Asia Packaging Group Inc Announces Second Quarter Financial Results and the Addition of New Production Lines
29 Novembre 2011 - 9:51AM
PR Newswire (Canada)
TSX Venture: APX TORONTO, Nov. 29, 2011 /CNW/ - Asia Packaging
Group Inc. ("Asia Packaging" or the "Company") is pleased to
announce its interim financial statements for the three-month
period ending September 30, 2011. Interim Financial Results
Highlights -- Due to higher product prices experienced during the
second quarter, the Company achieved 17.8% growth in revenues over
the same period in 2010 to $11.5 million. -- Gross profit achieved
during the quarter was $2.9 million representing a 17.9% increase
over the same period in 2010. Higher value products continued to
support margins. -- The Company achieved EBITDA before stock based
compensation of $2.7 million during the second quarter representing
a 14% improvement over the same period of last year. -- Net income
increased 7.8% for the period to $2.2 million compared with $2.0
million during the same period of 2010. -- As at September 30,
2011, the Company had $10.4 million in cash and no debt. New
Production Lines -- In September 2011 the Company put two new
production lines into place. Each of these new lines has a capacity
to produce 200 tonnes of metalized polyester film per month. "We
are pleased to report that our new production lines at the Yichun
facility are operating smoothly and contributing to revenues and
earnings" stated Mr. Wenge Hong, President and CEO of Asia
Packaging. During the second quarter, revenues increased as the
company experienced higher product prices particularly for the
company's primary product, CPP film which increased in price by
20.2% during the quarter compared with the corresponding period in
2010. This increase in CPP film pricing was sufficient to
offset higher polypropylene prices which increased by 21% during
the quarter compared with the same period in 2010.
Consequently, the Company maintained a stable gross margin compared
with the same period of last year at 25.1%. SUMMARY FINANCIAL
STATEMENTS:
_____________________________________________________________________
| | Three Months Period | | |Canadian $ | Ended September 30 | | |
| (Unaudited) |Change|
|_________________________|____________________________________| |
| | Q2 2012 | Q2 2011 | |
|_________________________|_____________|______________________|______|
|Revenues | 11,481,324| 9,746,121| 17.8%| |Gross profit |
2,883,887| 2,446,190| 17.9%| |Gross margin (% of Sales)| 25.1%|
25.1%| 0.1%| |Operating expenses | 377,031| 141,235|167.0%| |Income
from operations | 2,506,856| 2,304,955| 8.8%| |Other income |
11,248| 2,750|309.0%| |Income taxes | 340,724| 288,463| 18.1%| |Net
income | 2,177,380| 2,019,242| 7.8%| |EBITDA | 2,652,906|
2,407,596| 10.2%| |EBITDA before stock-based| 2,744,406| 2,407,596|
14.0%| |compensation | | | | |Earnings per share | 0.017| 0.019| |
|Basic | 0.016| 0.019| | |Diluted | | | | |Weighted average number
| 127,862,900| 106,300,000| | |of shares | 133,427,900|
106,300,000| | |Basic | | | | |Diluted | | | |
|_________________________|_____________|______________________|______|
Income from operations increased to $2.5 million during the quarter
ended September 30, 2011 representing an 8.8% increase over the
same period of 2010. Net income also increased during
the quarter to $2.18 million (1.7 cents per share) compared with
$2.0 million during the corresponding period of 2010. A
larger number of shares outstanding however caused quarterly
earnings per share for the quarter to decline to 1.7 cents compared
with 1.9 cents during the same period of 2010. New Production Lines
A portion of the proceeds from the Company's $8 million financing
completed in April 2011 have been used to purchase $3.9 million in
new equipment including two new packaging material machines which
started production in September. These machines represent new
production capability for Asia Packaging in the area of metalized
polyester film. Each of these new production lines is capable
of producing 200 tonnes of product per month. About Asia Packaging
Group Inc. Asia Packaging Group, through its wholly-owned
subsidiaries in the People's Republic of China ("PRC"), is in the
business of manufacturing packaging products and services to the
food and pharmaceutical industries in China. The Company
operates a 38,000 square meter plant located in Yichun City,
Jiangxi Province in PRC. This news release contains certain
statements that may be deemed "forward looking statements". Forward
looking statements are statements that are not historical facts and
are generally, but not always, identified by the words "expects,",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Although the Company believes the expectations expressed in such
forward looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in forward looking
statements. Forward looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date the
statements are made. The Company undertakes no obligation to update
these forward looking statements, except as required by law, in the
event that management's beliefs, estimates or opinions, or other
factors, should change. Asia Packaging Group Inc. CONTACT:
For Corporate Information: Robert Wilson Vice PresidentAsia
Packaging GroupTel: 416-666-4005Email: ewccorp@me.com
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