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Bodisen Biotech Announces Record Second Quarter Earnings of $0.17 per Share, 99% Increase in Revenue and 48% Increase in Net Income; Bodisen Provides Earnings Guidance for 2005.


NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 -- Bodisen Biotech bi·o·tech  
n. Informal
Biotechnology.


biotech
Noun

short for biotechnology

Noun 1.
, Inc. (OTCBB OTCBB

See OTC Bulletin Board (OTCBB).
: BBOI, website: www.bodisen.com) announced financial results for its second quarter ending June 30, 2005. The following are some of the highlights as reflected in its filing with the SEC:

Selected Second Quarter 2005 Results Compared to the Same Period in 2004

--Revenue of $8,416,805, an increase of 99%

--Net income of $2,692,014, an increase of 48%

--Gross profit of $3,255,664, an increase of 64%

--Basic earnings per share of $0.18 (fully diluted:$0.17), an increase of 50% for basic earnings per share and 42% for fully diluted

Selected First Half 2005 Results Compared to the Same Period in 2004

--Revenue of $13,118,480, an increase of 104%

--Net income of $3,488,746, an increase of 55%

--Gross profit increased 72% compared to the six month period ended June 30, 2004

--Basic earnings per share of $0.23 (fully diluted: $0.22), an increase of 53% for basic earnings per share and 47% for fully diluted

REVENUE

Bodisen generated net revenue of $8,416,805 for the three month period ending June 30, 2005, an increase of $4,186,600, or 99%, compared to $4,230,205 for the same period in 2004. For the six months ended June 30, 2005, the company reported net revenues of $13,118,480 an increase of $6,702,186 or 104% compared to $6,416,294 for the comparable period in 2004. The increase in revenue was primarily attributable to the completion of a new manufacturing facility which had a major impact on manufacturing capacity, and a renewed focus on marketing efforts as the company entered new territories, resulting in increases in the customer base and related volume of recurring re·cur  
intr.v. re·curred, re·cur·ring, re·curs
1. To happen, come up, or show up again or repeatedly.

2. To return to one's attention or memory.

3. To return in thought or discourse.
 and new customer sales.

NET INCOME

Bodisen reported net income of $2,692,014 for the three month period ended June 30, 2005, an increase of $867,999, or 48% from $1,824,015. For the six months ended June 30, 2005, Bodisen reported net income of $3,488,746 an increase of $1,243,756 or 55% compared to $2,244,990 for the comparable period in 2004. The increase was attributable to the growth in demand for the Company's products as they entered new markets throughout China.

EARNINGS GUIDANCE FOR YEAR 2005

Bodisen affirmed fiscal 2005 (December yearend) guidance for earnings of approximately $8 million (including 1Q05 one time financing related charge), or approximately 50 cents per share Cents per share

The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned.
, on revenue of approximately $28 million. Guidance does not include positive impact from increased sales channels and further expansion of manufacturing capacities, as a result of the Company's planned dual listing before yearend on the AIM market of the London Stock Exchange London Stock Exchange

London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses.
 raising up to 10 million British Pound (US$18 million) through placement of new shares (Broker: UK investment bank Charles Stanley There have been several people called Charles Stanley:
  • Charles H. Stanley, comptroller of Maryland
  • Charles Stanley, 8th Earl of Derby (1628 – 1672)
  • Charles Stanley (chess player) (1819 - 1901), US chess player
; Reporting accountant: Deloitte & Touche).

MANAGEMENT COMMENTS

Ms. Qiong Wang, Chairman and 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 Bodisen commented: "We are pleased that our second quarter results have exceeded our expectations. Our new production facility has allowed us to meet strong demand for our environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1]  organic fertilizer products. The rapidly growing Chinese economy has lifted the standard of living for 1.3 billion Chinese, including 900 million farmers. Chinese consumers are very conscious of food quality. Many Chinese only use foods and vegetables that are grown with organic fertilizers although such foods are slightly higher priced. In order to increase their household income, farmers across China demand fertilizers that not only generate higher crop yields, but also are organic and environmentally friendly. The year of 2005 should be another banner year of strong earnings growth for Bodisen."

Ms. Wang continued her comment: "During the second half of 2005, in addition to our continued focus on core business, Bodisen's management is committed to increasing shareholder awareness. We look forward to presenting Bodisen to US and European fund managers through road shows in the fall."

About Bodisen Biotech, Inc.

Utilizing proprietary technologies, Bodisen sells over 60 packaged products in 3 product categories: Organic Compound Fertilizer; Organic Liquid Fertilizer; and Pesticides & Insecticides insecticides, chemical, biological, or other agents used to destroy insect pests; the term commonly refers to chemical agents only. Chemical Insecticides
. Bodisen's organic fertilizers can be absorbed by plants within 48 hours while enriching soil conditions without the damaging effects associated with chemical fertilizers.

Bodisen is headquartered in Shaanxi, China, an agricultural hub of China and the economic gateway to the western regions of China. The Bodisen brand is a highly recognized fertilizer brand in China. Its environmentally friendly "green" products support the mandate of the Chinese government Ever since Republic of China founded in January 1st, 1912, China has had several regional and national governments. List
  • Chinese Soviet Republic
  • Provisional Government of the Republic of China
  • Reformed Government of the Republic of China
 to increase crop yields for the purpose of decreasing China's dependency on food imports. Among China's population of 1.3 billion, approximately 900 million Chinese are farmers whose income depend on their crop yields.

Safe Harbor Safe Harbor

1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.

2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive.
 Statement

This press release may contain 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.
 within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and  of 1995. These statements are based on the current expectations or beliefs of Bodisen Biotech, Inc. management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
COPYRIGHT 2005 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Aug 23, 2005
Words:851
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