ONE Bio, Corp. ("ONE" or the "Company") (ONBI 4.85, +0.10, +2.11%) , an innovative company utilizing green process manufacturing to produce raw chemicals and herbal extracts, natural and health supplements and organic products, announced audited financial results for the fourth quarter and fiscal year ended December 31, 2010. A summary of financial results includes the following:
Revenue for the three months ended December 31, 2010 reached $14.9 million, an increase of 11% compared to $13.4 million for the three months ended December 31, 2009. Revenue for the fiscal year ended December 31, 2010 reached $52.3 million, an increase of 137% compared to $22.1 million for the same period last year.
Net income for the three months ended December 31, 2010 reached $2.8 million, an increase of 2.9% compared to $2.7 million for the three months ended December 31, 2009. Net income for the fiscal year ended December 31, 2010 reached $8.7 million, an increase of 82% compared to $4.8 million for the same period last year.
The increase in revenue and net income for fiscal 2010 is primarily attributable to the acquisitions the Company completed during the third quarter of 2009 and the increase in demand for the Company's chemical and herbal extracts and organic products.
Gross profit for the three months ended December 31, 2010 was $6.1 million, as compared to $5.3 million for the three months ended December 31, 2009. Gross margin was 40.6% compared to 39.2% for the fourth quarter of 2009. Gross profit for fiscal 2010 was $20.1 million, as compared to $10.0 million in the previous year. Gross margin was 38.5% compared to 45.2% for 2009. The decrease in gross margin for fiscal 2010 was primarily due to a change in the product mix and new product launches. As the Company reaches economies of scale on the new products launched during 2010, the Company anticipates gross margin to increase to over 40% for fiscal 2011.
Operating income for the three months ended December 31, 2010 reached $4.1 million, an increase of 2.7% compared to $3.9 million for the three months ended December 31, 2009. Operating income for 2010 reached $13.7 million, up 83.4% from $7.5 million in 2009. Operating expenses for 2010 totaled $6.4 million, up 155.2% from $2.5 million in the same period a year ago. The increase in operating expenses was primarily due to the full year's inclusion of revenues from the Company's Organic Products and Trade Finance Solutions divisions.
Earnings per share for the three months ended December 31, 2010 reached $0.45 ($0.43 on a fully diluted basis), compared to $0.51 ($0.50 on a fully diluted basis) for the three months ended December 31, 2009. Earnings per share for the fiscal year ended December 31, 2010 reached $1.43 ($1.35 on a fully diluted basis) compared to $0.95 ($0.93 on a fully diluted basis) for the same period last year.
As of December 31, 2010, cash and cash equivalents totaled $10.7 million, working capital totaled $12.8 million, and shareholders' equity was $42.1 million.
"Our fiscal 2010 results met our expectations. Asia's robust economic growth continues to fuel demand for our products, and we successfully added several new distributors in the Asian market during the fiscal year. Our strong organic growth, coupled with the impacts of two key acquisitions we completed in the third quarter of 2009, enabled us to deliver record results for fiscal 2010," stated Marius Silvasan, ONE's CEO. "In 2011, we remain focused on the continued execution of our business strategy, which calls for continued robust organic growth to be supplemented by key strategic acquisitions."
INVESTOR CALL AND WEBCAST
Friday, April 1st, 2011 at 9.00 a.m. EDT
Investors can access the call as follows:
Conference ID: 4427566
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. Fourth Quarter and Fiscal 2010 Earnings Conference Call, or Conference ID 4427566. 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 April 1, 2011, until 11:59 p.m. EDT on April 15, 2011. The number for the replay is 877-870-5176, or 858-384-5517 for international calls; the pass code for the replay is 4427566. 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=00008365
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") (ONBI 4.85, +0.10, +2.11%) (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.