.
Bodisen Biotech, Inc.
Source: Bodisen Biotech, Inc.