China Marine Food Group Limited Reports Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended September 30, 2012; Reports Impairment Charges for Third Quarter of 2012
November 14, 2012 at 04:01 pm EST
Share
China Marine Food Group Limited reported unaudited consolidated earnings results for third quarter and nine months ended September 30, 2012. For the quarter, the company's total revenue was $30,760,679 against $30,918,106 a year ago. Loss from operations was $2,430,478 against income of $1,015,978 a year ago. Loss before tax was $2,500,255 against income of $1,090,777 a year ago. Net loss attributable to company was $2,500,202 or $0.08 per basic and diluted share against profit of $807,606 or $0.03 per basic and diluted share a year ago. Adjusted net income was $0.7 million or $0.02 per diluted share against $2.0 million or $0.07 per diluted share a year ago.
For the nine months, the company's total revenue was $107,128,799 against $79,643,884 a year ago. Loss from operations was $5,941,095 against income of $8,929,132 a year ago. Loss before tax was $5,975,877 against income of $9,119,541 a year ago. Net loss attributable to company was $6,183,452 or $0.21 per basic and diluted share against profit of $7,436,993 or $0.25 per basic and diluted share a year ago. Net cash used in operating activities was $4,101,140 against net cash from operating activities was $22,470,679 a year ago. Purchase of property, plant and equipment was $172,991 against $26,045 a year ago. Adjusted net loss was $1.1 million or $0.04 per diluted share against income of $10.5 million or $0.36 per diluted share a year ago. The primary cause of the year-over-year change in cash flows was due to higher inventories of trading materials in 2012.
For the quarter, the company reported goodwill impairment was $2,571,488.
China Marine Food Group Ltd. is a food and beverage manufacturer. The Company operates as a seafood processor, a distributor of seafood products, as well as a wholesaler of fresh marine catch. The Company's dried and processed seafood products include dried prawns, dried squids, dried file fish, roasted prawns, shredded roasted squids, roasted squids, roasted file fish, roasted sea eels and other seafood items. Its dried processed seafood is primarily sold under the Mingxiang brand name. The dried processed seafood products are primarily sold to distributors in Fujian and Zhejiang provinces, who in turn distribute them to supermarkets and retailers, including convenient store chains across the provinces. The Company's frozen processed seafood products include frozen Japanese butter fish, frozen octopus and frozen squid rings. The products are sold directly to wholesalers within the People's Republic of China and overseas. It also offers Hi-Power branded algae-based soft drinks.
China Marine Food Group Limited Reports Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended September 30, 2012; Reports Impairment Charges for Third Quarter of 2012