RESTON, Va., May 18 /PRNewswire-Asia-FirstCall/ -- Emerald Dairy, Inc. (OTC Bulletin Board: EMDY), a leading producer and distributor of infant and children's formula, milk powder and soybean products in China, today announced results for the first fiscal quarter ended March 31, 2009.
Financial Highlights for the First Quarter -- Net Income increased to a record quarterly $1.55 million from essentially breakeven in the year-ago period; -- Gross Profit for the quarter jumped 13.2%, rising to $5,007,877 from $4,423,225 in Q1 2008; -- Gross Profit Margins expanded to 46.1% from 42.4% in the year-ago period; -- Earnings Per Share grew to a record $0.05 from $0.00 in the year-ago period; -- Sales increased 4% to a record quarter of nearly $10.9 Million; -- Total average selling prices increased 11.5% from the year-ago period.
Net Income in the first quarter of 2009 dramatically improved to $1,552,706 from a nascent $2,818 in Q1 2008, reflecting normalized earning power without the impact of one time charges, raising earnings per share to $0.05 from $0.00 in the first quarter of 2008.
Record Gross Profit for the quarter of 2009 jumped 13.2% year-over-year, rising to $5,007,877 (46.1% of sales) from $4,423,225 (42.4% of sales). Contributing to the improvement was the company's lead product, milk powder, whose gross margins rose to 50.0% from 48.6% in the year-ago period.
Total revenues for the first quarter of 2009 rose to $10,856,552 from $10,434,459 for the first quarter of 2008 as the Company kept its production facilities operating 24X7 at maximum capacity. The average selling price per metric ton rose to $5,170 from $4,638 in the first quarter of 2009 versus the first quarter of 2008, an increase of 11.5%.
Cash and cash equivalents increased in the quarter of 2009 by a
substantial 11%, or $810,804, to $8,
|SOURCE Emerald Dairy Inc.|
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