American Dairy Reports Q3 Net Income Increase of 66%.HEILONGJIANG PROVINCE, China -- Sixth graph, first sentence of release should read: Sales revenues increased by $2,388,534 or 36% quarter-on-quarter to $9,020,248 for the quarter ended September 30, 2004, compared to the corresponding quarter in 2003 of $6,631,714. (sted 51%) Bullet 2, first sentence should read: 39% quarter-on-quarter increase in gross profit. (sted 39% quarter-on-quarter increase in gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. .) Bullet 3 should read: Distribution expenses increased by $700,217 or 34% quarter-on-quarter to $2,765,710 for the quarter ended September 30, 2004 compared to $2,065,493 for the corresponding quarter in 2003. Variance in selling expenses was principally attributable to the increases in advertising, salaries, supermarket consignment The delivery of goods to a carrier to be shipped to a designated person for sale. A Bailment of goods for sale. A consignment is an arrangement resulting from a contract in which one person, the consignor, either ships or entrusts goods to another, the fees, and transportation costs. (sted 49% quarter-on-quarter increase in distribution expenses to $2,100,427. Variance in selling expenses was principally attributable to the increases in advertisements, salaries and allowances, and supermarket display and consignment.) The corrected release reads: AMERICAN DAIRY REPORTS Q3 NET INCOME INCREASE OF 66% American Dairy, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ADIY), one of the leading producers and distributors of milk powder and soybean soybean, soya bean, or soy pea, leguminous plant (Glycine max, G. soja, or Soja max) of the family Leguminosae (pulse family), native to tropical and warm temperate regions of Asia, where it has been products in China, today announces that it has filed its Form 10-QSB with the SEC. Net income increased by $496,283 or 66% to $1,244,586 for the quarter ended September 30, 2004, compared to the same corresponding quarter in 2003 of $748,303. Components of sales and expenses resulting in this increase in net income are attributed primarily to the following factors: -- 1. 36% quarter-on-quarter increase in sales revenues. -- 2. 39% quarter-on-quarter increase in gross profit. Gross profit margin improved to 47% for the quarter ended September 30, 2004, compared to 46% for the same corresponding quarter in 2003. -- 3. Distribution expenses increased by $700,217 or 34% quarter-on-quarter to $2,765,710 for the quarter ended September 30, 2004 compared to $2,065,493 for the corresponding quarter in 2003. Variance in selling expenses was principally attributable to the increases in advertising, salaries, supermarket consignment fees, and transportation costs. Sales revenues increased by $2,388,534 or 36% quarter-on-quarter to $9,020,248 for the quarter ended September 30, 2004, compared to the corresponding quarter in 2003 of $6,631,714. "Increased awareness of the nutritional benefits of drinking milk products, assisted by the government and dairy product manufacturer's promotions and an increase in consumer purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. , are reasons for the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. variance in sales revenues for the third quarter," said Leng You-Bin, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of American Dairy, Inc. "Our extensive sales network enhances the distribution of Feihe Dairy's products to different provinces. It not only enhanced the popularity of 'Feihe' products and trademark, but also the expansion of Feihe Dairy group's distribution network, which allowed Feihe Dairy group to widen and expand the geographic scope of the sales network and increase sales volume in existing markets," explained Leng. "Recent scandals of some unscrupulous small dairy producers of producing tainted taint v. taint·ed, taint·ing, taints v.tr. 1. To affect with or as if with a disease. 2. To affect with decay or putrefaction; spoil. See Synonyms at contaminate. 3. milk, low milk contents and substandard substandard, adj below an acceptable level of performance. production have enabled Feihe Dairy to increase its market share," explained CEO Leng You-Bin. "As a matter of fact, in May 2004, 'Feihe' was recognized by the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China's Quality Control Council as one of the PRC's Top 30 high quality milk powder manufacturers." Certain of the statements made herein constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors, including the risks associated with the effect of changing economic conditions at home and abroad, variations in cash flow, reliance on collaborative retail partners, and on new product development, variations in new product and service development, risks associated with rapid technological change, and potential of introduced or undetected flaws and defects in products and services and other risk factors detailed in forms filed with the Securities and Exchange Commission from time to time. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion