Man Shing Agricultural Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2011
February 07, 2012 at 09:00 am
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Man Shing Agricultural Holdings, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2011. For the quarter, the company reported sales of $8.8 million, operating income of $2.72 million, income from operations before income tax of $2.67 million, net income of $2.67 million or diluted earnings per share of $0.05 compared to sales of $8.15 million, operating income of $2.31 million, income from operations before income tax of $2.25 million, net income of $2.25 million or diluted earnings per share of $0.03 for the same period last year. The increase in revenue during the quarter was attributable to the additional 2.4 million square meters leased and an increase in marketing efforts.
For the six months, the company reported sales of $15.97 million, operating income of $4.82 million, income from operations before income tax of $4.73 million, net income of $4.73 million or diluted earnings per share of $0.10 compared to sales of $15.47 million, operating income of $4.54 million, income from operations before income tax of $4.46 million, net income of $4.46 million or diluted earnings per share of $0.06 for the same period last year. The company generated cash flow from operations of approximately $4.8 million for the period ended December 31, 2011.
Man Shing Agricultural Holdings Inc. (Man Shing) through its operating subsidiary, Weifang Xinsheng Food Co., Ltd. (Xinsheng) is engaged in the production and processing of fresh vegetables, including ginger, and others, such as onion and, garlic. Xinsheng leases 5.3 million square meters of farm land for the planting and growing of ginger in Anqiu of Shandong Province in China. It produces ginger with a focus on customers located in countries, such as Japan and European Union. As of August 20, 2009, the Company entered into a Plan of Exchange (the Agreement) between and among the Company, Hero Capital Profits Limited (Hero), Weifang Xinsheng Food Co., Ltd. (Xinsheng), and the Companyâs majority shareholder. Pursuant to the terms of the Agreement, the Company acquired 100% of Hero. Upon completion of the exchange, Hero and Xinsheng became the Companyâs wholly owned subsidiaries. As of June 30, 2010, the Companyâs product portfolio comprised: fresh vegetables and frozen vegetables.