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
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.