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ONBI (4.85) ONE Bio Announces Record 2010 Financial Results

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Full-Year 2010 Revenue Increased by 137% YoY to $52.3 Million; 2010 Net Income Increased by 82% YoY to $8.7 Million; Earnings Call Scheduled for Friday, April 1, 2011 at 9:00 a.m. EDT

Thursday March 31, 2011, 4:00 pm
MIAMI, FL--(Marketwire - 03/31/11) - ONE Bio, Corp. ("ONE" or the "Company") (OTC.BB:ONBI - News), an innovative company utilizing green process manufacturing to produce raw chemicals and herbal extracts, natural and health supplements and organic products, today announced audited financial results for the fourth quarter and fiscal year ended December 31, 2010. A summary of financial results includes the following:

Revenue for the three months ended December 31, 2010 reached $14.9 million, an increase of 11% compared to $13.4 million for the three months ended December 31, 2009. Revenue for the fiscal year ended December 31, 2010 reached $52.3 million, an increase of 137% compared to $22.1 million for the same period last year.

Net income for the three months ended December 31, 2010 reached $2.8 million, an increase of 2.9% compared to $2.7 million for the three months ended December 31, 2009. Net income for the fiscal year ended December 31, 2010 reached $8.7 million, an increase of 82% compared to $4.8 million for the same period last year.

The increase in revenue and net income for fiscal 2010 is primarily attributable to the acquisitions the Company completed during the third quarter of 2009 and the increase in demand for the Company's chemical and herbal extracts and organic products.

Gross profit for the three months ended December 31, 2010 was $6.1 million, as compared to $5.3 million for the three months ended December 31, 2009. Gross margin was 40.6% compared to 39.2% for the fourth quarter of 2009. Gross profit for fiscal 2010 was $20.1 million, as compared to $10.0 million in the previous year. Gross margin was 38.5% compared to 45.2% for 2009. The decrease in gross margin for fiscal 2010 was primarily due to a change in the product mix and new product launches. As the Company reaches economies of scale on the new products launched during 2010, the Company anticipates gross margin to increase to over 40% for fiscal 2011.

Operating income for the three months ended December 31, 2010 reached $4.1 million, an increase of 2.7% compared to $3.9 million for the three months ended December 31, 2009. Operating income for 2010 reached $13.7 million, up 83.4% from $7.5 million in 2009. Operating expenses for 2010 totaled $6.4 million, up 155.2% from $2.5 million in the same period a year ago. The increase in operating expenses was primarily due to the full year's inclusion of revenues from the Company's Organic Products and Trade Finance Solutions divisions.

Earnings per share for the three months ended December 31, 2010 reached $0.45 ($0.43 on a fully diluted basis), compared to $0.51 ($0.50 on a fully diluted basis) for the three months ended December 31, 2009. Earnings per share for the fiscal year ended December 31, 2010 reached $1.43 ($1.35 on a fully diluted basis) compared to $0.95 ($0.93 on a fully diluted basis) for the same period last year.

As of December 31, 2010, cash and cash equivalents totaled $10.7 million, working capital totaled $12.8 million, and shareholders' equity was $42.1 million.

"Our fiscal 2010 results met our expectations. Asia's robust economic growth continues to fuel demand for our products, and we successfully added several new distributors in the Asian market during the fiscal year. Our strong organic growth, coupled with the impacts of two key acquisitions we completed in the third quarter of 2009, enabled us to deliver record results for fiscal 2010," stated Marius Silvasan, ONE's CEO. "In 2011, we remain focused on the continued execution of our business strategy, which calls for continued robust organic growth to be supplemented by key strategic acquisitions."

http://finance.yahoo.com/news/ONE-Bio-Announces-Record-2010-iw-3622252.html?x=0&.v=1