ONE Bio, Corp. ("ONE" or the "Company") (OTCBB: ONBI), an
innovative company utilizing green process manufacturing to produce
raw chemicals and herbal extracts, natural and health supplements
and organic products, today announced unaudited financial results
for the first quarter ended March 31, 2011. A summary of financial
results includes the following:
Revenue for the three months ended March 31, 2011 reached $12.1
million, an increase of 8.2% compared to $11.2 million for the
three months ended March 31, 2010. The increase in revenue is
primarily the result of growth experienced in the Company's
Chemical and Herbal Extract ("CHE") and Organic Products ("OP")
business units.
Net income for the three months ended March 31, 2011 reached
$2.4 million, an increase of 46.6% compared to $1.6 million for the
three months ended March 31, 2010. The increase in net income is
primarily attributable to increased sales and a higher gross margin
achieved by the Company in the first quarter of 2011 versus the
same period in 2010.
Gross profit for the three months ended March 31, 2011 was $5.8
million, as compared to $4.1 million for the three months ended
March 31, 2010. Gross margin was 47.8% compared to 36.8% for the
first quarter of 2010. The increase in gross margin for the first
quarter of 2011 was primarily due to the launch of several new
higher-margin products during 2010 and a higher margin generated by
the Company's finance business unit.
Operating income for the three months ended March 31, 2011
reached $3.7 million, an increase of 28.8% compared to $2.9 million
for the three months ended March 31, 2010. Operating expenses for
the first quarter of 2011 totaled $2.0 million, up 68.5% from $1.2
million in the same period a year ago. The increase in operating
expenses was primarily related to higher selling expenses and
one-time corporate costs in 2011, while 2010 operating expenses
were reduced by a one-time tax gain.
Earnings per share for the three months ended March 31, 2011
reached $0.36 ($0.34 on a fully diluted basis), compared to $0.28
($0.24 on a fully diluted basis) for the three months ended March
31, 2010.
As of March 31, 2011, cash and cash equivalents totaled $8.7
million, working capital totaled $15.5 million, and shareholders'
equity was $43.3 million.
Three Months ended
March 31,
--------------------------
2011 2010
Revenues $ 12,080,252 $ 11,162,507
Cost of sales 6,308,406 7,054,796
------------ ------------
Gross profits 5,771,846 4,107,711
------------ ------------
Operating expenses
General and administrative expenses 1,619,283 1,116,844
Research and development expenses 137,549 60,388
Selling and marketing expenses 289,889 37,637
2,046,721 1,214,869
------------ ------------
Income from operations 3,725,125 2,892,842
Other income(expense) (274,191) (359,400)
------------ ------------
Income before income taxes 3,450,934 2,533,442
Provision for income taxes (1,016,145) (702,515)
------------ ------------
Net income 2,434,789 1,830,927
Non-controlling interest (34,568) (193,855)
------------ ------------
Net income attributable to Company $ 2,400,221 $ 1,637,072
============ ============
Earnings per share
- Basic $ 0.36 $ 0.28
============ ============
- Diluted $ 0.34 $ 0.24
============ ============
Weighted average # shares outstanding:
- Basic 6,720,065 5,834,406
============ ============
- Diluted 7,150,098 6,701,543
============ ============
"Our first quarter 2011 results demonstrate the continued robust
demand for our products," stated Marius Silvasan, ONE's CEO. "The
new products we launched during 2010 helped boost our gross margin
in the first quarter of 2011 to 47.8% from 36.8% for the same
period a year ago. The significant increase in gross margin
validates our business model and the strategy we adopted in 2010.
2010 was a key year in which we invested in the expansion of our
product portfolio, enhanced the quality of our current lineup and
further strengthened our IP technology, providing us with a strong
competitive advantage. In 2011, our strategy is to continue growing
our market share in China while further expanding in the United
States and Japan."
INVESTOR CALL AND WEBCAST
As a reminder, the investor conference call to discuss ONE's
first quarter 2011 financial results is scheduled for this morning,
Tuesday, May 17, 2011, at 9:00 a.m. EDT.
Investors can access the call as follows:
Call-in Number: U.S./Canada 877-941-2322
International 480-629-9715
Conference ID: 4441652
Instructions: All parties should dial 1-877-941-2322 or
1-480-629-9715 approximately 10 minutes prior to the conference
start time and ask for the ONE Bio, Corp. First Quarter 2011
Earnings Conference Call, or Conference ID 4441652. Callers will be
asked to provide their name, company name, phone number and email
address. They will then be placed on a brief music hold until the
call is ready to begin.
A replay of the call will be available for two weeks from 12:00
noon EDT on May 17, 2011, until 11:59 p.m. EDT on May 31, 2011. The
number for the replay is 877-870-5176, or 858-384-5517 for
international calls; the pass code for the replay is 4441652. In
addition, a recording of the call will be available via the
Company's website at http://www.onehcorp.com for one year.
Internet Webcast: http://viavid.net/dce.aspx?sid=000086AE
This event will also play on ViaVid.net as a secondary location.
A default message will play from these links until the event goes
live. This message asks viewers to check back at a later time. On
the day of the event, a ViaVid technician will dial into the event
call 15 minutes prior to the start time to establish the webcast
line. To accommodate any viewers tuning in early, ViaVid will begin
streaming live with a music hold 10 minutes prior to the start
time.
About ONE Bio, Corp.
ONE Bio, Corp. ("ONE") (OTCBB: ONBI) (www.onehcorp.com),
headquartered in Miami, FL, is an innovative company utilizing
patented green process manufacturing to produce raw chemicals and
herbal extracts, natural supplements and organic products. ONE is
focused on the Asia-Pacific region and the United States. Key
products include widely recognized Solanesol, CoQ10, Resveratrol
and 5-HTP, organic fertilizers, and organic bamboo health food and
beverages. ONE has experienced solid organic growth driven by a
robust demand for its products in China, Japan and the United
States.
This press release includes statements that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Reform Act"). ONE
Bio, Corp. claims the protection of the safe-harbor for
forward-looking statements contained in the Reform Act. These
forward-looking statements are often characterized by the terms
"may," "believes," "projects," "expects," or "anticipates," and do
not reflect historical facts. Specific forward-looking statements
contained in this press release include, but are not limited to:
our successful integration of diversified growth companies, impact
of the company's expansion plan, and new business development
success, future financial results, development and acquisition of
new product lines and services, the impact of competitive products
or pricing from technological changes, the effect of economic
conditions and other uncertainties. The forward-looking statements
contained herein involve risks and uncertainties that could cause
actual results to differ materially from the expectations contained
in any such forward-looking statements. These risks include, but
are not limited to: failure to manage operating expenses or
integrate new companies and/or technologies, each of which could
have a material impact on our business, our financial results, and
the company's stock price. These risks and other factors are
detailed in the Company's regular filings with the U.S. Securities
and Exchange Commission. Most of these factors are difficult to
predict accurately and are generally beyond the Company's control.
Forward-looking statements speak only as to the date they are made
and ONE Bio, Corp. does not undertake to update forward-looking
statements to reflect circumstances or events that occur after the
date the forward-looking statements are made.
Company Contact: Jeanne Chan Senior VP Tel: +888.676.4445 Email:
jchan@onehcorp.com Investor Relations Contact: Investor Relations
& Corporate Communications Tel: 888-676-4445 Email:
ir@onehcorp.com Dave Gentry U.S. RedChip Companies, Inc. Tel:
+1-800-733-2447, Ext. 104 Email: info@redchip.com
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