China Organic Agriculture Announces First Quarter 2009 Financial Results.Company Reports $36.7 Million Revenue, $3.9 Million Net Income and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.05 for Q1 2009 LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. & LIAONING, China -- China Organic Agriculture, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CNOA CNOA California Narcotics Officers Association ), a diversified food products company capitalizing on China's consumer revolution, announces the availability of its first quarter 2009 financial results. China Organic's Form 10-Q Form 10-Q See 10-Q. was filed on May 26, 2009. Although this report was filed after the requested 5-day extension deadline, FINRA FINRA Financial Industry Regulatory Authority (formerly Securities Industry Regulatory Authority) removed the "E" that had been appended to its symbol since CNOA filed its 10-Q within the 30-day grace period. Due to the fact that China Organic's ErMaPao subsidiary was sold in 2008, standard accounting procedures dictate that many figures for 2008 have been subsequently adjusted and consolidated to discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Consequently, comparisons to year 2008 for many numbers may not be practical. Revenue for continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the in the first quarter 2009 was $36.7 million compared with revenue of zero for continuing operations in the comparable period of 2008. Net income for the first quarter 2009 was $3.9 million representing a three-fold increase compared to $1.0 million for the first quarter of 2008. Lastly, earnings per share increased to $0.05 per diluted share compared to $0.02 per diluted share for the comparable period of 2008. "China Organic is pleased to deliver the results for the first quarter of 2009," said Jinsong Li, Chief Executive Officer. "With our Company's continual adjustments to operational strategy and enhanced focus on agricultural trading, China Organic has posted strong gains in the first quarter for revenue, net income, and EPS. We apologize to our shareholders for the 10-Q taking longer than expected, however, since we filed within the 30 day grace period we were able to successfully revert our ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors to CNOA." Select consolidated figures are presented below. For full figures, please reference China Organic's Form 10-Q filing (click here), located on the SEC's website:www.sec.gov About China Organic Agriculture China Organic Agriculture is a diversified food products company capitalizing on China's increasing domestic demand for premium products. The Company sells to a limited number of distributors in China, which it will seek to leverage for increased market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" in agricultural, food and related premium products. For more information, please visit: www.chinaorganicagriculture.com. FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning future acquisitions, estimates of, and increases in, production, cash flows and values, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the continued advancement of China Organic Agriculture's products and other statements which are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," and similar expressions denote forward-looking statements. Although China Organic Agriculture Inc. believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include, but are not limited to, those set forth in our reports filed with the Securities and Exchange Commission, together with the risks discussed in our press releases and other communications to shareholders issued by us from time to time, such as our ability to raise capital as and when required, the availability of raw products and other supplies, competition, the costs of goods, government regulations, and political and economic factors in the People's Republic of China in which our subsidiaries operate. [TABLE OMITTED] NOTE: The above numbers may not total due to rounding. [TABLE OMITTED] NOTE: The above numbers may not total due to rounding. [TABLE OMITTED] NOTE: The above numbers may not total due to rounding. |
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