Bodisen Biotech, Inc.
Preliminary Financial Results for Fiscal Year 2006
Shaanxi, China ¡ª April 16, 2007 - Bodisen Biotech, Inc. (the ¡°Company¡±) (OTC Pink Sheets: BBCZ; London AIM:BODI; website: www.bodisen.com) today announced its unaudited operating results for the fiscal year ended December 31, 2006.
The Company is pleased to announce that for the year ended December 31, 2006, net revenue increased 41% to $43.6 million from $31.0 million for the year ended December 31, 2005 and this is in line with the guidance provided in an announcement released on January 8, 2007. The gross profit margin on net revenue for the year ended December 31, 2006 was 39% compared to gross profit on net revenue of 37% for the year ended December 31, 2005.
Net income for the year ended December 31, 2006 was $14.1 million, or $0.79 per share ($0.78 per share diluted) (excluding any extraordinary legal and other expenses related to the Company's Amex deficiency issue and stockholder lawsuits), compared to net income of $7.4 million, or $0.48 per share ($0.48 per share diluted) for the year ended December 31, 2005. This is ahead of the guidance previously provided when the Company expected net income of $12.9 million.
Weighted average shares outstanding for 2006 were 17,966,090 (18,072,433 diluted), compared to 15,427,494 (15,589,336 diluted) for 2005.
The full audited accounts for the fiscal year ended December 31, 2006 are expected to be available by the end of this month.
About Bodisen Biotech, Inc.
Bodisen Biotech Inc. is a leading manufacturer of liquid and organic compound fertilizers, pesticides, insecticides and agricultural raw materials 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's environmentally friendly ¡°green¡± products have been proven to improve soil and plant quality, and increase 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, and the outcome of events may differ materially from those described in the forward-looking statements, including but not limited to the date on which the Company will file its Annual Report.
Charles Stanley Securities
Richard Thompson / Philip Davies 020 7953 2000