Net Sales Up 49%, Pre-Tax Net Income Up 42%
HARBIN, China, Aug. 16 /Xinhua-PRNewswire-FirstCall/ -- China Kangtai Cactus Biotech, Inc. (OTC Bulletin Board: CKGT), a vertically integrated grower, developer, manufacturer, and marketer of a variety of cactus-based consumer products, today filed its report on Form 10QSB and reported its unaudited results for the period ended June 30, 2007. All results reported are in U.S. dollars.
The Company has achieved an increase in net sales of almost 49% for the second quarter of 2007, as compared with the same quarter last year, i.e. from $2,496,104 in the 2nd quarter of 2006 to $3,715,314 in the 2nd quarter of 2007. At the same time, net income increased approximately 570%, from $(196,864) in the 2nd quarter of 2006 to $925,393 in the 2nd quarter of 2007.
The negative net income for the 2nd quarter of 2006 was due to a one-time expense in the amount of $982,700 related to payment of stock based compensation in June 2006. Excluding this extraordinary one-time expense, net income before income taxes for the 2nd quarter of 2006 would have been $785,836, as compared to net income before income taxes of $1,117,794 for the second quarter of 2007. Therefore, excluding the extraordinary one-time expense incurred in the second quarter of 2006, pre-tax net income for the 2nd quarter of 2007 increased by $331,958, or approximately 42%, as compared to the pre-tax net income for the same period of 2006.
Jinjiang Wang, Chief Executive Officer of China Kangtai Cactus Biotech commented, "The healthy and significant growth in our most recent quarterly results attributed to a growing demand for our high quality cactus-based consumer products throughout China, as well as our continuing efforts to expand our production and distribution to better meet the market demand."
Wang concluded, "Our company remains focused on creating more product
categories and lines for distribution and is adopting a new d
|SOURCE China Kangtai Cactus Biotech, Inc.|
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