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15.05.2017 23:35
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Shineco, Inc. Reports Third Quarter of 2017 Financial Results
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PR Newswire
BEIJING, May 15, 2017
BEIJING, May 15, 2017 /PRNewswire/ -- Shineco, Inc. ("Shineco" or the "Company"; NASDAQ: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural produce, specialized textiles, and other health and well-being focused plant-based products in China, today announced its financial results for the third quarter ended March 31, 2017.
Mr. Yuying Zhang, Chairman and Chief Executive Officer of Shineco, Inc., commented, "We are very pleased to report solid financial results for the third quarter of 2017 with meaningful improvement of a 3.6% increase in revenues and 10.3% increase in net income. We saw continued growth in the medicine market as the sales of our Luobuma or "Bluish Dogbane" products increased by 2.7% and other agricultural products increased by 10.7%, respectively. Our margins, including both gross margin and operating margin were also enhanced in the third quarter, highlighting our strong execution despite a relatively challenging macro and industry environment. Looking ahead, we expect to continue expanding our geographic presence within the China market. We believe we are well positioned for a strong growth in the years to come."
Third Quarter of 2017 Financial Highlights
| | For the Three Months Ended March 31 | |||||
| ($ millions, except per share data) | | 2017 | | 2016 | | % Change |
| Revenue | | 7.94 | | 7.66 | | 3.6% |
| Luobuma products | | 1.12 | | 1.09 | | 2.7% |
| Chinese medicinal herbal products | | 3.05 | | 3.17 | | -3.7% |
| Other agricultural products | | 3.77 | | 3.41 | | 10.7% |
| Gross profit | | 2.60 | | 2.17 | | 19.9% |
| Gross margin | | 32.8% | | 28.3% | | 4.4% |
| Operating income | | 1.67 | | 1.35 | | 23.8% |
| Operating margin | | 21.0% | | 17.6% | | 3.4% |
| Net income attributable to Shineco | 1.92 | | 1.74 | | 10.3% | |
| EPS | | 0.091 | | 0.090 | | 1.3% |
- Revenues increased by 3.6% to $7.94 million for the three months ended March 31, 2017 from $7.66 million for the same period of last year, mainly due to increased sales of products.
- Gross profit increased by 19.9% to $2.60 million for the three months ended March 31, 2017 from $2.17 million for the same period of last year. Gross margin increased by 4.4 percentage points to 32.8% from 28.3% for the same period of last year.
- Net income attributable to Shineco increased by 10.3% to $1.92 million, or $0.091 per basic and diluted share, for the three months ended March 31, 2017 from $1.74 million, or $0.090 per basic and diluted share, for the same period of last year. The increases in net income and earnings per share were primarily due to an increase in gross profit, partially offset by an increase in operating expenses and a decrease in other income.
Third Quarter of 2017 Financial Results
Revenues
Revenues for the three months ended March 31, 2017 increased by $0.28 million, or 3.6%, to $7.94 million from $7.66 million for the same period of last year, mainly due to increased sales of products.
| | | For the Three Months Ended March 31 | |||||||||||
| | | 2017 | | 2016 | |||||||||
| ($ millions) | | Revenues | | COGS | | Gross | | Revenues | | COGS | | Gross | |
| Luobuma products | | 1.12 | | 0.57 | | 49.6% | | 1.09 | | 0.49 | | 55.0% | |
| Chinese medicinal herbal products | | 3.05 | | 2.28 | | 25.2% | | 3.17 | | 2.53 | | 20.0% | |
| Other agricultural products | | 3.77 | | 2.47 | | 34.4% | | 3.41 | | 2.45 | | 28.1% | |
| Business and sales related taxes | | - | | 0.02 | | - | | - | | 0.02 | | - | |
| Total | | 7.94 | | 5.34 | | 32.8% | | 7.66 | | 5.49 | | 28.3% | |
Revenues from Luobuma products increased by $0.03 million, or 2.7%, to $1.12 million for the three months ended March 31, 2017 from $1.09 million for the same period of last year, mainly due to the increase in sales price of our products.
Revenues from Chinese medicinal herbal products decreased by $0.12 million, or 3.7%, to $3.05 million for the three months ended March 31, 2017 from $3.17 million for the same period of last year. The decrease was primarily due to the depreciation of RMB against USD. The average currency exchange rates for the three months ended March 31, 2017 and 2016 were 1 RMB to $0.1451 USD and 1 RMB to $0.1529 USD, respectively, which represented a decrease of 5.1%.
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