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China-Biotics, Inc. Reports Record Quarterly Net Sales for the Third quarter of Fiscal Year 2011
Date:2/9/2011

SHANGHAI, Feb. 9, 2011 /PRNewswire-Asia-FirstCall/ -- China-Biotics, Inc. (Nasdaq: CHBT) ("China-Biotics" or "the Company"), a leading developer, manufacturer and distributor of probiotics products in China, today reported its unaudited financial results for the third quarter and nine months of its 2011 fiscal year ended December 31, 2010.

Third Quarter FY2011 Highlights

  • Net sales increased 39.0% y-o-y to $32.4 million;
  • Bulk products sales increased 142% y-o-y to $14.3 million;  
  • GAAP net income was $13.3 million, or $0.59 per diluted share;
  • Excluding the non-cash changes in the fair value of convertible notes, non-GAAP net income was $10.4 million, or non-GAAP diluted EPS of $0.47;
  • Cash and cash equivalents were $132.3 million.

  • Mr. Jinan Song, China-Biotics' Chairman and CEO commented, "We are pleased to report a solid third quarter as our successful strategic shift from retail to bulk products continues to show positive results. As dairy producers introduce greater quantities and varieties of value-added products to the market, our core probiotic cultures are gaining greater acceptance due to reliable product safety, good technical service, and competitive pricing. Furthermore, additive probiotics for the animal feed market are also expanding due to tighter government regulations on the overuse of antibiotics."

    "We are also seeing more yogurt producers embracing functional probiotic additives in their products as dairy consumers in major cities are looking for better nutritional benefits. Chinese consumers are increasingly using probiotics due to their rising health consciousness."

    "Our successful transition from business-to-consumer model to business-to-business model enables us to increase operating leverage and low
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    SOURCE China-Biotics, Inc.
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