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is this company still around? trying to figure out what I want to do with my shares as it gets closer to the end of the year (one of the candidate for tax loss selling and then move on)
I wonder if this company is for real and serious about the business. I don't know why I bought this stock though I know it is late in their filing (.PK status).
I think if they don't post anything by March 31st, 2009 or APril 15th, 2009, I'm almost certain that this company is just playing games with us. JMHO though.
Any info that you guys have about this company will be appreciated.
Stan
yeah I know what you mean.. but still better than a big loss...
I guess we should count our blessing..
who knows that MDF will go to $1 (if they cant grow and go abck to the declining membership mode again just like it used to be a couple years ago) and then you will be glad that you will be out of MDF stock by then...
I'm banking that more baby boomers will move to florida in the next 5 years or so and that MDF might be able to get more member through HUM..
if only the hurricane and flooding will be reduced in Florida, as that might help as well reduce MER and increase the baby boomers migration to Florida..
Thanks for the wishes..
I hope they will do some buy back or pay some dividend in the next 12-18 months... and I can use that money to buy some other stock as well..
Stan
Sasha, Congrats on your gain on MDF. I'm still holding. I bought at .30 (not as cheap as your purchase but still not bad)
IMO Bobwins will not be interested with ETLT. I think Bobwins is aware of ETLT situation and I think he's highly questioned the legitimacy of ETLT. but I can ask him again to confirm.
in any case, MDF is not the same as ETLT. MDF was posting losses and almost have negative book value when the stock is at .17 and below.. then suddenly they became positive income and slowly book value become positive as they raise cash to pay the delinquent payroll taxes and start posting profit after they closed the clinical laboratoy and the pharmacy business (if you still remember)
on the other hand, ETLT has been profitable from many years ago and the stock price hasn't move as if the company doesn't really make that money. The fact that they don't pay/settle that small lawsuit (or as long as it's still in their back), making people suspicious that they don't really have the cash they claimed that they have. there are so many red flags and I've seen similar situation with ETLT with some other companies that ended up bad (drop to almost $0 as they stopped posting result to SEC), hence I gave my advice only bet on what you can afford to lose because there is a big chance that you will lost them all (and of course there is also a chance that it will go to $1 or $2). Also with the complication with CHCL link in the past (same executive with the other company who dissapear/stop reporting)
Only time will tell, though from the history, this could be a long time.. we could talk about the exact same thing 4 years from now...
many newbies doesn't understand that they have been doing this for the past 4 years and the stock hasn't really move.. and it just slide down after every good earning... you must wonder who are these people who are selling.. do they know better than us... maybe they do.. maybe they don't.. but are we willing to take a chance...
Thanks,
Stan
PS: the advice that I've been giving to people is everytime it rally after earning, sell, and then buy back 15-20% lower in the next ocuple weeks... the last couple quarters.. it seems to be working real well.. but sadly I don't follow my own advice because I am waiting/hoping for that $2+ someday...
Mat, thanks for your thoughts on MDF. I wasn't happy at first when I see the HMO sale (as they will be back to square 1 on growth). but then I tried to remember what was the reason the HMO was built.. for growth as PSN was slowing down (even though it still produce nice cash in Q2 and Q3 each year)
now, since they have all different sorts of strategy to grow the PSN (Careplus and Humana partnership, buying small practices/members etc).. maybe it is best to sell the HMO and back to their core competency which is to operate the PSN..
The HMO hasn't been as successful as we all thought it would be (while continue to rack up losses). While $2K per member sounds cheap but these patient aren't really profitable so I can't really say that HUM get a good deal (maybe if HUM can turn them to be profitable then $2K/member is cheap)
Glad to see the stock is increasing as you unload (meaning that you don't have to unload at a cheap price.. I know you bought at .50 so either way you won).
I haven't been selling but am careful on adding this stock as like you said, it has been dead money for the last couple years...
Hope you will leave some shares in case the company came back to become the cash cow it used to be and start buying back stock and maybe even pay dividend someday in the next 5 years..
Thanks for the best wishes Mat,
Stan
Sasha, we'll find out. I hope we're right on this one.. I've been waiting for more than 3 years now..
as usual, my standard advice, just remember not to buy more than what you can afford to.
Have fun accumulating this stock..!
Stan
Metropolitan Health Networks Reports 2008 Second Quarter Results
Tuesday August 5, 7:00 am ET
Company Delivers 91% Increase in Earnings for First Half of 2008 Over 2007
WEST PALM BEACH, Fla., Aug. 5 /PRNewswire-FirstCall/ -- Metropolitan Health Networks, Inc. (Amex: MDF - News), a leading provider of healthcare services in Florida, today announced financial results for the six months and quarter ended June 30, 2008.
On July 28, 2008 the company reported that in the three months ended June 30, 2008, the company's Medicare Advantage HMO and its PSN realized retroactive mid-year Medicare Risk Adjustment ("MRA") premium increases totaling $6.6 million resulting from improved risk scores. Approximately half of this increase applied to premiums earned in the first half of 2008. As a result, the retroactive premium payments for the first quarter of 2008 were higher than the company's estimate of $500,000 at March 31, 2008, and had a significant impact in the second quarter of 2008 on both revenue and the medical expense ratio ("MER"). On a segment basis, the retroactive mid-year premium increases were $5.8 million and $848,000 for the PSN and HMO, respectively.
Six Months Year to Date Financial Highlights:
For the six months ended June 30, 2008, the company's revenue totaled $158.2 million compared to $138 million in the prior year period, an increase of 14.6%. Net income was $3.4 million compared to $1.8 million for the same period of 2007, an increase of 91%. Fully diluted earnings per share were $0.06 and $0.03 for the six months ended June 30, 2008 and 2007, respectively.
Year to date results for the company's core PSN business includes a segment gain of $13.6 million before allocated overhead and income taxes. This compares to a $13.1 million segment gain before allocated overhead and income taxes in the prior year period. The company's HMO realized a year to date segment loss of $3.3 million before allocated overhead and income taxes, which compares to a segment loss of $5.6 million before allocated overhead and income taxes for the same period last year. As discussed below, the Company has entered into a definitive agreement for the sale of its HMO. Corporate overhead for the first six months of 2008 totaled $4.9 million compared to $4.5 million for the same period in 2007.
Second Quarter Financial Highlights:
The company recognized revenue of $82.2 million for the second quarter as compared to $69.9 million in the 2007 second-quarter, a 17.6% increase. Net income for the 2008-second quarter was $3.7 million or $0.07 per share, diluted as compared to $1.5 million or $0.03 per share, diluted for the same quarter last year.
The company's PSN realized a segment gain of $8.9 million before allocated overhead and income taxes in the 2008 second-quarter. This compares to a segment gain of $6.6 million before allocated overhead and income taxes in the prior year's second quarter. The company's HMO realized a segment loss of $690,000 before allocated overhead and income taxes, which compares to a segment loss of $1.7 million before allocated overhead and income taxes in the second quarter of 2007. Corporate overhead for the second quarter totaled $2.3 million in both 2008 and 2007.
Customer Information:
The number of Medicare Advantage customers increased by 2,700 between June 2007 and June 2008 to 33,100 as of June 30, 2008. Total customers at June 30, 2008 for each of the Company's segments were approximately 25,700 for the core PSN business and 7,400 for the Medicare Advantage HMO launched mid-year 2005. Customer months, the combined total customers for each month of the measurement period, increased to 99,400 in the second quarter of 2008, up from 91,800 in the 2007 period.
Medical Expense Ratio Highlights:
The company's consolidated MER decreased from 87.9% in the first half of 2007 to 87.7% in the first six months of 2008. The MER for the PSN business segment was 86.9% in the first six months of both 2008 and 2007. The HMO's MER decreased to 90.5% in the six months ended Junes 30, 2008 compared to 92.4% for the same period in 2007.
Balance Sheet Highlights:
Cash and equivalents at June 30, 2008 totaled $37.5 million as compared to $38.7 million at December 31, 2007. The company had a working capital surplus that increased to approximately $35.1 million at quarter end, compared to a surplus of approximately $29.2 million as of December 31, 2007. The mid-year adjustments totaling approximately $6.6 million discussed above were accrued at June 30 and subsequently received in July. The company has no outstanding debt and stockholders' equity totaled $42.4 million at June 30, 2008.
Sale of the HMO:
As announced on June 30, the company is selling its HMO to Humana for an estimated $14 million, the transaction expected to close by October 1, 2008. In the transaction, the company is retaining the opportunity to provide care for the HMO's customers, today numbering about 7,400. Metropolitan Health Networks is transitioning the HMO's business into its core PSN, or Provider Service Network, business and is significantly expanding its relationship and opportunity with Humana in the 13 counties in which the HMO operates. The company expects to work in conjunction with Humana in exploring new opportunities in additional counties.
In the course of analyzing the proposed sale of the HMO, the company developed a range of projections regarding its future operating performance after giving effect to the proposed sale of the HMO and Metropolitan's entry into new risk provider agreements with Humana. Based upon these projections, the company believes that the sale of the HMO and the new risk provider agreements offer it an opportunity to immediately improve upon its potential to generate positive income from operations in future periods. Most notably, the company projects that by utilizing Humana's existing contracts with various service providers, the new provider risk arrangements will reduce the cost of providing medical services. It is also believed that the reduced revenue per customer per month associated with the new provider risk arrangements will be more than offset by projected medical cost savings, elimination of a significant portion of the HMO sales and administrative costs, and reductions in corporate overhead, which, the company expects, should enhance its potential to generate income from operations.
Michael Earley, Chairman and Chief Executive Officer of Metropolitan Health Networks, Inc., commented, "We are very pleased with our 2008 first half report. The mid-year risk adjustment payments brought our premium levels to expected levels that are more reflective of our continuing commitment to proper risk coding. The MER performance in our core PSN business continues to be very good and the MER of the HMO continues to improve, as we continue to bring down our overhead spending."
Continuing, Earley noted, "2008 is shaping up to be a year of transformation for Metropolitan as we move forward with the sale to Humana of our HMO and the conversion its 7,400 customers into our PSN customers. The sale expands our Humana-contracted market from 5 Florida counties to 18, significantly increasing the potential for growth in both of our organizations. We are once again refocusing our business, our expertise and our resources on our core competencies while expanding our market area and our opportunities. As our balance sheet continues to strengthen it will provide the resources necessary to take advantage of this new footprint."
I hope they will reduce the dilution (stock compensation), and just use cash that they have to pay bonus and let them buy stock in the open market if they wanted to.
MDF balance sheet is solid, but I feel that they need to do something with it (other than buyback or dividend). something that can improve their eficiency and revenue and profit but not as costly, risky and draining as the HMO...
what are the alternatives?
Any thoughts on the HMO sale? what is your take of MDF future without the HMO... what do you think MDF stock price should worth?
Stan
I wonder why those institution bought them at the private placement . I wonder if they know the result iwll be bad or they are also clueless just like us..
HQS tends to delay things / projects... and dilution (private placement)... a lot of talk and less result also...
I think if they don't make much progress in the next 6 months, it is hard to trust management competency
any take on the most recent earning/losses
I'm thinking of adding .. anyone like the price currently...
anyone have any new thoughts on the paging business? and whether they will have a future ? are paging for here to stay?
ETLT post great earning . 5 cents a share in Q2..
hope the stock will go up eventually...
still not sure if this thing is a fraud or not..
I put so much money into this stock and hoping we will score a home run with this one...
we'll find out tomorrow if no matter how good etlt post result the stock will stay the same..
I didn't sell at $15.. didn't realize the result will be so bad after completing the private placement (the buyer must have een pissed)
and I also can't believe that the day before earning the stock seems to move like there's a leak on the news.. was thinking to sell but I thought this company has great future..
still above my purchase price but not sure this will hold..
Stan
slowly crawling up.. not sure if USMO really worth $11+ but I'm not complaining... thoughts? sell? hold?
American Oriental Bioengineering Reports Second Quarter 2008 Financial Results
Monday August 11, 4:01 pm ET
-- Revenue Increased 74.0% to $59.0 Million in 2Q08 --
-- 2Q08 Net Income Increased 43.4% to $13.9 Million --
-- 2Q08 Diluted EPS $0.18 versus 2Q07 Diluted EPS $0.15 --
NEW YORK, Aug. 11 /Xinhua-PRNewswire-FirstCall/ -- American Oriental Bioengineering, Inc. (NYSE: AOB - News), a pharmaceutical company dedicated to improving health through the development, manufacture and commercialization of a broad range of prescription and over the counter (''OTC'') products in China, today announced financial results for the quarter ended June 30, 2008.
Revenue in the second quarter of 2008 increased 74.0% year over year to $59.0 million from $33.9 million, reflecting a continued increase in demand for the Company's OTC and prescription pharmaceutical products. Revenue from pharmaceutical products increased 91.5% to $49.8 million from $26.0 million in the second quarter of 2007. Revenue from OTC pharmaceutical products increased 102.9% to $29.4 million from $14.5 million in the prior year's second quarter, reflecting continued recognition of the Company's new products supported by effective marketing campaigns. Sales generated by CCXA and Boke, which were not subsidiaries in the second quarter of 2007, were major contributors to the increase in OTC sales and generated a combined $13.4 million of revenue during the second quarter of 2008. Strong sales of the Jinji series and Jinji Yimucao products also contributed to the increase in OTC revenue during the second quarter of 2008. Prescription pharmaceutical products generated $20.4 million in revenue during the second quarter of 2008, a 77.2% year over year increase, driven by sales of Shuanghuanglian Injection Powder and Cease Enuresis Soft Gel. We believe that our continous marketing efforts, increased brand recognition and effective pricing strategy, as well as expanding rural market coverage drove prescription pharmaceutical revenue performance during the second quarter of 2008. Nutraceutical product revenue increased approximately 17% to $9.2 million in the second quarter of 2008 from $7.9 million in the prior year's period, and decreased as a percentage of total revenue to approximately 15.6% versus 23.3% in the comparable period. The increase in Nutraceutical revenue was mainly attributed to the increase in sales of peptide tablets and peptide powder. The Company continues to focus on selling and marketing higher growth pharmaceutical products.
Gross profit in the second quarter of 2008 increased 69.1% to $40.1 million from $23.7 million in the second quarter of 2007. Gross margin was approximately 67.9%, compared to 69.9% in the prior year's period, reflecting a shift in product mix.
For the second quarter of 2008, operating expenses increased 75.5% to $21.4 million from $12.2 million in the comparable period of 2007. The increase in operating expenses was primarily due to increases of $3.8 million in sales and marketing expenses, $2.7 million in general and administrative expenses as well as additional depreciation and amortization costs due to the Boke and CCXA acquisitions. Income from operating in the second quarter of 2008 increased 62.4% to $18.7 million from $11.5 million in the second quarter of 2007, while operating margin was 31.7%, compared to 33.9% in the second quarter of the prior year.
Net income for the second quarter of 2008 increased 43.4% to $13.9 million, or $0.18 per diluted share, compared to $9.7 million, or $0.15 per diluted share, in the prior year's period. Net income for the second quarter of 2008 includes the impact of $0.6 million in loss from unconsolidated entities, related to the Company's minority ownership in China Aoxing. Diluted share count in the second quarter of 2008 was 78.2 million, compared to 66.6 million in the second quarter of 2007.
Mr. Tony Liu, Chairman and Chief Executive Officer of American Oriental Bioengineering, commented ''We are very pleased with our financial performance in the second quarter of 2008. All of our product categories exhibited strong sales and we believe that our performance is the result of promoting effective marketing and branding of our products and the expansion into rural markets. We believe that our six month performance speaks to the effectiveness of our acquisition strategy. For the six month period in 2008, OTC revenue was up 117% versus the year before, with $23.4 million of incremental revenue from CCXA and Boke integrations. We also generated $28.4 million of operating cash flow, an increase of 77.3% from the same period of last year.''
Mr. Liu concluded, ''We continue to anticipate revenue growth in 2008 of at least 50 percent, and expect to reach total revenue of at least $245.0 million in the full year 2008. This anticipated year over year top line growth reflects continued demand for our leading products, and particularly our success with CCXA and Boke integrations. We also anticipate net income performance of at least $62.0 million, which reflects anticipated year over year net income growth of more than 44%. This full year financial guidance excludes interest expense related to the July 2008 convertible financing and excludes the financial impact of any pending acquisitions or LOIs. On that note, we remain dedicated to our goal of building a leading pharmaceutical business in China. Today we have signed an LOI and we are in the process of negotiating a large acquisition of a pharmaceutical distribution company located in China, which we believe will bolster the reach of our distribution network. We intend to move quickly and efficiently on the acquisition front and we'll strive to work responsibly and aggressively on behalf of our shareholders.''
The Company will hold a conference call at 5:00 pm ET on August 11, 2008 to discuss its fiscal second quarter 2008 results. Listeners may access the call by dialing 1-800-599-9816 or 1-617-847-8705 for international callers, access code: 41757592. A webcast will also be available through AOB's website at http://www.bioaobo.com . A replay of the call will be available through August 18, 2008. Listeners may access the replay by dialing 1-888-286-8010 or 1-617-801-6888 for international callers, access code: 95123746.
Nice to see USMO continue to go up...
not sure why but I'm enjoying it.. too bad the next dividend will give me less shares (as I'm doing the DRIP option)
Stan
American Oriental Bioengineering Reports Second Quarter 2008 Financial Results
Monday August 11, 4:01 pm ET
-- Revenue Increased 74.0% to $59.0 Million in 2Q08 --
-- 2Q08 Net Income Increased 43.4% to $13.9 Million --
-- 2Q08 Diluted EPS $0.18 versus 2Q07 Diluted EPS $0.15 --
NEW YORK, Aug. 11 /Xinhua-PRNewswire-FirstCall/ -- American Oriental Bioengineering, Inc. (NYSE: AOB - News), a pharmaceutical company dedicated to improving health through the development, manufacture and commercialization of a broad range of prescription and over the counter (''OTC'') products in China, today announced financial results for the quarter ended June 30, 2008.
Revenue in the second quarter of 2008 increased 74.0% year over year to $59.0 million from $33.9 million, reflecting a continued increase in demand for the Company's OTC and prescription pharmaceutical products. Revenue from pharmaceutical products increased 91.5% to $49.8 million from $26.0 million in the second quarter of 2007. Revenue from OTC pharmaceutical products increased 102.9% to $29.4 million from $14.5 million in the prior year's second quarter, reflecting continued recognition of the Company's new products supported by effective marketing campaigns. Sales generated by CCXA and Boke, which were not subsidiaries in the second quarter of 2007, were major contributors to the increase in OTC sales and generated a combined $13.4 million of revenue during the second quarter of 2008. Strong sales of the Jinji series and Jinji Yimucao products also contributed to the increase in OTC revenue during the second quarter of 2008. Prescription pharmaceutical products generated $20.4 million in revenue during the second quarter of 2008, a 77.2% year over year increase, driven by sales of Shuanghuanglian Injection Powder and Cease Enuresis Soft Gel. We believe that our continous marketing efforts, increased brand recognition and effective pricing strategy, as well as expanding rural market coverage drove prescription pharmaceutical revenue performance during the second quarter of 2008. Nutraceutical product revenue increased approximately 17% to $9.2 million in the second quarter of 2008 from $7.9 million in the prior year's period, and decreased as a percentage of total revenue to approximately 15.6% versus 23.3% in the comparable period. The increase in Nutraceutical revenue was mainly attributed to the increase in sales of peptide tablets and peptide powder. The Company continues to focus on selling and marketing higher growth pharmaceutical products.
Gross profit in the second quarter of 2008 increased 69.1% to $40.1 million from $23.7 million in the second quarter of 2007. Gross margin was approximately 67.9%, compared to 69.9% in the prior year's period, reflecting a shift in product mix.
For the second quarter of 2008, operating expenses increased 75.5% to $21.4 million from $12.2 million in the comparable period of 2007. The increase in operating expenses was primarily due to increases of $3.8 million in sales and marketing expenses, $2.7 million in general and administrative expenses as well as additional depreciation and amortization costs due to the Boke and CCXA acquisitions. Income from operating in the second quarter of 2008 increased 62.4% to $18.7 million from $11.5 million in the second quarter of 2007, while operating margin was 31.7%, compared to 33.9% in the second quarter of the prior year.
Net income for the second quarter of 2008 increased 43.4% to $13.9 million, or $0.18 per diluted share, compared to $9.7 million, or $0.15 per diluted share, in the prior year's period. Net income for the second quarter of 2008 includes the impact of $0.6 million in loss from unconsolidated entities, related to the Company's minority ownership in China Aoxing. Diluted share count in the second quarter of 2008 was 78.2 million, compared to 66.6 million in the second quarter of 2007.
Mr. Tony Liu, Chairman and Chief Executive Officer of American Oriental Bioengineering, commented ''We are very pleased with our financial performance in the second quarter of 2008. All of our product categories exhibited strong sales and we believe that our performance is the result of promoting effective marketing and branding of our products and the expansion into rural markets. We believe that our six month performance speaks to the effectiveness of our acquisition strategy. For the six month period in 2008, OTC revenue was up 117% versus the year before, with $23.4 million of incremental revenue from CCXA and Boke integrations. We also generated $28.4 million of operating cash flow, an increase of 77.3% from the same period of last year.''
Mr. Liu concluded, ''We continue to anticipate revenue growth in 2008 of at least 50 percent, and expect to reach total revenue of at least $245.0 million in the full year 2008. This anticipated year over year top line growth reflects continued demand for our leading products, and particularly our success with CCXA and Boke integrations. We also anticipate net income performance of at least $62.0 million, which reflects anticipated year over year net income growth of more than 44%. This full year financial guidance excludes interest expense related to the July 2008 convertible financing and excludes the financial impact of any pending acquisitions or LOIs. On that note, we remain dedicated to our goal of building a leading pharmaceutical business in China. Today we have signed an LOI and we are in the process of negotiating a large acquisition of a pharmaceutical distribution company located in China, which we believe will bolster the reach of our distribution network. We intend to move quickly and efficiently on the acquisition front and we'll strive to work responsibly and aggressively on behalf of our shareholders.''
The Company will hold a conference call at 5:00 pm ET on August 11, 2008 to discuss its fiscal second quarter 2008 results. Listeners may access the call by dialing 1-800-599-9816 or 1-617-847-8705 for international callers, access code: 41757592. A webcast will also be available through AOB's website at http://www.bioaobo.com . A replay of the call will be available through August 18, 2008. Listeners may access the replay by dialing 1-888-286-8010 or 1-617-801-6888 for international callers, access code: 95123746.
About American Oriental Bioengineering Inc.
American Oriental Bioengineering Inc. is a pharmaceutical company dedicated to improving health through the development, manufacture and commercialization of a broad range of prescription and over the counter products in China.
Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. The economic, competitive, governmental, technological and other factors identified in the Company's filings with the Securities and Exchange Commission, including the Form 10-Q for the quarter ended June 30, 2008, may cause actual results or events to differ materially from those described in the forward looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.
AMERICAN ORIENTAL BIOENGINEERING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
JUNE 30, DECEMBER 31,
2008 2007
(UNAUDITED)
CURRENT ASSETS
Cash and cash equivalents $ 144,473,275 $ 166,410,075
Accounts receivable, net of
reserve of $176,962 and $302,270
at June 30, 2008 and December 31,
2007, respectively 17,332,076 16,494,619
Inventories, net 18,968,955 12,264,536
Advances to suppliers 2,984,896 4,309,352
Notes receivable 691,872 2,259,616
Refundable deposit 6,368,222 --
Other current assets 534,169 5,134,118
Total Current Assets 191,353,465 206,872,316
LONG-TERM ASSETS
Plant and equipment, net 50,561,819 48,496,760
Land use rights, net 48,732,647 46,310,240
Deposit for long-term assets 34,852,986 --
Construction-in-progress 776,947 755,614
Deferred tax assets 1,866,111 1,498,481
Other intangible assets, net 26,232,600 26,972,166
Goodwill 22,566,768 22,566,768
Investment and advances in
unconsolidated entities 19,318,730 242,551
Other long-term assets 290,000 --
Total Long-Term Assets 205,198,608 146,842,580
TOTAL ASSETS $ 396,552,073 $ 353,714,896
LIABILITIES AND SHAREHOLDERS' EQUITY
JUNE 30, DECEMBER 31,
2008 2007
(UNAUDITED)
CURRENT LIABILITIES
Accounts payable $ 4,671,462 $ 3,436,352
Other payables and accrued expenses 8,281,952 7,786,157
Taxes payable 3,766,436 2,843,719
Short-term bank loans 6,694,025 6,289,222
Current portion of long-term bank
loans 2,958,324 2,374,565
Other liabilities 2,711,988 3,621,030
Deferred tax liabilities 358,529 109,733
Total Current Liabilities 29,442,716 26,460,778
LONG-TERM LIABILITIES
Long-term bank loans, net of current
portion 828,879 1,263,483
Long-term notes payable 296,668 286,365
Deferred tax liabilities 16,713,352 12,621,180
Total Long-Term
Liabilities 17,838,899 14,171,028
TOTAL LIABILITIES 47,281,615 40,631,806
COMMITMENTS
SHAREHOLDERS' EQUITY
Preferred stock, $0.001 par value;
2,000,000 shares authorized;
1,000,000 shares issued and
outstanding at June 30, 2008 and
December 31, 2007, respectively 1,000 1,000
Common stock, $0.001 par value;
150,000,000 shares authorized;
78,249,264 and 77,991,935 shares
issued and outstanding at June 30,
2008 and December 31, 2007,
respectively. 78,249 77,992
Common stock to be issued 182,332 1,611,333
Additional paid-in capital 195,253,082 193,007,987
Retained earnings (the restricted
portion of retained earnings is
$15,910,685 at June 30, 2008 and
December 31, 2007, respectively 125,399,613 102,117,792
Accumulated other comprehensive
income 28,356,182 16,266,986
Total Shareholders' Equity 349,270,458 313,083,090
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 396,552,073 $ 353,714,896
AMERICAN ORIENTAL BIOENGINEERING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
THREE MONTHS SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
2008 2007 2008 2007
REVENUES $ 59,010,005 $ 33,913,234 $ 97,778,603 $ 59,662,608
COST OF GOODS
SOLD 18,928,447 10,210,485 31,406,083 18,240,539
GROSS PROFIT 40,081,558 23,702,749 66,372,520 41,422,069
Selling and
marketing 7,687,892 3,886,564 12,717,600 6,590,035
Advertising 7,452,231 5,412,510 11,846,572 9,237,855
General and
administrative 5,253,274 2,557,805 9,165,957 5,495,949
Depreciation
and
amortization 1,010,461 341,562 1,987,671 675,836
Total
operating
expenses 21,403,858 12,198,441 35,717,800 21,999,675
INCOME FROM
OPERATIONS 18,677,700 11,504,308 30,654,720 19,422,394
EQUITY IN
EARNINGS
(LOSS) FROM
UNCONSOLIDATED
ENTITIES (640,008) 3,888 (641,067) 11,000
INTEREST
INCOME
(EXPENSE), NET (30,616) 43,048 (13,769) 17,238
OTHER INCOME
(EXPENSE), NET (255,770) 56,952 (356,502) 131,958
INCOME BEFORE
INCOME TAXES 17,751,306 11,608,196 29,643,382 19,582,590
INCOME TAXES 3,891,614 1,939,825 6,361,562 3,464,773
NET INCOME 13,859,692 9,668,371 23,281,820 16,117,817
OTHER
COMPREHENSIVE
INCOME
Foreign
currency
translation
gain, net
of tax 5,154,761 1,468,243 12,089,196 2,279,042
TOTAL OTHER
COMPREHENSIVE
INCOME, NET
OF TAX 5,154,761 1,468,243 12,089,196 2,279,042
COMPREHENSIVE
INCOME $ 19,014,453 $ 11,136,614 $ 35,371,016 $ 18,396,859
NET INCOME
PER SHARE
BASIC $ 0.18 $ 0.15 $ 0.30 $ 0.25
DILUTED $ 0.18 $ 0.15 $ 0.30 $ 0.24
WEIGHTED
AVERAGE
NUMBER OF
SHARES
OUTSTANDING
BASIC 78,223,659 65,144,311 78,207,405 64,877,916
DILUTED 78,223,659 66,600,080 78,208,181 66,483,294
Hi FBI.. yeah been a while.. good to hear form you and to know you are still kicking in the market..
glad to hear you bailed out SIRI just in time..
never know how you would be able to time it nicely on that one.. but I'm glad that you did...
I've always guessed that SIRI will eventually go down a lot unless they become profitable...
all the best on fnm and prft..
what's the story on THK...
fnm seems to be cheap but who knows how much write down they will need to make...
you been playing other hot trading stocks like POT, CHK, and AAPL?
how abuot PDO?
Lately I've been having good result on USMO as I bought a lot at $6.8-$7.5 range banking on the high dividend (at the time I bought first time they haven't announce that dividend will be cut form $2.5 to $1 per year, but still $1 per year on $7 isn't bad at all). now I wonder if I should just dump them all and bank the capital gain (vs waiting for dividend and hoping the business turn around and the stock goes up to $15-$20 i a year or two). thoughts...
still betting on sports? football? basketball?
what do you think about Brett Favre situation?
Stan
very nice ride John.. SRT8 charger looks very nice and aggressive at the same time.. 100 mph nice.. just make sure you don't get any ticket which will add more frustration to the already bad market/situation..
the nissan sports car seems awesome but seems quite expensive for a nissan ($75K-$80K)...
I don't really like aapl stock at these prices.. I feel they are almost priced for perfection... but it seems to manage fine to stay in the high PE teritory for a long time so I think it is good for trading (if you know the trend, support, resistanc, etc and you can make quick bucks when it ticked up. it goes up $5-$10 easily in a day)
I haven't research on ytec but I will look into it..
I was thinking to short PDO during its high but fiure out I don't want to mess with that weird stock (movement). I wonder how that stock gets that high at the first place..
Stan
Any of you picked up financials at the lows (or near the lows) and still holding...
I'm talking like C, BAC, AXP, WB, GS, JPM, etc
What do you think about financials? are most of the bad news out yet or we will see more bad news coming out (and the economy will drop even further after this recent rally. "sucker" rally?)
MDF and AOB will post earning in the next few days..
I'm still holding a lot of ETLT.. will see what the earning announcement will do (most likely it won't move).. due Aug 15th...
Stan
or goes to $0.. hard to believe that it will stay at the current price for many years.. but it has been doing just that for the last couple years.. so I guess never say never...
I'm long on this one..
John, Lexus LS and Mercedes SLK.. they aren't new though.. currently I loved the hard-top convertible.. the LS is a gas guzzler so I like it less for now but I have owned it for a while...
I'm considering Porsche Boxter or Cayman (Carerra if I found a good deal), but it won't happen for a while since I have just bought the SLK last year. And it's hard for me to get a soft-top after having the convenience (and safety) of a hard-top..
How about you? What are you driving these days?
And what are the things that you are looking next?
Stan
PS: USMO Booyahh....
All.. USMO post great Q2 result...
the only issue is.. when will the erosion of subscriber will stop (or even start to increase.. hopefully someday..)... and the core long term user stays subscribing..
the decrease seems to stabilize a bit now..
other than erosion issue, everything else seems great (especially if you compare to SIRI or XMSR result)
I'm strong on this one and sort of long (not sure how long since the erosion is still there but I like what I see)
the dividend and the buyback are definitely nice.. how many of you dare/plan to continue to add/accumulate... I'm still thinking about adding at the current price...
congrats all USMO longs (especially those who bought at the current price or lower).. tomorrow conference call should be intereting.. hope the institution will not dump this stock.. one contrarian mutual/hedge fund pick up a lot of USMO shares last quarter and I guess so far they made the right call...
Stan
PS: still wating for that junk stock ETLT to go up (earning has always been good but the stock price never really lived up to the expectation)
I read it Dart... etlt number has always been good (compare to it's stock price) and not sure why the stock never really lived up to its potential...
Earning season has started again and hope etlt will move when they announce the official number.
I was expecting some more movement on the preliminary result
result is awesome but I'm reluctant to add since I'm not so sure if they are real or not.
anyway USMo posted great earning and I'm glad that is the case (hope the stock will go up tomorrow)
hope all is well with you Dart..
Stan
Thank you USMO... great Q2 result...
the only issue is.. when will the erosion of subscriber will stop (or even start to increase.. hopefully someday..)... and the core long term user stays subscribing..
the decrease seems to stabilize a bit now..
other than erosion issue, everything else seems great (especially if you compare to SIRI or XMSR result)
I'm strong on this one and sort of long (not sure how long since the erosion is still there but I like what I see)
the dividend and the buyback are definitely nice.. how many of you dare/plan to continue to add/accumulate... I'm still thinking about adding at the current price...
congrats all longs (especially those who bought at the current price or lower).. tomorrow conference call should be intereting.. hope the institution will not dump this stock.. one contrarian mutual/hedge fund pick up a lot of USMO shares last quarter and I guess so far they made the right call...
Stan
Tex, you bring up a good point about many things..
including the E-sea spinoff..
I hope they spin off E-sea, though I prefer for them to keep it intact so as they will have higher chance to go to amex later on as they get bigger.. and that is just to prove a fact that they can execute a business plan and that they are legit..
honestly speaking.. at this moment not many people believe that they are legit. and if they are not legit than nothing else matters.. and someday it will go bust once people find out if that is the case..
it is so hard to believe that they are real knowing that with very basic common sense.. with the current situation that etlt has, they should already be doing more stock buyback or paying dividend.. (provided they really do have the cash)
JMHO
Stan
yup, it could be nothing. if you never seen one before, you'll see what I mean in the future.. I hope won't happen to etlt.. but if it does.. you'll see...
still too many ask at .50s
stan
And congrats on making those millions of dollar on pdo!
Stan
RZ. I think you should sell your PDO shares before it dropped
jmho
Stan
anyone still here? worthy, you still hold this stock?
thanks nowayout.feel the same way with yo on etlt. not sure how long we have to wait. and either it will go to $0 (or 5-10 cents like cxti) or to $2 or more...
i do feel like they are printing shares but i'm willing to bear the risk to find out..
too bad that there is no action on the stock price after a nice 4 cents EPS in Q1
yes, all the best for us...
imo,if by the end of this year they still post good profit but the stock still stay at .50 while everyday volume is good (we got to wonder who is selling continuosly at .50).. maybe I/we need to sell some if not all...
thanks for the ETLT update. I'm expecting 3-4 cents and they came in at 4 cents so I'm happy. I won't hold my breath on hoping the stock price to go up. as long as they are not fraud, I'm happy.
if this do go up tomorrow. congrats all longs. still not sure if I want to sell any of my shares..
for now , holding my shares tightly (130K+ shares), not adding anymore though..
what the heck does this mean? are they going to pump their stock price? :)
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"Because of the repurchase of 1,509,703 shares of its common stock and the company’s increased earnings, the company’s book value per share as of March 31, 2008 was in excess of $.153 per share and the company’s price earnings ratio is less than 4. With the company’s stock selling at less than $.50 per share, the company does not believe that the market price reflects the true value of the company’s shares. To this end, the company hopes to begin a campaign within next several months to enhance the market value on its shares."
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Stan
earning is out. 4 cents. I'm happy. I'll read the details more after this
Stan
this q1 will be decent. I'm guessing 3 cents EPS, and if we're lucky they will post 4 cents per share.
how about you Sasha? what do you think or what is your expectation...
the tough part is that etlt has been cheap for so long.. no one know for sure if they will ever go up again to the previous 2 year high of .97..
Stan
hope AWRCF will post more recent financial now that they are back in bulletin board.
I wonder if they will start posting quarterly result vs the semi annual result that they used to do (10Q vs 6K)
any thoughts?
Stan
Anyone still long here?
Still waiting for the next financial statement.
but been encouraged by the current stock price.
will be nice if they can get to nasdaq or amex.
Stan
ditto fox
Stan
Agree with you Mat on MDF.
I posted earlier (in my reply to tim) that this year HMO is pretty much another money losing business and the way I see it now, even with 10,000 members they might not be profitable (and they will blame the marketing cost I'm sure)
anyway.. we'll see what happen next year (starting this year november till april next year) open enrollment.
they will not use the cash for big acquisition. they will buy some clinic or network here and there with a couple hundred (up to 1000) PSN members here and there.
management compensation is indeed high but there is not much we can do. we can sell our shaares and move on i guess. nowadays not too many companies whose management is true to themselves and not compensate themselves excessively (obviously warren buffett is the other extreme for taking only 100K each year even he created billions of dollar of value/profit each year to the company)
so what is fair compensation anyway.. who is it to say that a particular amount is fair/reasonable... in the end i think it's the sense of ownership (or lack of thereof) and greed that causes these management to take excessive compensation (and they are also the directors so they can give temselves a big fat paycheck)
JMHO,
Stan