First Quarter of Fiscal 2012 Highlights
Revenue for the first quarter of fiscal 2012 increased by 22.0% to RMB87.5 million ($13.5 million) from RMB71.7 million in the prior year period.
New subscriber sign-ups and accumulated subscriber base reached 12,828 and 198,658, respectively.
Gross profit increased by 24.1% to RMB67.6 million ($10.5 million) from RMB54.4 million from the prior year period.
Gross margin was 77.3%, compared to 75.9% for the prior year period.
Operating income increased by 31.7% to RMB30.8 million ($4.8 million) from RMB23.4 million for the prior year period.
Net income attributable to shareholders, inclusive of dividend income of RMB7.2 million ($1.1 million) from Shandong Cord Blood Bank and effect of the preferential tax treatment obtained by the Guangdong subsidiary resulting in a discrete tax benefit of RMB10.2 million ($1.6 million), was RMB40.0 million ($6.2 million), compared to RMB17.6 million in the prior year period.
CO, China Cord Blood Corporation
China Cord Blood Corporation (NYSE:CO) (”CCBC” or the “Company”), China’s leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services, announced its preliminary unaudited financial results for the first quarter of fiscal year 2012, which ended June 30, 2011.
“Our first quarter delivered strong financial performance driven by sustained growth in subscriber demand year-over-year following the upward price adjustment implemented in April 2011,” stated Ms. Zheng, Chairperson and Chief Executive Officer of CCBC. “Our strategy to develop a strong sales network while broadening our commercial reach has built a widely-recognized brand and an easily accessible network that will greatly facilitate our efforts to attract new subscribers.”
“In addition to solid financial performance, this quarter had several exciting developments,” Ms. Zheng further commented. “The Ministry of Health has issued new guidelines extending the ‘Ten Licenses Policy’, which reiterated that no more than ten licenses will be issued for the provision of cord blood banking services through 2015. We welcome the policy extension as it sets a clear guideline for the industry and the general public. With access to three licenses and our 19.92% investment in Shandong Cord Blood Bank, we are fully committed to the development of the cord blood banking industry in China and will continue to grow by driving subscriber penetration rates. We are also pleased that our Guangdong subsidiary has been approved as a ‘High and New Technology Enterprise’, with the result that it now enjoys a reduced tax rate of 15% until December 31, 2012.”
More about CO at www.chinacordbloodcorp.com.
Culp, Inc. (NYSE:CFI) reported financial and operating results for the first quarter of fiscal 2012 ended July 31, 2011.
Highlights for the first quarter of fiscal 2012 include the following:
Net sales were $60.3 million, a 7.8 percent increase compared with the first quarter of fiscal 2011, with mattress fabrics segment sales up four percent and upholstery fabric segment sales up 12.4 percent over the same period a year ago.
Pre-tax income was $3.0 million, or 4.9 percent of sales, compared with $4.3 million, or 7.7 percent of sales in the prior year period.
Net income was $1.8 million, or $0.14 per diluted share, compared with net income of $3.7 million, or $0.28 per diluted share, for the first quarter of fiscal 2011. Net income for the current quarter reflected a significantly higher tax rate primarily due to non-cash U.S.-related tax expense.
As of July 31, 2011, the company�s financial position reflected cash and cash equivalents and short term investments of $25.0 million and total debt of $11.5 million.
The company announced today the addition of $2.0 million to the previously announced $5.0 million share repurchase program announced in June. As of August 26, 2011, the company has repurchased 364,000 shares, or 2.7 percent of shares outstanding at the beginning of the program, for approximately $3.2 million.
The second quarter projection for fiscal 2012 is for overall sales to increase by approximately four to eight percent. Pre-tax income for the second quarter of fiscal 2012 is expected to be in the range of $2.6 million to $3.5 million.
Culp, Inc. is one of the world�s largest marketers of mattress fabrics for bedding and upholstery fabrics for furniture. The company�s fabrics are used principally in the production of bedding products and residential and commercial upholstered furniture.
More about CFI at www.culpinc.com
Cleantech Transit, Inc. (CLNO)
Biomass is a collective term for all plant and animal material. A number of different forms of biomass can be burned or digested to produce energy. Examples include wood, straw, poultry litter and energy crops such as willow and poplar grown on short rotation coppice and miscanthus. Biomass is a very versatile material and can be used to produce heat (for space and water heating), electricity and a combination of heat and power (electricity). Wood can then be used as logs, wood chip and wood pellets in wood/pellet burning stoves or wood chip/pellet boilers for space and water heating.
Cleantech Transit Inc. was founded to capitalize on technology advances and manufacturing opportunities in the growing clean energy public transportation sector. The Company has expanded its focus to invest directly in specific green projects. Recognizing the many economic and operational advances of converting wood waste into renewable sources of energy, Cleantech has selected to invest in Phoenix Energy (www.phoenixenergy.net). This project could benefit the Company’s manufacturing clients worldwide.
Cleantech Transit, Inc. (CLNO) is pleased to announce it has met its funding requirement to secure the Company’s ability to earn in 25% of the 500KW Merced Project.
The Company is in the final stages of closing its initial interest in the Merced Project and is currently working on completing the necessary documentation and expects closing the transaction soon. As previously announced Cleantech has the option to earn up to 40% of the Merced Project and the Company plans to continue to work towards increasing its interest in the Merced Project as they move ahead.
For more information about Cleantech Transit, Inc. visit its website www.cleantechtransitinc.com
Cell Therapeutics, Inc. (Nasdaq:CTIC) announced that it has submitted its response to the Day 120 List of Outstanding Issues to the European Medicines Agency’s (the “EMA”) Committee for Medicinal Products for Human Use (”CHMP”) in regards to CTI’s Marketing Authorization Application for pixantrone (the “MAA”) to treat relapsed or refractory aggressive non-Hodgkin’s lymphoma (”NHL”). With this submission, CTI expects to receive a CHMP opinion regarding approvability of pixantrone during the first quarter of 2012.
Cell Therapeutics, Inc., a biopharmaceutical company, engages in the development, acquisition, and commercialization of drugs for the treatment of cancer.
Auxilium Pharmaceuticals Inc (Nasdaq:AUXL) announced that executive management will participate in the Stifel Nicolaus 2011 Healthcare Conference during September 7-9, 2011 at the Four Seasons Hotel, Boston, MA. Mr. Jim Fickenscher, Chief Financial Officer, is scheduled to present an overview of the Company and its product pipeline at 11:30 am ET on Wednesday, September 7, 2011.
Auxilium Pharmaceuticals, Inc. operates as a specialty biopharmaceutical company primarily in the United States.
Masimo Corporation (Nasdaq:MASI) announced that its management is scheduled to present at the Morgan Stanley Global Healthcare Conference at the Grand Hyatt New York on Tuesday, September 13, 2011, at 1:35 p.m. Eastern Time. A live audiocast of the presentation will be available on the Masimo website at www.masimo.com. A replay of the audiocast will be available following the live presentation
Masimo Corporation, a medical technology company, develops, manufactures, and markets noninvasive patient monitoring products worldwide.
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