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China Ruitai International Holdings Co., Ltd. Reports Financial Results for the Second Quarter 2010
Date:8/17/2010

nd quarter of 2009. This increase was due to increased transportation costs and increased sales commissions associated with increased sales.

General and administrative ("G&A") expenses totaled $0.2 million for the three-month period ended June 30, 2010 compared to $0.7 million for the same year ago period, a decrease of approximately 68.5%. The decrease in G&A for the quarter was attributed by the Company collecting on advances to ginned cotton suppliers and the reduction of its bad debt reserve. Specifically, the Company revised its allowance of bad debt reserves according to payment cycles and successful collection processes.

For the three-month period ended June 30, 2010, income from operations increased 20.4% to $2.2 million from the year ago period and operating margins were 19.7% for the quarter. Operating income increased as a result of decreased operating expenses and increased sales. Operating income also accounts for rental income of $0.3 million from the Company's commercial property in Beijing. China Ruitai owns a commercial building in Beijing which is leased to a hotel management company. For the three-month period ended June 30, 2010, the Company recorded approximately $0.3 million, which, after depreciation costs, provided the Company $0.1 million in other income for the quarter.

Net income for the quarter was $1.4 million, an increase of approximately 19.2% over the year ago period. Earnings per share for the quarter ended June 30, 2010 increased 19.3% to 5.4 cents versus 4.6 cents in the same period 2009, based on 26.0 million basic and diluted shares outstanding.

Six Months Results

Total revenue for the first six months of fiscal 2010 was $21.4 million, up 28.2% from $16.7 million in the prior year's period. Revenues were driven by the increased demand from domestic and international markets in cellulose ether and the consumer and industrial
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SOURCE China Ruitai International Holdings Co., Ltd.
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