Wednesday, February 09, 2011 9:53:00 AM
- auditor: no plan to switch auditor currently as Company is pleased with the cuurent one, good working relationship, high-quality professional work
- Q3 Bulk sales was $14.7MM, that's 45% of total sales, a new record high for the company. 20 tons sold reported.
-retail sales was 18.1M (?), 94.5% of it came from the distributors
- Yangling status: land use rights are now all paid, they are working on design & construction of the plant and equipment and expect to start production in about 24 months.
- cash balances reported have been audited, free cash flow was 5.2MM
- Dupont buyout offer of Danisco being rejected: Dupont trying mainly to boost its profile in the US market with the Danisco proposed buyout.
As far as the Q3 results, there is an error in the fd sharecount as presented in PR (22,370,000). It should be 23,871,000 as in 10Q. With an adj Net Income of $10,416,229, the adj (non GAAP) eps should be 0.44 (not 0.466 as in PR). That's a 44.5% yoy growth. I get a ttm eps of $1.523.
http://finance.yahoo.com/news/ChinaBiotics-Inc-Reports-prnews-2162131020.html?x=0&.v=1
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