N🟁N

Asia Bio-Chem Group Corp. Announces Second Quarter 2010 Financial Results and Changtu Plant Upgrade

  //house-home.news-articles.net/content/2010/08/1 .. financial-results-and-changtu-plant-upgrade.html
  Published in House and Home on Friday, August 13th 2010 at 10:25 GMT by Market Wire
          ^{🞛 This publication is a summary or evaluation of another publication}

 Highlights - During the Second quarter of 2010 the Company achieved 144% increase in revenues to $56.9 million and a 170% increase in gross profit to $9.6 million compared with the corresponding period of 2009. - The average production capacity at the Daqing plant during the second quarter was 79% bringing the Company's combined capacity utilization to 84% during the quarter. - The addition of the Daqing plant coupled with continued improvement in product pricing contributed to a 279% increase in EBITDA before stock based compensation during the second quarter of 2010 compared with the same period in 2009. Net income increased $4.0 million in the second quarter of 2010 to $4.5 million compared with the same period in 2009. - As at June 30, 2010, the Company had $7.3 million in cash and $52.4 million in government and bank debt. - The Company also announces that commencing in August it will begin the first phase of work on the Changtu Bio Chemical Industrial Park project in cooperation with the Changtu county government. The initial phase of this project will involve the upgrade and relocation of the Changtu facility to improve efficiencies and accommodate new customer requirements. 

 SUMMARY FINANCIAL STATEMENTS in thousands of Canadian dollars except per share and percentage data Three Months Ended ---------------------------------- June 30, June 30, 2010 2009 % Change ----------- ---------------------- Sales 56,883 23,299 144.1% Gross profit 9,595 3,558 169.6% Gross margin (% of Sales) 16.9% 15.3% Operating expenses 4,272 2,957 44.5% Income from operations 5,323 601 785.7% Other income (expense) (749) (107) Income taxes 115 65 Net income 4,459 430 937.0% EBITDA 7,003 1,088 543.7% EBITDA before stock-based compensation 7,608 2,007 279.1% Earnings per share Basic 0.06 0.01 Diluted 0.06 0.01 Weighted average number of shares Basic 76,840,529 76,777,025 Diluted 78,606,454 76,777,025 Balance Sheet Highlights As at As at 6/30/10 12/31/09 Cash 7,299 14,119 Working Capital 7,686 1,685 Total assets 154,930 142,282 Current Ratio 1.15:1 1.04:1 

 Dial in number: 1-888-231-8191 or 647-427-7450 Conference ID and Replay passes code: 92366763 Taped Replay: 1-800.642.1687 or 416.849.0833 (available until August 30th, 2010) 

 THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.