News Releases
  Releases on AIM
  Most Recent Reports
   
   
Releases on AIM

Bodisen Biotech, Inc. reports Unaudited Third Quarter Financial Results

Review & Extracts of the Form10-Q as required by the Securities & Exchange Commission

Bodisen Biotech, Inc. (the ¡°Company¡±) (London AIM: BODI; OTC Pink Sheets: BBCZ; website: www.bodisen.com) today announced its third quarter results for the period ended September 30, 2010 which are extracted from the Company¡¯s Form 10-Q filed with the SEC.

Highlights

? Revenues for the 9 months ended 30 September 2010 were up 74% at $5.661m on the comparable period (2009: $3.246m) impacted by economic recovery and the launch of new products.

? The Company achieved a gross profit of $1,437,551 against a gross profit for the comparable period (2009: $526,211).

? Diluted EPS was $0.08 compared with ($0.01) in the same period last year.

Results of Operations

Revenue: We generated revenue of $5,661,715 for the nine months ended September 30, 2010, an increase of $2,415,259 or 74%, compared to $3,246,456 for the nine months ended September 30, 2009. The increase in revenue is primarily attributable to the overall recovery of the economic environment and the launch of new products in May 2010.

Gross Profit: We achieved a gross profit of $1,437,551 for the nine months ended September 30, 2010 an increase of $911,340 or 173%, compared to $526,211 for the nine months ended September 30, 2009. Gross margin (gross profit as a percentage of revenues), was 25% for the nine months ended September 30, 2010, compared to 16% for the nine months ended September 30, 2009. The increase in the gross margin percentage was primarily attributable to the higher profit margins due to higher profit margins on new products.

Selling Expenses: Aggregated selling expenses accounted for $372,021 of our operating expenses for the nine months ended September 30, 2010, an increase of $329,087 or 766%, compared to $42,934 for the nine months ended September 30, 2009. The increase in our aggregated selling expenses is primarily attributable to an increase in marketing promotion and advertising programs.

General and Administrative Expenses: General and administrative expenses accounted for $2,418,410 of our operating expenses for the nine months ended September 30, 2010, an increase of $1,623,524 or 204%, compared to $794,886 for the nine months ended September 30, 2009. The increase in general and administrative expenses is primarily attributable to a bad debt expense in 2010 compared to 2009. During the nine months ended September 30, 2009, the Company recorded a bad debt expense of $104,254 compared to a charge to bad debts of $897,017 for the nine months ended September 30, 2010. Also, included in general and administrative expenses is the write off of a deposit for $735,500 for the nine months ended September 30, 2010.

Non Operating Income and Expenses: We had total non-operating expense of $139,518 for the nine months ended September 30, 2010 a change of $411,008 compared to income of $271,490 for the nine months ended September 30, 2009. Other income (expense) was $(81,372) for the nine months ended September 30, 2010 compared to $(1,787) for the nine months ended September 30, 2009. Also included in non-operating income (expense) for the nine months ended September 30, 2009 is a loss of $211,639 related to a loss on the sale of investment and a gain of $484,728 related to equity income of an investment that we account for under the equity method. During the nine months ended September 30, 2010, we did not incur any gains or losses related to the sale on investment or equity income in investment.

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.

Enquiries:

Charles Stanley Securities
Russell Cook / Carl Holmes 020 7149 6000

Bodisen Biotech, Inc.
Bo Chen ¨C Chairman & CEO
Wang Chunsheng ¨C Chief Operations Officer 0086 29 8707 4957

Investor Relations
Jessica S. Yuan
Sichenzia Ross Friedman Ference LLP 001 646 810-0607
JYuan@SRFF.COM

 

Copyright © 2004 bodisen.com