ONE Bio Reports First Quarter 2010 Results
Published: May 18, 2010
MIAMI, FL--(Marketwire - May 18, 2010) -
ONE Bio, Corp.
First Quarter of Year 2010 Results:
First quarter 2010 revenue was up 386% to $11,162,507 compared to $2,297,621 for the same period a year ago. Operating Income was up 154% to $2,892,842 compared to $1,140,223 for the same period last year. Net Income was up 94% to $1,637,072 compared to $842,725 for the same quarter last year. Earnings per share for the first quarter of 2010 reached $0.06 compared to $0.05 for the same period in 2009.
Non-reoccurring expenses, expenses associated with the $3 million funding closed during Q1 and employee option expenses negatively impacted net income by $245,737 during the quarter. Gross margin was 36.8% and income from operations margin remained strong at 25.9% during the quarter.
Three Months ended March 31, ------------------------------ 2010 2009 Revenues $ 11,162,507 $ 2,297,621 Cost of sales 7,054,796 852,686 -------------- -------------- Gross profits 4,107,711 1,444,935 -------------- -------------- Operating expenses General and administrative expenses 1,116,844 212,215 Research and development expenses 60,388 36,466 Selling and marketing expenses 37,637 56,031 1,214,869 304,712 -------------- -------------- Income from operations 2,892,842 1,140,223 Interest and financing expense (199,109) (88) Interest income 3,838 249 Other income (164,129) - Provision for income taxes (702,515) (297,659) -------------- -------------- Net income 1,830,927 842,725 Net income attributable to non-controlling interest (193,855) - -------------- -------------- Net income attributable to Company $ 1,637,072 $ 842,725 ============== ==============
"We are very pleased with our first quarter results. These results reflect strong organic growth and the contribution of our recently completed acquisitions. Asia's robust economic growth continues to fuel demand for our products. We are focused on highly sought-after organic products, herbal and chemical extracts and natural and health supplements. We have put in place a solid foundation for strong organic growth and continue to seek strategic acquisitions," stated Marius Silvasan, ONE's CEO.
"The increase in our ownership position in one of our key subsidiary, which occurred April 19, 2010, will result in a decrease in the non-controlling interest in future periods further improving our net income and earnings per share. Historically the first quarter is the weakest quarter of the year. We anticipate even stronger results for the remaining three quarters of 2010," added Silvasan.
About ONE Bio, Corp.
ONE Bio, Corp. ("ONE") (OTCBB: ONBI) (www.onehcorp.com) headquartered in Miami, FL, is an innovative company utilizing green process manufacturing to produce raw chemicals and herbal extracts, natural supplements and organic products. ONE is focused on capitalizing on the rapidly growing markets of the Asia Pacific region. Key products include widely recognized Solanesol, CoQ10, Resveratrol and 5-HTP, organic fertilizers, and organic bamboo health food and beverages. ONE's growth plan targets an aggressive acquisition driven strategy supported by strong organic growth. Through ONE, small private companies gain access to capital, experienced management and strategic insight. ONE builds strong synergies amongst all subsidiaries to enhance shareholder value. ONE is working with each subsidiary to promote organic and acquisition driven growth.
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.
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