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

products which cellulose ethers are used in their manufacturing. A second contributor to revenues for the first six months of 2010 were the Company's sales to new customers resulting from a price promotion in the first and second quarter of the year. For the first six months of 2010, the Company added 468 customers to its network resulting from these sales promotions.

Gross profit in the first half of fiscal year 2010 was $6.3 million, an amount similar with that derived in the prior year's corresponding period. The gross profit margin decreased by 8.0% for the six months ended June 30, 2010, from 37.2% to 29.2%, compared to the same period of fiscal 2009. The decrease in gross margins is a result of the increase in price for cotton and chloromethane, the Company's two main raw materials and its price promotion to secure new customers. As pricing regulates in market and China Ruitai gradually passes along price increases, the Company anticipates gross margins will remain at approximately 30% in the second half of the year.

Selling, general and administrative expenses in the first half of fiscal year 2010 were $1.4 million, compared to $2.2 million in the prior year's corresponding period, a 37.8% decrease year over year. The decrease in SG&A costs was attributed to the collection of certain supplier advances and a reduction of bad debt reserves as a percentage of the Company's accounts receivables.

Operating income in the first half of 2010 was $4.9 million, with operating margin of 22.7%, a 22.0% increase from $4.0 million in the prior year's period.

Net income for the first half of fiscal year 2010 was $3.4 million, compared to $2.6 million in the prior year's corresponding period, a 29.7% increase year over year. Earnings per weighted average diluted share increased 30% in the six-month period to $0.13 based on 26.0 million basic and diluted shares outstanding.

Financial Condition

As of June 30, 2010, the Compa
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SOURCE China Ruitai International Holdings Co., Ltd.
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