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

er overall operating expenses. With strong free cash-flow generation and a healthy sales growth record, we successfully redeemed our only interest-bearing convertible debt and substantially reduced total share counts as well as enhanced our long-term shareholders' value," Mr. Song added.

Third Quarter FY2011 Financial Results Net sales in the third quarter of fiscal year 2011 increased by 38.9% to a quarterly record of $32.4 million from $23.3 million in the third quarter of fiscal year 2010. The increase was primarily due to the increased sales volume in the bulk additive and culture products, which accounted for 44.5% of total quarterly net sales. Bulk net sales increased to $14.7 million from $5.9 million in the same quarter last year. Retail net sales increased by 4.0% to $18.1 million from $17.4 million in the previous year. As of December 31, 2010, the Company maintained a total of 15 retail outlets in operation with a plan to close more outlets in the future. In light of the ongoing wage hikes and rise in rents, the Company continues to shift the sales channel for its retail products from outlets to established distributors. Management will focus on direct sales of the Company's bulk additive and culture products to institutional customers.  

Gross profit increased 28.3% to $21.2 million from $16.5 million in the same period of fiscal year 2010. Gross margin was 65.4% compared with 70.9% in the same period of fiscal year 2010, and up from 64.8% in the second quarter of fiscal year 2011, respectively. The year-over-year decrease in blended gross margin reflects the continuing product mix change as lower-margined bulk additive and culture products account for a larger portion of total sales.

General and administrative (G&A) expenses amounted to $3.2 million, compared with $1.5 million in the previous year's third fiscal quarter. The increase of general and administrative expenses was primarily due to an increase in legal and pr
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SOURCE China-Biotics, Inc.
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