Net Income up $1,036,024, or 89%, for the nine months ended September 30,
HARBIN, China, Nov. 26 /Xinhua-PRNewswire-FirstCall/ -- China Kangtai Cactus Bio-tech Inc. (OTC Bulletin Board: CKGT), a vertically integrated grower, developer, manufacturer and marketer of a variety of cactus-based consumer products, filed its quarterly report on SEC Form 10QSB on November 19, 2007 and reported unaudited results for the period ended September 30, 2007. All results reported are in U.S. dollars.
For the three months ended September 30, 2007 net sales increased $1,145,545, or 41%, from $2,809,927 in 2006 to $3,955,472 in 2007. Net income for the September 30, 2007 quarter was $783,508, slightly lower than expected due to an increase in "provision for returns and doubtful accounts" of $188,348 and "income tax expense" of $109,073. Excluding these factors, net income would have increased more than 22%.
For the nine months ended September 30, 2007, net sales increased $2,694,828, or 37%, from $7,350,067 in 2006 to $10,044,895 in 2007. Net income for the same nine-month period increased $1,036,024, or 89% from $1,158,017, or $0.07 per share, in 2006 to $2,194,041, or $0.12 per share, in 2007.
Jinjiang Wang, Chief Executive Officer of China Kangtai Cactus Bio-tech Inc., commented, "The continued growth in our most recent quarterly results is attributable to a growing demand for our high quality cactus-based consumer products throughout China, as well as our continuing efforts to expand our production and distribution to better meet the market demand. The results demonstrate again that China Kangtai is a constantly profitable and growing company in a lucrative specialty food and beverage sector in China, which has huge growth potentials."
The company recognizes the fact that accounts receivable have increased
to $4,673,504. However, the company believes this is a temporary phenomenon
and is a result of
|SOURCE China Kangtai Cactus Bio-Tech, Inc.|
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