First glance, IMO,
Minor to huge Positives
1) Superb net profit margin
2) NTA up $13M, $.20 per basic share
3) More cattle farms imminent
Macau EIJI is negotiating with two groups to provide consulting and servicing contracts to build more cattle farms using our free-range system and SJAP technology; management anticipates entering into a contract with one of them in May 2012
4) Large Restaurant Business expansion
The Company is negotiating with a group of restaurant chain operators to acquire equity in their operations, including exclusivity on beef supplied to those operations by our facilities.
5) Retail way ahead of schedule
On March 16, 2012, the Company entered a 5-year lease for an approximate 650 square meter (~7000 square feet) space at the newly established Wholesale Fish and Seafood Market ... We anticipate the bulk of these developments to be completed on or before June 30, 2012, with operations beginning immediately upon completion.
6) Probable improved HU crop
For the remainder of the plantation, the heavy rain fall in April 2012 should prove beneficial as compared to the dry weather experienced in April 2011, and with all other conditions remaining equal should result in a better harvest for 2012.
7) New grant potential
Government awarded a cash grant of RMB500,000 to SJAP toward development of its Enzyme factory targeted to be completed by the end of 2012 at a total cost of about US $2 million. The HuangYuan Government is authorized to provide grant funding of up to 66% of total development cost on selected projects.
8) A/R down
9) Very good, informative press release, even slightly before extension time expired :)
Minor or maybe not negatives
1) No reiteration of guidance
2) No mention of new fish contracts
3) Fish sales less than Q4, but may be on track for 2012 projections
4) As usual, share price does nothing
