Man Shing Agricultural Holdings, Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended March 31, 2012
May 08, 2012 at 08:00 am EDT
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Man Shing Agricultural Holdings, Inc. announced unaudited consolidated financial results for the third quarter and nine months ended March 31, 2012. Revenue for the third quarter ended March 31, 2012 totaled was $9.3 million, an increase of 17.3%, as compared to $8 million for the same period in fiscal 2011. Net income for the third quarter ended March 31, 2012 totaled was $3.8 million, an increase of 65.4%, as compared to $2.3 million for the third quarter ended March 31, 2011. Basic and diluted earnings per share for the third quarter ended March 31, 2012 were $0.08 compared to basic and diluted earnings per share of $0.05 for the same periods the year prior. Operating income was $3,778,000 against $2,303,188 a year ago. Income from operations before income taxes was $3,824,223 against $2,311,866 a year ago.
For the nine months, the company reported revenue of $25.3 million, an increase of 7.9% compared to $23.4 million for the same period in fiscal 2011. Net income for the nine months ended March 31, 2012 totaled was $8.6 million an increase of 26.4% compared to $6.8 million for the nine months ended March 31, 2011. Diluted earnings per share were $0.17 compared $0.11 for the same period the year prior. Operating income was $8,593,732 against $6,907,366 a year ago. Income from operations before income taxes was $8,557,483 against $6,768,207 a year ago.
Man Shing Agricultural Holdings Inc. (Man Shing) through its operating subsidiary, Weifang Xinsheng Food Co., Ltd. (Xinsheng) is engaged in the production and processing of fresh vegetables, including ginger, and others, such as onion and, garlic. Xinsheng leases 5.3 million square meters of farm land for the planting and growing of ginger in Anqiu of Shandong Province in China. It produces ginger with a focus on customers located in countries, such as Japan and European Union. As of August 20, 2009, the Company entered into a Plan of Exchange (the Agreement) between and among the Company, Hero Capital Profits Limited (Hero), Weifang Xinsheng Food Co., Ltd. (Xinsheng), and the Companyâs majority shareholder. Pursuant to the terms of the Agreement, the Company acquired 100% of Hero. Upon completion of the exchange, Hero and Xinsheng became the Companyâs wholly owned subsidiaries. As of June 30, 2010, the Companyâs product portfolio comprised: fresh vegetables and frozen vegetables.