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Asia Bio-Chem Group Corp. Announces First Quarter 2010 Financial Results

^{Published on 2010-05-13 10:25:13 - Market Wire}
 

 Interim Financial Results Highlights - During the first quarter of 2010 the Company achieved 110% increase in revenues to $40 million and a 179% increase in gross profit to $6.8 million compared with the first quarter of 2009. - The Company's first quarter performance was largely a result of the new Daqing facility which came into commercial production during the quarter. After addressing some logistical issues around access to rail cars in January, production capacity at the Daqing plant increased to 50% in February and 64% in March bringing the Company's combined capacity utilization to 76% in March. - The addition of Daqing coupled with continued improvement in product pricing contributed to a 411% increase in EBITDA before stock based compensation during the first quarter of 2010 compared with the same period in 2009. Net income increased $2.9 million in the first quarter of 2010 to $2.1 million compared with the same period in 2009. - As at March 31, 2010, the Company had $4.6 million in cash and $19.4 million in long-term government and bank debt. - As part of the Company's June 2008 private placement, the Company issued 2 million warrants to the syndicate of underwriters at an exercise price of $1.20. These warrants are now nearing their June expiration date and have begun to be exercised by the underwriters. 

 SUMMARY FINANCIAL STATEMENTS in thousands of Canadian dollars except per share and percentage data Three Months Ended -------------------------------- March 31, 2010 March 31, 2009 ---------------- --------------- Sales 39,933 19,031 Gross profit 6,769 2,423 Gross margin (% of Sales) 17.0% 12.7% Operating expenses 3,524 2,925 Income from operations 3,245 (502) Other income (expense) (888) (179) Income taxes 224 157 Net income 2,133 (837) EBITDA 4,782 (168) EBITDA before stock-based compensation 5,438 1,064 Earnings per share Basic 0.03 (0.01) Diluted 0.03 (0.01) Weighted average number of shares Basic 76,777,025 76,777,025 Diluted 78,837,973 76,777,025 Balance Sheet Highlights As at 3/31/10 As at 12/31/09 Cash 4,580 14,119 Working Capital 4,844 1,685 Total assets 141,060 142,282 Current Ratio 1.11:1 1.04:1 

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