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China Bio Energy Reports Fourth Quarter and Record 2008 Financial Results
Date:3/23/2009

rcentage of sales was approximately 86% for 2008 and 88% for 2007. The decrease was due to lower production costs resulting from proprietary production of bio-diesel that commenced in October 2007 and from a decrease in the cost of feedstock used to produce bio-diesel.

Gross Profit and Gross Margin - Gross profit was $30.6 million for 2008 compared to $10.1 million for 2007, an increase of 203.5% and representing gross margins of approximately 14% and 12%, respectively. The increase in gross margin is primarily due to the rise in market demand for finished oil products and bio-diesel, and a reduction in bio-diesel supply costs. During 2008, the gross profit margin for bio-diesel production and sales was approximately 28.5% while gross profit margin for distribution of finished oil products, such as gasoline and diesel oil, was approximately 10.8%. The retail gas stations during this same period yielded gross margins of 10.9%.

Operating Expenses - Selling, general and administrative expenses for 2008 were approximately $2.0 million compared to $1.69 million for 2007, an increase of $0.31 million or 18.4%, resulting from higher costs and salaries of staff to support the expansion and growth during 2008. There was also an increase in audit, legal, consulting and filing expenses in connection with the Company becoming public in the U.S. in October 2007. Total operating expenses as a percentage of sales for 2008 and 2007 were 0.9% and 1.9%, respectively.

Net Income - GAAP Net income for 2008 was $18.7 million compared to $8.6 million in 2007, an increase of $10.1 million or 118%. Adjusted Net income, excluding the $9.8 million charge of stock-based compensation expenses, was $28.6 million, which represented a 232.7% increase compared with same period in 2007. This increase is attributable to economies of scale combined with rapid growth in revenue especially from bio-diesel sales, and efficiency of operati
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SOURCE China Bio Energy Holdings Group
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