Sunwin International Neutraceuticals, Inc. "Sunwin International"
(OTCBB: SUWN), one of the top global providers of high quality
stevia extracts including Rebaudioside A 98, announced today its
financial results for the second quarter and first six months of
fiscal 2012.
Total revenues reached $3.6 million in the second quarter of
fiscal 2012, an increase of 55% compared to the same period in
fiscal 2011 and an increase of 25% sequentially from the first
quarter of fiscal 2012. Total revenues for the first six months of
fiscal 2012 reached $6.4 million, an increase of 39% compared to
the same period in fiscal 2011. The increase in revenues was
evident in both of our business segments: Stevioside and Chinese
Medicine. Stevioside revenues increased due to higher sales volume
of lower grades stevia products in the domestic market to Chinese
manufacturers who use our products as raw materials coupled with a
moderate increase in sales volume in the international market. The
increase in Chinese Medicine revenues was driven by seasonally
higher demand for livestock breeding in preparation for the Chinese
holiday season thereby driving up demand for our products. Gross
profit in the second quarter was $0.7 million, up by 63% from the
second quarter of fiscal 2011. For the first six months of fiscal
2012, gross profit was $1.1 million, up by 9% from the same period
in fiscal 2011. The consolidated gross profit margin for the second
quarter improved to 19.4% compared to 18.5% for the same period in
fiscal 2011 and 12.8% for the first quarter of fiscal 2012. The
improvement in gross margin was primarily due to higher margins
experienced in the Stevioside segment offset by a decline in
margins in the Chinese Medicine segment, due to significantly
higher raw material and energy costs for this segment.
Total operating expenses for the second quarter of fiscal 2012
were $1.4 million compared to $0.9 million in fiscal 2011. For the
first six months of fiscal 2012, operating expenses were $2.8
million compared to $1.8 million for the same period in fiscal
2011. The increase in operating expenses for the second quarter and
the first six months of fiscal 2012 was largely attributable to a
$0.7 million loss on disposition of obsolete property and
equipment. We reported a net loss attributable to Sunwin
International of $741,000 or ($0.00) per share for the second
quarter, compared to a net loss of $443,000 or ($0.00) per share in
the second quarter of fiscal 2011. For the first six months of
fiscal 2012, we reported a net loss attributable to Sunwin
International of $1.7 million or ($0.01) per share, compared to a
net loss of $876,000 or ($0.00) per share for the same period in
fiscal 2011.
At October 31, 2011, cash was $8.0 million with working capital
of $13.6 million compared to April 30, 2010 where cash was $10.6
million with working capital of $14.2 million. Shareholder's Equity
attributable to Sunwin International increased to $29.3 million, up
from $28.3 million at April 30, 2010.
Commenting on the results for the second quarter and first six
months of fiscal 2012, Dongdong Lin, CEO of Sunwin International,
stated, "We are pleased with the sales growth we have achieved in
our Stevioside segment in the second quarter of fiscal 2012. We
anticipate that the foundation we have built in our partnerships
including our recently announced distribution agreement with Domino
Foods, Inc. will begin to finally accelerate future sales in the
North American marketplace. Additionally, the approval of stevia in
November, for use in the food and beverage industry in the EU has
opened one of the largest worldwide marketplaces for our higher
grade stevia products. We believe that Sunwin has positioned itself
to be in the forefront of these markets with our distribution
partners and anticipate potential sales growth for our stevia
extracts as food and beverage companies around the world begin to
adopt all natural stevia as the best alternative for their products
in the no calorie and low calorie segments."
About Sunwin International Neutraceuticals, Inc.
Sunwin International Neutraceuticals, Inc. engages in the areas
of zero calorie, all natural sweeteners (Sunwin Stevia™ Extracts)
and essential traditional Chinese medicine. As an industry leader
in agricultural processing, Sunwin has built an integrated global
firm with the sourcing and production capabilities to meet the
needs of consumers throughout the world. For more info about
Sunwin, please visit http://www.sunwininternational.com
SUNWIN INTERNATIONAL NEUTRACEUTICALS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
October 31, 2011 April 30, 2011
---------------- --------------
(Unaudited) (Audited)
ASSETS
CURRENT ASSETS:
Cash $ 7,994,100 $ 10,563,413
Accounts receivable, net of allowance for
doubtful accounts of $1,164,678 and
$1,098,240, respectively 2,028,933 2,080,332
Accounts receivable - related party 688,870 204,664
Notes receivable 523,699 505,260
Inventories, net 4,282,908 3,327,914
Prepaid taxes 4,873 43,359
Prepaid expenses and other current assets 1,349,213 62,664
---------------- --------------
Total Current Assets 16,872,596 16,787,606
Property and equipment, net 13,353,426 13,967,964
Land use rights 2,336,515 2,303,112
---------------- --------------
Total Assets $ 32,562,537 $ 33,058,682
================ ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 3,271,897 $ 2,495,776
Taxes payable 28,312 118,351
Derivative liability 5,203 5,203
---------------- --------------
Total Current Liabilities 3,305,412 2,619,330
STOCKHOLDERS' EQUITY:
Preferred stock, $0.001 par value;
1,000,000 shares authorized; no shares
issued and outstanding - -
Common stock, $.001 par value, 200,000,000
shares authorized; 156,856,137 and
155,522,809 shares issued and outstanding
on October 31 and April 30, 2011,
respectively 156,856 155,523
Additional paid-in capital 30,941,122 28,390,279
Accumulated deficit (6,881,176) (4,477,522)
Accumulated other comprehensive income 5,040,323 4,262,044
---------------- --------------
Total Sunwin International Neutraceuticals,
Inc. stockholders' equity 29,257,125 28,330,324
Noncontrolling interest - 2,109,028
---------------- --------------
Total Stockholders' Equity 29,257,125 30,439,352
---------------- --------------
Total Liabilities and Stockholders' Equity $ 32,562,537 $ 33,058,682
================ ==============
SUNWIN INTERNATIONAL NEUTRACEUTICALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Three Months Ended For the Six Months Ended
October 31, October 31,
-------------------------- --------------------------
2011 2010 2011 2010
------------ ------------ ------------ ------------
Revenues:
Revenues $ 2,874,189 $ 2,275,210 $ 5,501,240 $ 4,502,226
Revenues - related
party 692,981 25,851 914,376 129,390
------------ ------------ ------------ ------------
Total revenues 3,567,170 2,301,061 6,415,616 4,631,616
Cost of revenues 2,876,034 1,875,606 5,360,624 3,667,748
------------ ------------ ------------ ------------
Gross profit 691,136 425,455 1,054,992 963,868
Operating expenses:
Loss on equity
investment - 28,413 - 95,967
Loss on disposition
of property and
equipment 674,675 - 674,675 -
Selling expenses 253,314 142,770 402,397 257,298
General and
administrative
expenses 482,725 736,812 1,734,070 1,441,282
------------ ------------ ------------ ------------
Total operating
expenses 1,410,714 907,995 2,811,142 1,794,547
------------ ------------ ------------ ------------
Operating loss (719,578) (482,540) (1,756,150) (830,679)
Other income:
Gain on change in
fair value of
derivative
liability - 3,344 - 6,634
Other (expense)
income (57,080) 2,681 (57,056) 455
Interest income 16,264 8,434 32,493 18,197
------------ ------------ ------------ ------------
Total other
(expense) income (40,816) 14,459 (24,563) 25,286
------------ ------------ ------------ ------------
Loss from continuing
operations before
income taxes and
noncontrolling
interest (760,394) (468,081) (1,780,713) (805,393)
Discontinued
operations:
Loss from
discontinued
operations - (444) - (135,736)
Gain on disposal of
discontinued
operations - - - 11,450
------------ ------------ ------------ ------------
Total loss from
discontinued
operations - (444) - (124,286)
Loss before income
taxes and
noncontrolling
interest (760,394) (468,525) (1,780,713) (929,679)
Income taxes - (5,082) - (10,087)
------------ ------------ ------------ ------------
Net loss (760,394) (473,607) (1,780,713) (939,766)
------------ ------------ ------------ ------------
Less: loss
attributable to
noncontrolling
interest 19,679 30,666 54,258 64,055
------------ ------------ ------------ ------------
Net loss
attributable to
Sunwin
International
Neutraceuticals,
Inc. $ (740,715) $ (442,941) $ (1,726,455) $ (875,711)
============ ============ ============ ============
Comprehensive Income
(Loss):
Net loss (760,394) (473,607) (1,780,713) (939,766)
Gain on foreign
currency
translation 379,940 568,981 778,279 852,017
------------ ------------ ------------ ------------
Total Comprehensive
income (loss) $ (380,454) $ 95,374 $ (1,002,434) $ (87,749)
============ ============ ============ ============
Basic and diluted
loss per common
share:
Loss from continuing
operations $ (0.00) $ (0.00) $ (0.01) $ (0.00)
Loss from
discontinue
operations (0.00) (0.00) (0.00) (0.00)
------------ ------------ ------------ ------------
Loss per common
share $ (0.00) $ (0.00) $ (0.01) $ (0.01)
============ ============ ============ ============
Weighted average
common shares
outstanding - basic
and diluted 156,856,137 155,595,888 156,713,593 159,019,533
Amount attributable
to Sunwin
International
Neutraceuticals,
Inc.
Loss from continuing
operations, net of
tax $ (740,715) $ (442,497) $ (1,726,455) $ (751,425)
Loss from
discontinued
operations, net of
tax - (444) - (124,286)
------------ ------------ ------------ ------------
Net loss
attributable to
Sunwin
International
Neutraceuticals,
Inc. $ (740,715) $ (442,941) $ (1,726,455) $ (875,711)
============ ============ ============ ============
Safe Harbor Statement
Sunwin International Neutraceuticals, Inc., is hereby providing
cautionary statements identifying important factors that could
cause our actual results to differ materially from those projected
in forward-looking statements (as defined in such act). Any
statements that are not historical facts and that express, or
involve discussions as to, expectations, beliefs, plans,
objectives, assumptions or future events or performance (often, but
not always, indicated through the use of words or phrases such as
"will likely result," "are expected to," "will continue," "is
anticipated," "estimated," "intends," "plans," "believes" and
"projects") may be forward-looking and may involve estimates and
uncertainties which could cause actual results to differ materially
from those expressed in the forward-looking statements. These
statements include, but are not limited to, our guidance and
expectations regarding revenues, net income and earnings.
We caution that the factors described herein could cause actual
results to differ materially from those expressed in any
forward-looking statements we make and that investors should not
place undue reliance on any such forward-looking statements.
Further, any forward-looking statement speaks only as of the date
on which such statement is made, and we undertake no obligation to
update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made or to
reflect the occurrence of anticipated or unanticipated events or
circumstances. New factors emerge from time to time, and it is not
possible for us to predict all of such factors. Further, we cannot
assess the impact of each such factor on our results of operations
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward-looking statements. This press release is qualified in
its entirety by the cautionary statements and risk factor
disclosure contained in our Securities and Exchange Commission
filings, including our Annual Report on Form 10-K for the fiscal
year ended April 30, 2011.
Contact: Lillian Wong U.S. Representative 954-363-7333
ir@sunwininternational.com
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