Fiscal year 2010 Results
For the fiscal year 2010, net revenue increased year-over-year by 50% to a record $81.4 million. The increase was primarily due to increased sales volume in both retail and bulk additive products, and the product mix changed as bulk additive products accounted for a larger share of total revenue.
Gross profit increased 50.8% to $57.3 million from $38.0 million in fiscal year 2009 due primarily to higher sales. Gross margin was 70.4% compared with 70.1% in fiscal year 2009.
Selling, general and administrative expenses were $18.4 million compared with $14.6 million in 2009. The increase was mainly due to the increase of overall sales as well as higher administrative costs associated with the new bulk additive production facility in Qingpu Industrial Park. Selling, general and administrative expenses as a percentage of revenue decreased from 26.9% in fiscal year 2009 to 22.6% in fiscal year 2010.
Research and development expenses were $3.7 million, representing a 13.5% increase from $3.2 million in the previous fiscal year. The Company continues to strengthen its R&D capability and plans to introduce more new products in fiscal year 2011.
Operating income in 2010 rose 62.0% to $35.3 million from $21.8 million in fiscal year 2009.
Excluding the non-cash losses from change in fair value of convertible
bonds, non-GAAP net income was '/>"/>
|SOURCE China-Biotics, Inc.|
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