NANPING, China, Jan. 22, 2021 /PRNewswire/ -- Happiness Biotech
Group Limited (the "Company" or Nasdaq: HAPP), an innovative
China-based nutraceutical and
dietary supplements producer, today announced its unaudited
financial results for the six months ended September 30, 2020 and provided the guidance for
the whole fiscal year ending March 31,
2021.
Financial Highlights for the six months ended September 30, 2020:
- Revenues decreased by $9.48
million or 30.2%, to $21.88
million for the six months ended September 30, 2020 from $31.36 million for the six months ended
September 30, 2019, mainly due to the
declining retail market affected by the COVID-19.
- Operating income was $3.69
million for the six months ended September 30, 2020, a decrease of $6.13million, or 62.4% from the prior year
period, primarily due to decrease in revenue as a result of
sluggish retail market.
- The Company reported $3.18
million of net income attributable to the shareholders, in
the six months ended September 30,
2020, compared to net income attributable to the
shareholders of $8.42 million in
the comparative period.
"The first six months in fiscal year 2020 have been very tough
for us as the COVID-19 has hit the whole retail market hardly.
The number of tourists dropped dramatically and materially affected
our experience stores. In response to the epidemic, we have taken a
series of measures, including reducing cost and expenses,
increasing subsidies and support for the stores and other
sales channels, etc. With the efforts of our team, we
successfully maintained a profit for the first
half year." Mr. Xuezhu
Wang, CEO of the Company, continued, "We officially launched
our e-commerce business in September
2020, and achieved very good results. We expect that we will
still achieve growth for the whole fiscal year 2020 ending
March 31, 2021, with our sales
expected to hit a record high of $70
million, realizing about 10% of annual growth."
Further information on the Company's financial results for the
six months ended September 30, 2020,
including the management's discussion and analysis of financial
condition and results of operations, can be found by visiting EDGAR
on the SEC website at www.sec.gov, as well as the Investor
Relations page of the Company's website at www.happ.org.cn.
About Happiness Biotech Group Limited
Headquartered in Nanping, China, Happiness Biotech Group Limited is an
innovative China-based
nutraceutical and dietary supplements producer focused on the
research, development, manufacturing and marketing of a variety of
products made from Chinese herbal extracts and other ingredients.
The Company's goal is to provide high-quality products to our
consumers. Over the past 14 years, the Company has established a
product portfolio consisting of 32 PRC National Medical Products
Administration registered "Blue-Cap" SKUs of nutraceutical and
dietary supplements products. For more information, please
visit: www.happ.org.cn.
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the
Company's future business development; product and service demand
and acceptance; changes in technology; economic conditions;
reputation and brand; the impact of competition and pricing;
government regulations; fluctuations in general economic and
business conditions in China, the
COVID-19 outbreak and its impact on our operations and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by the Company with the Securities and
Exchange Commission. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the U.S.
Securities and Exchange Commission, which are available for review
at www.sec.gov. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect events or
circumstances that arise after the date hereof.
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SOURCE Happiness Biotech Group Limited