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China Kangtai Cactus Biotech Q2 Revenue Up 30% to Record $6.5M; Net Income Up 37% to $1.4M, EPS $0.07
Date:8/13/2009

HARBIN, China, Aug. 13 /PRNewswire-Asia-FirstCall/ -- China Kangtai Cactus Biotech Inc. (OTC Bulletin Board: CKGT), 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 of 2009 increased 30% to $6.5 million from $5.0 million in the second quarter of 2008. Diluted earnings per share for the quarter was $0.07 based on a net income of $1.4 million, compared to a net income of $1.0 million or $0.06 diluted EPS last year.

    Second Quarter Highlights

    -- Second quarter revenue increased 30% to $6.5 million from $5.0 million
       in Q2 2008
    -- On a sequential basis, Q2 revenue increased 96% from $3.3 million in Q1
       2009
    -- Cash and cash equivalents totaled $2.8 million, an increase of 19% from
       $2.3 million as of March 31, 2009
    -- Gross profit increased 80% to $2.7 million from $1.5 million in Q2 2008
    -- Sequentially, gross profit increased 121% from 1.2 million in Q1, 2009
    -- Gross margins were 42%, up from 30% reported in Q2 2008 and 37% in Q1
       2009
    -- Net income increased 37% to $1.4 million from $1.0 million in Q2 2008
    -- Sequentially, net income experienced a 105% increase from $694,000 in
       Q1 2009

For the first six months of 2009, revenue was $9.8 million, an increase of 27% from $7.8 million for the comparable period last year. Net income for the first six months of 2009 was up 29% at $2.1 million, compared to $1.6 million for the first six months of 2008.

China Kangtai CEO Jinjiang Wang said, "The pace of our revenue growth accelerated in the second quarter with a year-over-year increase of 30% and a sequential increase of 96%. This was primarily driven by growing acceptance of our cactus-derived products. The increase in consumer consumption, led by Kangtai's expanding brand awareness, indicates a bright
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SOURCE China Kangtai Cactus Biotech Inc.
Copyright©2009 PR Newswire.
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