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Article Excerpt
Company Reports $30.0 Million Revenue, $2.5 Million Net Income and EPS of
$0.03 for Q2 2009
SHENZHEN, China, Aug. 17 /PRNewswire-Asia-FirstCall/ -- China Organic Agriculture, Inc. (BULLETIN BOARD: CNOA) ("China Organic Agriculture" or the "Company"), a global diversified food products company engaged in the trading and distribution of agricultural products headquartered in the Liaoning province in China, today announced its financial results for the three and six months ended June 30, 2009.
Financial Highlights of the Second Quarter -- Sales revenue was $30.0 million, a year-over-year increase of over 800%. -- Gross profit was $6.9 million, a year-over-year increase of 650%. -- Net income allocable to CNOA shareholders was $2.5 million, or $0.03 per diluted share, compared to a net loss of $121,000 recorded in the second quarter of 2008. -- Cash on hand totaled $9.0 million as of June 30, 2009. -- Selling, general and administrative expense decreased 16% compared to a year ago.
Revenue for the second quarter 2009 reached $30.0 million, a substantial increase compared to $3.3 million for the same period last year. The increase in sales was attributable to the sales volume of Dalian Huiming, in which the Company acquired a 60% ownership interest in October, 2008 for a purchase price of $10.6 million. Dalian Huiming is mainly involved in trading and distribution of agriculture products, primarily rice and soybeans throughout China.
Net income allocable to CNOA shareholders was $2.5 million for the second quarter of 2009,...
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