ONE Bio, Corp. ("ONE" or the "Company") (OTCBB: ONBI), an
innovative company utilizing green process manufacturing to produce
raw chemicals and herbal extracts, natural and health supplements
and organic products, announces unaudited results for the second
quarter and year-to-date (YTD) ended June 30, 2011. Summary of
financial results include the following:
Revenue for the three months ended June 30, 2011 reached
$13,339,367, compared to $12,679,797 for the three months ended
June 30, 2010 (an increase of 5.2%), bringing revenue for the six
months ended June 30, 2011 to $25,419,619 compared to $23,842,304
for the same period last year (an increase of 6.6%). YTD the
Company experienced strong revenue growth from both of its core
operating business units. Company's Chemical and Herbal Extract
division ("CHE") sales increased by 26% while Company's Organic
Products division ("OP") sales increased by 32%. This increase in
sales was partly offset by a decrease in sales in our non-core
third party financing business, which sales decrease was not as a
result of loss of customers but rather an accounting change which
focused the division's revenues towards transaction based fees with
considerably higher gross margins.
Net income for the three months ended June 30, 2011 reached
$2,435,689, compared to $2,349,393 for the three months ended June
30, 2010 (an increase of 3.7%), bringing net income for the six
months ended June 30, 2011, to $4,835,910 compared to $3,986,468
for the same period last year (an increase of 21.3%). Company took
during the three months ended June 30, 2011 a one-time
non-reoccurring expense of $587,000. Removing the effects of this
one-time charge Company's net income for the three months period
ended June 30, 2011 reached $3,022,689, an increase of 28.7% versus
the same period a year ago.
Gross profit for the three months ended June 30, 2011 was
$6,073,223, as compared to $4,931,684 for the three months ended
June 30, 2010, bringing gross profit for the six months period
ended June 30, 2011 to $11,845,069 as compared to $9,039,395 for
the same period a year ago. Gross margin was 45.5% compared to
38.9% for the second quarter of 2011, bringing gross margin to
46.6% for the six months period ended June 30, 2011 as compared to
37.9% for the same period a year ago. The increase in gross margin
for the six months period ended June 30, 2011 was primarily due to
the launch of several new higher-margin products during 2010 and a
higher margin generated by the Company's finance business unit.
Operating income for the three months ended June 30, 2011
reached $3,938,241, an increase of 10.5% compared to $3,563,519 for
the three months ended June 30, 2010, bringing operating income for
the six months period ended June 30, 2011 to $7,663,366 as compared
to $6,456,362 for the same period a year ago. Operating expenses
for the second quarter of 2011 totaled $2,134,982 as compared to
$1,368,165 in the same period a year ago, bringing operating
expenses for the six months period ended June 30, 2011 to
$4,181,703 as compared to $2,583,033 for the same period in 2010.
The increase in operating expenses was primarily related to higher
selling expenses and one-time corporate costs in 2011, while 2010
operating expenses were reduced by a one-time tax gain.
Earnings per share for the three months ended June 30, 2011
reached $0.35 ($0.33 on a fully diluted basis), compared to $0.40
($0.34 on a fully diluted basis) for the three months ended June
30, 2010 bringing earnings per share for the six months ended June
30, 2011 to $0.71 ($0.66 on a fully diluted basis) compared to
$0.67 ($0.58 on a fully diluted basis) for the same period last
year.
As of June 30, 2011, cash and cash equivalents totaled $9.4
million, working capital totaled $14.9 million, and shareholders'
equity was $46.3 million.
Three months ended June 30, Six months ended June 30,
--------------------------- -------------------------
2011 2010 2011 2010
------------- ------------- ------------ ------------
Revenues $ 13,339,367 $ 12,679,797 $ 25,419,619 $ 23,842,304
Cost of sales 7,266,144 7,748,113 13,574,550 14,802,909
------------- ------------- ------------ ------------
Gross profit 6,073,223 4,931,684 11,845,069 9,039,395
------------- ------------- ------------ ------------
Operating expenses
General and
administrative
expenses 1,678,138 1,142,459 3,297,421 2,259,302
Research and
development
expenses 77,778 53,220 215,327 113,608
Selling and
marketing expenses 379,066 172,486 668,955 210,123
------------- ------------- ------------ ------------
2,134,982 1,368,165 4,181,703 2,583,033
------------- ------------- ------------ ------------
Income from
operations 3,938,241 3,563,519 7,663,366 6,456,362
Interest and
financing expense (399,014) (175,181) (719,461) (374,290)
Interest income 16,960 8,781 33,410 12,619
Other income
(expense) 1,309 (196,595) 31,115 (360,723)
------------- ------------- ------------ ------------
Income before income
taxes 3,557,496 3,200,524 7,008,430 5,733,968
Provision for income
taxes (1,082,742) (801,685) (2,098,887) (1,504,200)
------------- ------------- ------------ ------------
Net income 2,474,754 2,398,839 4,909,543 4,229,768
Net income
attributable to non-
controlling interest (39,065) (49,446) (73,633) (243,300)
------------- ------------- ------------ ------------
Net income
attributable to
Company $ 2,435,689 $ 2,349,393 $ 4,835,910 $ 3,986,468
============= ============= ============ ============
Earnings per share
-Basic $ 0.35 $ 0.40 $ 0.71 $ 0.67
-Diluted $ 0.33 $ 0.34 $ 0.66 $ 0.58
============= ============= ============ ============
"Our second quarter 2011 results demonstrate the continued
robust demand for our products in both of our two core business
units," stated Marius Silvasan, ONE's CEO. "The new products we
launched during 2010 helped boost our gross margin in the first six
months of 2011 to 46.6% from 37.9% for the same period a year ago.
The significant increase in gross margin validates our business
model and the strategy we adopted in 2010. In 2010, we invested in
the expansion of our product portfolio, enhanced the quality of our
current lineup and further strengthened our IP technology,
providing us with a strong competitive advantage. In 2011, we turn
our focus towards the launch of a variety of new over-the-counter
health supplements as well as further expansion in the United
States and Japan."
About ONE Bio, Corp. ONE Bio, Corp.
("ONE") (OTCBB: ONBI) (www.onehcorp.com), headquartered in Miami,
FL, is an innovative company utilizing patented green process
manufacturing to produce raw chemicals and herbal extracts, natural
supplements and organic products. ONE is focused on the
Asia-Pacific region and the United States. Key products include
widely recognized Solanesol, CoQ10, Resveratrol and 5-HTP, organic
fertilizers, and organic bamboo health food and beverages. ONE has
experienced solid organic growth driven by a robust demand for its
products in China, Japan and the United States.
This press release includes statements that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Reform Act"). ONE
Bio, Corp. claims the protection of the safe-harbor for
forward-looking statements contained in the Reform Act. These
forward-looking statements are often characterized by the terms
"may," "believes," "projects," "expects," or "anticipates," and do
not reflect historical facts. Specific forward-looking statements
contained in this press release include, but are not limited to:
our successful integration of diversified growth companies, impact
of the company's expansion plan, and new business development
success, future financial results, development and acquisition of
new product lines and services, the impact of competitive products
or pricing from technological changes, the effect of economic
conditions and other uncertainties. The forward-looking statements
contained herein involve risks and uncertainties that could cause
actual results to differ materially from the expectations contained
in any such forward-looking statements. These risks include, but
are not limited to: failure to manage operating expenses or
integrate new companies and/or technologies, each of which could
have a material impact on our business, our financial results, and
the company's stock price. These risks and other factors are
detailed in the Company's regular filings with the U.S. Securities
and Exchange Commission. Most of these factors are difficult to
predict accurately and are generally beyond the Company's control.
Forward-looking statements speak only as to the date they are made
and ONE Bio, Corp. does not undertake to update forward-looking
statements to reflect circumstances or events that occur after the
date the forward-looking statements are made.
Company Contact: Marius Silvasan CEO Tel: +888.676.4445 Email:
msilvasan@onehcorp.com Investor Relations Contact: Investor
Relations & Corporate Communications Tel: 888-676-4445 Email:
ir@onehcorp.com
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