China Marine Food Group Limited Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2012
August 14, 2012 at 04:30 pm EDT
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China Marine Food Group Limited reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2012. For the quarter, revenue, net was $61,284,191 against $22,069,214 last year. Loss from operations was $1,626,854 against income from operations of $1,210,729 last year. Loss before income taxes was $1,638,907 against income before income taxes of $1,281,207 last year. Net loss attributable to the company was $1,638,861 or $0.06 per basic and diluted share against net income attributable to the company of $1,011,587 or $0.03 per basic and diluted share last year. Adjusted net loss was $1 million or $0.03 per diluted share against adjusted net income of $2.2 million or $0.07 per diluted share last year. Excluding the $0.6 million non-cash amortization expense related to the Hi-Power acquisition, operating loss was $1.0 million.
For the six months, revenue, net was $76,368,120 against $48,725,778 last year. Loss from operations was $3,510,617 against income from operations of $7,913,154 last year. Loss before income taxes was $3,475,622 against income before income taxes of $8,028,764 last year. Net loss attributable to the company was $3,683,250 or $0.12 per basic and diluted share against net income attributable to the company of $6,629,387 or $0.23 per basic and diluted share last year. Net cash provided by operating activities was $12,881,460 against $27,013,018 last year. Purchase of property, plant and equipment was $68,300 against $14,683 last year. Excluding $1.3 of non-cash amortization expenses related to prior acquisitions and $0.6 million of after-tax non-cash stock-based compensation expenses, non-GAAP operating loss was $1.6 million. Adjusted net loss was approximately $1.8 million or $0.06 per share against adjusted net income of $8.4 million or $0.29 per share last year.
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 
