China Kangtai Cactus Biotech Q2 Revenue Up 34% to $8.7M; Net Income up 989% to $3M; First Half Year Revenue Up 45% to 14.3M; Net Income up 765% to $5.4M
HARBIN, China--(BUSINESS WIRE)--China Kangtai Cactus Biotech Inc. (OTCBB: CKGT - News), a vertically integrated grower, developer, manufacturer and marketer of a variety of cactus-based products in China, announced today that revenue for the second quarter ended June 30, 2010 increased 34% to $8.7 million from $6.5 million in the second quarter of 2009. Net income was up 989% to $5.4 million or $0.14 per diluted share.
Second Quarter Financial Highlights
Revenue for the second quarter increased 34% to $8.7 million, up from $6.5 million recorded in the second quarter of 2009 Net income rose 989% to $3 million of $0.14 per diluted share versus loss of $337,486 in Q2 2009. Adjusted net income (absent revaluation of Series A preferred Stock and A, B, C and D warrants) rose 10% to $1.6 million of $0.07 per diluted share versus $1.4 million or $0.07 per diluted share in Q2 2009 Gross profit margin was 38% compared with 42% in the second quarter of 2009. Income from operations increased 25% to $2.3 million from $1.8 million in the second quarter of 2009. Weighted average number of diluted shares outstanding was 22.1 million as of June 30, 2010 compared with 19 million as of June 30, 2009 Q2 Product Categories Performance
Cactus feed increased 322% to $1.3 million, up from $0.3 million recorded in the second quarter of 2009 Beverage sales increased 51% to $3.2 million, up from $2.1 million recorded in the second quarter of 2009 Raw & intermediated material decreased 93% to $44,404 from $0.6 million recorded in the second quarter of 2009 Sales of cactus cigarettes, launched in Q4 2009, increased 294% to $837,752, from $212,638 recorded in the second quarter of 2010 Nutraceuticals revenue remained the same as that of 2009 to be $3.3 million. Packaged foods provided no revenue in the quarter, compared to $131,145 in Q2 of 2009.
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