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Shiner International Announces Financial Results for the Fourth Quarter and Fiscal Year 2012
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PR Newswire
HAIKOU, China, March 26, 2013
HAIKOU, China, March 26, 2013 /PRNewswire/ -- Shiner International, Inc. (OTCQB: BEST) ("Shiner" or the "Company"), an emerging global supplier of packaging solutions for food, tobacco and consumer products, today announced its financial results for the fourth quarter and fiscal year 2012.
Fourth Quarter 2012 Financial Performance
Revenues for the three months ended December 31, 2012 decreased $1.35 million (or 5.89%), to $21.56 million compared to $22.91 million for the corresponding 2011 period. The decrease was primarily attributable to decreased revenues from coated film, color printing advanced film and water-based latex, which was partially offset by increase in revenues generated from BOPP tobacco. For the three months ended December 31, 2012, revenue from coated film decreased $5.76 million (or 25.44%) to $16.88 million, from $22.64 million for the corresponding 2011 period, and sales from color printing decreased $2.44 million (or 42.51%) to $3.30 million, from $5.74 million for the corresponding 2011 period. For the three months ended December 31, 2012, revenue from BOPP tobacco increased $6.35 million (or 16.53%) to $44.76 million, from $38.41 million for the corresponding 2011 period; revenue from advanced film decreased $1.39 million (or 17.10%) to $6.74 million, from $8.13 million for the corresponding 2011 period; and revenue from water-based latex decreased $0.02 million (or 5.26%) to $0.36 million, from $0.38 million for the corresponding 2011 period.
Shiner's gross profit for the three months ended December 31, 2012 was $0.53 million, a profit margin of 2.46%, a decrease of 10.69% from 13.15% for the corresponding 2011 period. The decrease in profit margin was primarily a consequence of an increase in labor costs and depreciation of new property.
Operating loss for the three months ended December 31, 2012 was $5.40 million, compared to an operating loss of $0.81 million for the same quarter ended December 31, 2011. Selling, general and administrative expenses for the three months ended December 31, 2012 decreased by 44.76%, or $1.71 million, to $2.11 million in 2012, compared to $3.82 million for the corresponding 2011 period. General and administrative expenses decreased during the 2012 period mainly due to a $0.40 million decrease in insurance and a $0.30 million decrease in sales commissions. There was also an increase of $2.04 million and $1.78 million in impairment loss of goodwill and patents, respectively, during the 2012 period.
Shiner reported a net loss of $4.98 million for the three months ended December 31, 2012, compared to a net loss of $0.55 million in the same period of 2011. Earnings per share for the quarter were ($0.18), compared to earnings of ($0.02) per share for the same period of 2011.
Fiscal Year 2012 Financial Performance
Revenue for the year ended December 31, 2012 decreased $3.25 million (or 4.32%), to $72.04 million, compared to $75.29 million in the 2011 period. Gross profit for 2012 was $4.64 million, a profit margin of 6.44%, a decrease of 6.87% from 13.31% for 2011. Operating loss was $10.18 million, down from an operating income of $2.03 million in 2011. The Company saw a net loss of $10.56 for 2012, representing a decrease of $12.20 million (or 743.90%) from a net income of $1.64 million for 2011. Fully diluted loss per share was $(0.33), compared to fully diluted earnings per share of $0.06 for 2011.
Financial Condition
As of December 31, 2012, the Company had $4.23 million in cash and equivalents on hand, $11.10 million in long-term debt and working capital of $6.28 million. Stockholders' equity stood at $33.21 million, compared to $43.43 million as of December 31, 2011. Net cash used in operating activities for the year ended December 31, 2012 was $2.56 million, an increase of $2.94 million, compared to net cash flow provided by operating activities of $0.38 for the corresponding 2011 period.
About Shiner International, Inc.
Shiner International, Inc. is engaged in the research and development, manufacture and sale of flexible packaging material and advanced film. Its products include coated packaging film, shrink-wrap film, common packaging film, anti-counterfeit laser holographic film and color-printed packaging materials. The Company's products are used by manufacturers in the food and consumer products industry to preserve the texture, flavor, hygiene, and convenience and safety of their products. The Company was founded in 1990 and is headquartered in Haikou, China. Approximately 80% of Shiner's current customers are located in China, with the remainder spanning Southeast Asia, Europe, the Middle East and North America. Shiner holds 20 patents on products and production equipment, and has an additional 9 patent applications pending. The Company's flexible packaging meets U.S. FDA requirements, as well as the requirements for food packaging sold in the EU. Shiner's product manufacturing process is certified under ISO 9001:2000. Additional information on Shiner is available at http://www.shinerinc.com.
Safe Harbor Statement
This press release may contain forward-looking statements regarding Shiner International, Inc. and its subsidiaries (the "Company") within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the financial outlook of the Company; the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "seeks," "should," "could," "intends," or "projects" or similar expressions, involve known and unknown risks and uncertainties. These statements are based upon the Company's current expectations and speak only as of the date hereof. Any indication of the merits of a claim does not necessarily mean the claim will prevail at trial or otherwise. Financial performance in one fiscal period does not necessarily mean continued or better performance in the future. The Company's actual results in any endeavor may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, which factors or uncertainties may be beyond our ability to foresee or control. Other risk factors include the status of the Company's common stock as a "penny stock" and those listed in other reports posted on The OTC Markets Group, Inc.
Contact: Cindy Gong
Tel: 86-898-6858 1104
Fax: 86-898-6858 1513
Email: ir@shinerinc.com
Web: http://www.shinerinc.com
- Financial Tables Follow -
| SHINER INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||
| CONSOLIDATED BALANCE SHEETS | ||||||
| AS OF DECEMBER 31, 2012 AND 2011 | ||||||
| | | | | | | |
| | | | | 2012 | | 2011 |
| | | | | | | |
| ASSETS | | | | | ||
| | | | | | | |
| CURRENT ASSETS: | | | | | ||
| | Cash & equivalents | $ | 4,233,183 | $ | 2,831,808 | |
| | Restricted cash | | 925,039 | | 57,613 | |
| | Accounts receivable, net of allowance for doubtful | | | | | |
| | accounts of $850,123 and $121,017 at 2012 and 2011 | | 7,807,846 | | 7,744,377 | |
| | Advances to suppliers | | 15,141,398 | | 10,042,214 | |
| | Notes receivable | | 542,802 | | 7,865 | |
| | Inventory, net | | 10,110,732 | | 10,252,955 | |
| | Prepaid expenses & other current assets | | 711,537 | | 1,072,326 | |
| | | | | | | |
| | | Total current assets | | 39,472,537 | | 32,009,158 |
| | | | | | | |
| | Property and equipment, net | | 30,689,391 | | 27,836,253 | |
| | Construction in progress | | 5,840,483 | | 12,037,154 | |
| | Advance for purchase of equipment | | 426,536 | | 763,427 | |
| | Intangible assets, net | | 1,069,988 | | 3,063,646 | |
| | Goodwill | | - | | 2,023,342 | |
| | | | | | | |
| | TOTAL ASSETS | $ | 77,498,935 | $ | 77,732,980 | |
| | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | ||
| | | | | | | |
| CURRENT LIABILITIES: | | | | | ||
| | Accounts payable | $ | 6,808,524 | $ | 5,133,835 | |
| | Other payables | | 8,213,146 | | 7,021,179 | |
| | Unearned revenue | | 1,622,318 | | 1,313,320 | |
| | Accrued payroll | | 147,722 | | 193,884 | |
| | Short-term loans | | 16,404,115 | | 10,684,625 | |
| | | | | | | |
| | | Total current liabilities | | 33,195,825 | | 24,346,843 |
| | | | | | | |
| | Long-term loans | | 11,095,000 | | 9,957,090 | |
| | | Total Liabilities | | 44,290,825 Werbung Mehr Nachrichten zur SHINER International Aktie kostenlos abonnieren
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