China Marine Food Group Limited announced consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net sales of $50.2 million compared to $64.3 million for the same period a year ago. Net income was $1.7 million or $0.06 per diluted share compared to $1.1 million or $0.04 per diluted share for the same period a year ago. Adjusted net income was $4.6 million or $0.15 per diluted share compared to $2.3 million or $0.08 per diluted share for the same period a year ago.

For the year, the company reported net sales of $157.3 million compared to $143.9 million for the same period a year ago. Net loss attributable to the company was $4.5 million or $0.15 per basic and diluted share compared to net income attributable to the company of $8.6 million or $0.29 per basic and diluted share for the same period a year ago. Adjusted net income was $3.4 million or $0.12 per diluted share compared to $12.8 million or $0.43 per diluted share for the same period a year ago. The primary reason for the year-over-year growth in net Revenue was a 55.7% increase in sales of Hi-Power(R) beverages. Mingxiang(R)-branded seafood products, Hi-Power(R) beverages and marine catch accounted for approximately 32.7%, 29.4% and 37.9% of total sales in fiscal 2012, respectively. Loss before income taxes was $3,386,444 compared to income before income tax of $10,612,331 in 2011. Net cash used in operating activities was $4,237,912 compared to $8,431,094 in 2011. Purchase of property, plant and equipment was $172,991 compared to $36,717 in 2011.

The company also reported $2.2 million of non-cash intangible assets impairment in fourth quarter of 2012.