Nine Month Financial Results Net sales for the first nine months of the 2011 fiscal year were $80.9 million, up 44.9% from $55.9 million in the same period of the prior year. Gross profit was $53.6 million, or 66.2% of sales, up 35.3% from the gross profit of $39.6 million, or 70.9% of sales, in the first nine months of fiscal year 2010. Operating income was $34.0 million, or 42.1% of sales, an increase of 38.8% from $24.5 million, or 43.9% of sales, in the same period of the prior year. Adjusted net income was $28.2 million for the first nine months of fiscal 2011, up from $19.0 million during the same period last year. Including a non-cash change in the fair value of convertible notes, GAAP net income for the first nine months of fiscal 2011 was $43.6 million, compared to $12.8 million in the same period of fiscal 2010. Non-GAAP earnings per share were approximately $1.19 up from approximately $0.94 in the same period of fiscal year 2010.
The Company plans to file its 10Q with U.S. Securities and Exchange Commission on or before February 14.
Recent DevelopmentsAs of December 31, 2010, China-Biotics had a total number of 51 bulk customers, including 22 additives customers in animal feed, functional foods and pharmaceuticals, as well as 29 customers in dairy cultures. The Qingpu facility produced approximately 20 metric tons of bulk probiotic products during the third quarter of fiscal year 2011. The Company has met previously announced target of annual production utilization run-rate.
As of December 31, 2010, China-Biotics had a total number of 34 retail distributors, including the 4 recently contracted distributors in the Pan-Beijing area selling the Company's retail products in malls, supermarkets, and functional food stores. The Company has also started selling its retail products on the online shopping platform Rokuten.
On December 9, 2010, the Compa
|SOURCE China-Biotics, Inc.|
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