CHINA-ORGANIC FARMING.
China Organic Agriculture, Inc. (OTCBB: CNOA), a diversified food products company capitalizing on China ’s consumer revolution, announces the availability of full year 2008 financial results.
China Organic’s Form 10-K was filed on April 15, 2009, in accordance with its 15-day extension. Due to the fact that China Organic’s ErMaPao subsidiary was sold in 2008, standard accounting procedures dictate that many figures for 2007 have been subsequently adjusted and consolidated to discontinued operations. Based on these revised numbers, comparisons to year 2007 for many numbers may not be practical.
Revenue for the full year 2008 was $112.7 million compared with zero from continuing operations in 2007. Net income was $20.5 million representing a 52% increase compared to $13.5 million for the full year 2007. Lastly, earnings per share increased to $0.34 per diluted share compared to $0.29 per diluted share for the comparable period of 2007.
"We are pleased to deliver these fully-audited results for the 2008 fiscal year," said Jinsong Li, Chief Executive Officer. "China Organic showed strong gains in revenue, net income, EPS, and across the board for most significant financial numbers. We appreciate your patience during the 15-day extension period. Although we obviously prefer not to request extensions, it can be necessary to make certain the 10-K is filed to the highest of standards. I would like to take this opportunity to thank our valued shareholders for your continued support and I look forward to bringing you China Organic’s future developments."
Select consolidated figures are presented below. For full figures, please reference China Organic’s Form 10-K filing (click here), located on the SEC’s website: www.sec.gov.
About China Organic Agriculture
China Organic Agriculture is a diversified food products company capitalizing on China ’s increasing domestic demand for premium products.
The Company sells to distributors in China , which it will seek to leverage for increased market penetration in agricultural, food and related premium products. For more information, please visit: www.chinaorganicagriculture.com.
