HARBIN, China, Jan. 13 /PRNewswire-Asia-FirstCall/ -- Rodobo International, Inc. (OTC Bulletin Board: RDBO) filed its Annual Report on Form 10-K for its fiscal year ended September 30, 2008 today. Key highlights from the financial results of the fiscal year ended September 30, 2008 include:
-- Revenue increased 72.7% year over year to $22.1 million from $12.8 million in fiscal year 2007. -- Gross profit increased 67.7% year over year to $10.4 million from $6.2 million in fiscal year 2007. -- Net income increased 111.5% year over year to $5.5 million from $2.6 million in fiscal year 2007; comprehensive income increased 129.6% year over year to $6.2 million from $2.7 million in fiscal year 2007.
Mr. Yanbin Wang, Chief Executive Officer of Rodobo International, stated, "We are happy to report strong 2008 results with our shareholders today. We posted strong top line growth of 72.7% as well as healthy gross profit and net income growth, which indicated our further market penetration and increased popularity of our products among customers. We have not been implicated in the recent melamine contamination problems. We will continue to leverage our superior quality control and further strengthen our market position as consumers seek out quality products in the wake of the recent wide-spread melamine contamination scandal."
Revenue for the fiscal year ended September 30, 2008 was primarily attributable to a 23.0% increase in average selling price and sales volume growth driven by the Company's continuous efforts on developing a distribution network and enhancing the ability to expand the customer base.
Due to increased material costs and labor costs, the cost of goods sold increased by 77.3%, greater than the 72.7% increase in sales. Therefore, the overall gross margin slightly decreased from 48.4% in 2007 to 47.1% in 2008.
Operating expenses for the fiscal year ended September 30, 2008 were $5.1 million, an increase of $1.5 million or 41.7% compared to the fiscal year ended September 30, 2007. However, operating expenses as a percentage of net sales dropped from 28.1% in 2007 to 23.1% in 2008. The increase in operating expenses was mainly due to an increase of $1.0 million in distributor rebates, as a result of sales growth and market expansion.
Net income from the operations was $5.5 million, or $3.80 per basic and diluted share, in the fiscal year ended September 30, 2008, up 111.5% from $2.6 million or $2.69 per basic and diluted share, in the fiscal year ended September 30, 2007. It was mainly attributable to the increase in sales, partially offset by increase in cost of goods sold and operating expenses. Comprehensive income was $6.2 million in the fiscal year ended September 30, 2008, up 129.6% from $2.7 million in the fiscal year ended September 30, 2007.
About Rodobo International, Inc.:
Through its wholly-owned operating subsidiary, Rodobo International, Inc. is a producer and distributor of high-quality formula milk powder products for infants, children, pregnant women, nursing mothers and other adults in the People's Republic of China. The Company's products are sold under brand name "Rodobo".
Safe Harbor Statement
This press release contains forward-looking statements. Whenever we use words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions, we are making forward-looking statements. Forward- looking statements include statements regarding our goals, beliefs, future growth strategies, objectives, plans or current expectations. For example, when we say that we will continue to leverage our superior quality control and further strengthen our market position as consumers seek out quality products in the wake of the recent wide-spread melamine contamination scandal, we are using a forward looking statement. These forward-looking statements are based on the current expectations of the management of Rodobo only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: failure to obtain required regulatory approvals; risks associated with the effect of changing economic conditions in The People's Republic of China; variations in cash flow; reliance on collaborative partners and on new product development; variations in new product development; risks associated with rapid technological change and the potential of introduced or undetected flaws and defects in products; changes in technology and market requirements; loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of Rodobo to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Rodobo undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risk and uncertainties affecting Rodobo, reference is made to Rodobo's reports filed from time to time with the Securities and Exchange Commission.
For more information, please contact: Xiuzhen Qiao Tel: +86-451-8226-5922 Email: firstname.lastname@example.org
|SOURCE Rodobo International, Inc.|
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