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China Dasheng Biotechnology Company Reports Unaudited Third Quarter FY2009 Financial Results

GANSU, China, May 18 /PRNewswire-Asia-FirstCall/ -- China Dasheng Biotechnology Company ("China Dasheng" or "the Company") (OTC Bulletin Board: CDBT), a leading producer and distributor of organic bacteria based additives for crops and livestock feeds in the PRC, announced unaudited financial results for the third quarter of fiscal year 2009, which ended March 31, 2009.

    Highlights for Q3 FY2009 (all figures in US$) included:

    -- Total revenue grew approximately 43% to $5.3 million in the third
       quarter of 2009, compared with $3.7 million in the prior year quarter;
    -- Gross margin improved by 50% to $2.6 million in the third quarter of
       2009, compared with $1.8 million in the prior year quarter;
    -- Operating expenses, as a percentage of revenue, were reduced by over
       900 basis points to 20.2% in the third quarter of 2009, compared to
       29.9% in the prior year quarter;
    -- Income from operations increased by 140% to $1.6 million in the third
       quarter of 2009, compared to $0.7 million in the prior year quarter;
    -- Net income rose over 200% to $1.3 million in the third quarter of 2009,
       or $0.04 per diluted share, compared with $0.4 million, or $0.01 per
       share in the prior year quarter;
    -- $10.4 million of cash on the balance sheet as of the quarter end, March
       31, 2009.

Chairman of the Board, Mr. Jinjun Qi commented, "China Dasheng reported another successful quarter, demonstrating the power and continued strength of our core business offerings. There is a growing demand in China at both the national and local level for "going Green" agriculture and the Company is uniquely position to capitalize on this trend with our proprietary products and leading market position.

During the third quarter we posted solid year-over-year revenue growth all while continuing to deliver sustained and growing cash flows, enabling us to fund our future growth. We also had a very strong quarter from an expense management perspective, as we intensified our focus on those measures that would allow us to increase productivity and expand margins. It is clear that the financial disciplines we put in place are bearing fruit."

About China Dasheng Biotechnology Company

China Dasheng Biotechnology Company, a leading producer and distributor of organic bacteria based additives for crops and livestock feeds through its three subsidiary segments, Gansu Dasheng Biotechnology Company, Hainan Lushen Biology Technology Company and Yangling Elemiss Foods Company, operates within the biological products and fertilizer agents market including organic fertilizers, non-chemical agents, and biological agents based additives. The major product line of AM/HM biological bacterial crop and live stock feed additive were certified by the China Green Product Development Center as a "Grade A Green Food Raw Material." To learn more about the Company visit .

Safe Harbor Statement

The statements contained herein that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, our statements regarding the potential growth of the markets are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including but not limited to, general economic conditions and regulatory developments, not within our control. The factors discussed herein and expressed from time to time in our filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed or implied by such statements. The forward-looking statements are made only as of the date of this filing, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

    For More information, please contact:

    China Dasheng Biotechnology Company
     James Gao, Vice President, Investor Relations
     Tel:   +1-908-938-2025


                               (in US DOLLARS)

                                                 31-Mar-09    30-Jun-08
    Current assets:
       Cash & cash equivalents                 $ 10,413,273 $  1,561,403
       Accounts receivable, net of allowance
        for doubtful accounts of $22,794 and
        $16,303, respectively                     3,670,524    3,244,476
       Inventory                                    476,832      561,883
       Advances to suppliers                         20,886    1,486,379
       Due from related parties                      94,093    1,580,820
       Prepayments and other current assets          89,073       35,675

             Total current assets                14,764,681    8,470,636

    Investment in Real Estate Ventures            5,401,954    6,483,437

    Property, plant and equipment, net of
     accumulated depreciation                     2,859,290    1,618,829

    Other Assets
       Land use right, net of accumulated
        amortization                              1,453,481    1,531,555
       Notes receivable                           1,066,449      998,502
       Long-term prepayments                        818,882    1,150,082

             Total other assets                   3,338,812    3,680,139

               Total Assets                    $ 26,364,737 $ 20,253,041

    Current liabilities:
         Accounts payable                       $ 1,425,217     $ 725,680
         Accrued expenses and other payables        784,142       809,463
         Payable to related parties                  18,134            --

             Total current liabilities            2,227,493     1,535,143

    Long-term payable - land use right            1,464,575     1,459,137

    Minority Interest                             3,447,892     2,282,109

    Stockholders' Equity:
         Preferred stock, $0.001 par value,
          1,000,000 shares authorized, - 0 -
          shares issued and outstanding at
          March 31,2009 and June 30, 2008                --            --
         Common stock, $0.001 par value,
          74,000,000 and 74,000,000 shares
          authorized, 30,000,000 and 30,000,000
          shares issued and outstanding at
          March 31, 2009 and June 30, 2008,
          respectively                               30,000        30,000
         Additional paid-in-capital               3,846,035     3,846,035
         Statutory surplus reserve and common
          welfare fund                            2,643,339     1,837,187
         Retained earnings                       11,568,237     8,009,800
         Accumulated other comprehensive income   1,137,166     1,253,630

             Total stockholders' equity          19,224,777    14,976,652

               Total Liabilities and
                Stockholders' Equity           $ 26,364,737  $ 20,253,041


                ENDED MARCH 31, 2009 and 2008 (in US DOLLARS)

                               For the nine months  For the three months ended
                                  ended March 31,              March 31,
                                 2009         2008         2009        2008
    Net Sales              $16,076,862   $ 11,421,215  $ 5,308,553 $ 3,706,091
    Cost of Sales           (8,270,673)    (6,135,328)  (2,665,814) (1,945,490)
    Gross profit             7,806,189      5,285,887    2,642,739   1,760,601
    Operating Expenses:
     Selling expenses          966,504        603,492      316,595     202,689
     General and
     administration expense  1,583,324      1,388,148      758,157     904,209
    Total operating expenses 2,549,828      1,991,640    1,074,752   1,106,898
    Income from Operations   5,256,361      3,294,247    1,567,987     653,703
    Other Income and
     Interest income
     (expenses)                 83,245        (31,837)      29,653      (3,194)
     Other income                2,925             --           --          --
     Other expenses             (4,363)       (58,468)         646      (1,319)
    Total other income and
     (expense)                  81,807        (90,305)      30,299      (4,513)
    Income before income
     taxes and minority
     interest                5,338,168      3,203,942    1,598,286     649,190
    Minority Interest         (973,579)      (607,097)    (293,613)   (215,623)
    Net income             $ 4,364,589    $ 2,596,845  $ 1,304,673     433,567
    Other Comprehensive
       Foreign currency
        adjustment            (116,464)     1,070,681       31,683     542,545
    Comprehensive income   $ 4,248,125    $ 3,667,526  $ 1,336,356 $   976,112
    Basic and Diluted
     Income per common
       Basic               $      0.15    $      0.09  $      0.04 $      0.01
       Diluted             $      0.15    $      0.09  $      0.04 $      0.01
    Weighted average common
     share outstanding
       Basic                30,000,000     30,000,000   30,000,000  30,000,000
       Diluted              30,000,000     30,000,000   30,000,000  30,000,000



                   MARCH 31, 2009 AND 2008 (in US DOLLARS)

                                          For the nine months ended March 31,
                                                  2009              2008

    Cash Flows From Operating Activities:
       Net income                        $      4,364,589   $     2,596,845
       Adjustments to reconcile net
       income to net cash provided by
       operating activities:
                   Minority interest
                    in net income of
                    subsidiaries                  973,579           607,097
                   Bad debt expense                 6,424                --
                   Depreciation expense           236,961           236,690
                   Amortization expense           170,027           110,544
                   Loss on disposal of
                    fixed asset                     4,922                --

    Changes in operating assets and
                   Accounts receivable           (420,370)         (512,552)
                   Inventory                      (83,626)          196,945
                   Advance to suppliers         1,471,038                --
                   Prepayments and other
                    current assets                199,819         1,119,869
                   Accounts payable               867,602          (310,613)
                   Accrued expenses and
                    other current liabilities     (28,342)       (2,010,476)

     Cash provided (used) by operating
      activities                                7,762,623         2,034,349

    Cash Flows From Investing Activities:
                     Purchases of
                      property, plant and
                      equipment                (1,488,893)          (28,405)
                     Notes Receivables            (64,221)               --
                     Cash dividends
                      received from real
                      estate investments        1,105,676                --

      Cash used in investing activities          (447,438)          (28,405)

    Cash Flows From Financing Activities:
                   Repayment of long-term
                    debt                               --        (1,197,946)
                   Amounts received from
                    related parties             1,510,758           938,601

     Cash provided by financing
      activities                                1,510,758          (259,345)

    Effect of currency exchange rate on
     cash and cash equivalents                     25,927           277,319

    Increase in cash and cash equivalents       8,851,870         2,023,918

    Cash and Cash Equivalents - Beginning
     of the year                                1,561,403         1,316,569

    Cash and Cash Equivalents - Ending
     of the year                         $     10,413,273   $     3,340,487

    Supplemental disclosures of cash flow
                   Interest paid         $         41,760   $            --
                   Income Taxes paid                   --                --

SOURCE China Dasheng Biotechnology Company
Copyright©2009 PR Newswire.
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