SISHUI COUNTY, CHINA / ACCESSWIRE / February 14, 2018 / China YCT International Group, Inc. CYIG ("China YCT" or the "Company") today announced its financial results for the three and nine months ended December 31, 2017.
- Total revenues increased by 21.4% year-over-year to $17.21 million with growth in sales across all three product categories - acertruncatumbunge seed oil, health care products and Huoliyuan capsules. Revenues from health care products and acertruncatumbunge seed oil were particularly strong during the three months ended December 31, 2017, increasing by 39.7% and 37.4%, respectively.
- Overall gross margin was 39.4% for the three months ended December 31, 2017, compared to 41.0% for the same period of the last fiscal year. The decrease in overall gross margin was mainly related to Huoliyuan capsules, as a result of increased raw material and manufacturing costs, and acertruncatumbunge seed oil, as a result of decreased sales prices and partially offset by decreased raw material cost.
- Net income attributable to the Company was $2.78 million, or $0.09 per share, for the three months ended December 31, 2017, compared to $2.59 million, or $0.09 per share, for the same period of the last fiscal year.
Mr. Tinghe Yan, Chairman and Chief Executive Officer of China YCT, commented, "We closed out 2017 on a high note with revenues increasing by 21.4% for the three months ended December 31, 2017. Sales of health care products and acertruncatumbunge seed oil were particularly strong with growth of 39.7% and 37.4%, respectively. Looking into 2018, we expect continuing growth momentum across all three product categories as we heighten our sales and marketing efforts. We have high hopes for our acertruncatum seed oil business as we will start to harvest acertruncatum seeds at our own planting bases starting this fall and launch the commercial production of blended edible oil products using acertruncatum seed oil as a key ingredient."
Third Quarter Fiscal 2018 Financial Results
For the Three Months Ended December 31,
|
||||||||||||
($ millions, except per share data)
|
2017
|
2016
|
% Change
|
|||||||||
Revenues
|
$ | 17.21 | $ | 14.17 | 21.4 | % | ||||||
Gross profit
|
$ | 6.79 | $ | 5.81 | 16.8 | % | ||||||
Gross margin
|
39.4 | % | 41.0 | % |
-1.6 pp
|
|||||||
Operating income
|
$ | 3.78 | $ | 3.43 | 10.4 | % | ||||||
Operating margin
|
22.0 | % | 24.2 | % |
-2.2 pp
|
|||||||
Net income attributable to CYIG
|
$ | 2.78 | $ | 2.59 | 7.3 | % | ||||||
Earnings per share
|
$ | 0.09 | $ | 0.09 | 7.2 | % |
Revenues
For the three months ended December 31, 2017, total revenues increased by $3.04 million, or 21.4%, to $17.21 million from $14.17 million for the same period of the last fiscal year. The increase in total revenues was primarily related to increase in sales of health care products and acer truncatum bunge seed oil.
Revenues from health care products increased by $1.88 million, or 39.7%, to $6.60 million for the three months ended December 31, 2017 from $4.73 million for the same period of the last fiscal year. The increase in sales of health care products was primarily due to the growth of our customer base as well as the contribution from direct-sales. We sell health care products manufactured by Shandong Yongchuntang Group Co., Ltd. ("Shandong Yongchuntang"), a related party, which owns a 3% equity interest in our operating subsidiary, Shandong Spring Pharmaceutical Co., Ltd. ("Shandong Spring").
Revenues from Huoliyuan capsules increased by $0.04 million, or 0.7%, to $6.49 million for the three months ended December 31, 2017 from $6.45 million for the same period of the last fiscal year.
Revenues from acer truncatum bunge seed oil increased by $1.12 million, or 37.4%, to $4.11 million for the three months ended December 31, 2017 from $2.99 million for the same period of the last fiscal year. The increase in sales of acer truncatum bunge seed oil was primarily due to the increased promotion efforts by organizing conferences to introduce the features and benefits of the product to our distributors and customers through internet direct sales. Since July 2015, the Company has produced and sold acer truncatum bunge seed oil extracted from the acer truncatum pods that were purchased from third party vendors. Our self-grown acer truncatum pods will not be ready to be used for production until approximately the fall of 2018.
The sales of health care products, Huoliyuan capsules and acer truncatum bunge seed oil accounted for 38.4%, 37.7% and 23.9%, respectively, of total revenues for the three months ended December 31, 2017, compared to 33.3%, 45.5%, and 21.1%, respectively, for same period of the last fiscal year.
The following table summarizes the breakdown of revenues and gross profit by products for the three months ended December 31, 2017 and 2016, respectively:
For the Three Months Ended December 31,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
Revenues
M
|
Gross Profit
M
|
Gross Margin
(%)
|
Revenues
M
|
Gross Profit
M
|
Gross Margin
(%)
|
|||||||||||||||||||
Health care supplements
|
6.60 | 2.94 | 44.5 | % | 4.73 | 2.09 | 44.3 | % | ||||||||||||||||
Drug (Huoliyuan capsule)
|
6.49 | 1.99 | 30.6 | % | 6.45 | 2.29 | 35.6 | % | ||||||||||||||||
Acer truncatum oil
|
4.11 | 1.87 | 45.4 | % | 2.99 | 1.43 | 47.7 | % | ||||||||||||||||
Total
|
17.21 | 6.79 | 39.4 | % | 14.17 | 5.81 | 41.0 | % |
Cost of Goods Sold
Our cost of goods sold were comprised primarily of the cost of finished goods we purchased from Shandong Yongchuntang, the raw materials we purchased from third party vendors, and the manufacturing cost of acertruncatumbunge seed oil and Huoliyuan capsules. For the three months ended December 31, 2017, total cost of goods sold increased by $2.06 million, or 24.7%, to $10.42 million from $8.36 million for the same period of the last fiscal year. Cost of goods sold for health care products, Huoliyuan capsules and acertruncatumbunge seed oil were $3.67 million, $4.51 million and $2.25 million, respectively, for the three months ended December 31, 2017, compared to $2.63 million, $4.16 million and $1.57 million, respectively, for the same period of the last fiscal year.
Gross Profit
Gross profit increased by $0.97 million, or 16.8%, to $6.79 million for the three months ended December 31, 2017 from $5.81 million for the same period of the last fiscal year. Gross profit for health care products, Huoliyuan capsules and acertruncatumbunge seed oil were $2.94 million, $1.99 million and $1.87 million, respectively, for the three months ended December 31, 2017, compared to $2.09 million, $2.29 million and $1.43 million, respectively, for the same period of the last fiscal year.
Overall gross margin was 39.4%, with gross margins for health care products, Huoliyuan capsules and acertruncatumbunge seed oil of 44.5%, 30.6% and 45.4%, respectively, for the three months ended December 31, 2017. This compared to overall gross margin of 41.0%, and gross margins for health care products, Huoliyuan capsules and acertruncatumbunge seed oil of 44.3%, 35.6% and 47.7%, respectively, for the same period of the last fiscal year. The decrease in overall gross margin was mainly related to Huoliyuan capsules and acertruncatumbunge seed oil. The decrease in gross margin for Huoliyuan capsules was a result of increased raw material and manufacturing costs, while the decrease in gross margin for acertruncatumbunge seed oil was a result of decreased sales price and partially offset by decreased raw material cost.
Operating Expenses
Our selling expenses consist primarily of sales commissions, advertising and promotion expenses, freight charges and related compensation. For the three months ended December 31, 2017, selling expenses increased by $0.31 million, or 31.9%, to $1.28 million from $0.97 million for the same period of the last fiscal year. The increase in selling expenses was primarily due to the increase in shipping cost and sales commission as a result of increased sales volume and increased advertising costs. General and administrative expenses increased by $0.31 million, or 27.1%, to $1.45 million for the three months ended December 31, 2017 from $1.14 million for the same period of the last fiscal year. The increase in general and administrative expenses was primarily due to the increase in depreciation and amortization expenses and legal and consulting fees. Our research and development expenses were $0.28 million for the three months ended December 31, 2017, essentially unchanged from the same period of the last fiscal year. As a result, total operating expenses increased by $0.62 million, or 25.9%, to $3.00 million for the three months ended December 31, 2017 from $2.39 million for the same period of the last fiscal year.
Operating Income
Total operating income increased by $0.36 million, or 10.4%, to $3.78 million for the three months ended December 31, 2017 from $3.43 million for the same period of the last fiscal year. The increase in total operating income was mainly a result of increased gross profit and partially offset by increased total operating expenses. Operating margin was 22.0% for the three months ended December 31, 2017, compared to 24.2% for the same period of the last fiscal year.
Net Income
Income tax expense increased by $0.10 million, or 12.3%, to $0.95 million for the three months ended December 31, 2017 from $0.85 million for the same period of the last fiscal year.
Net income increased by $0.27 million, or 10.6%, to $2.86 million for the three months ended December 31, 2017 from $2.59 million for the same period of the last fiscal year.
After the deduction of non-controlling interest, net income attributable to the Company was $2.78 million or $0.09 per basic and diluted share, for the three months ended December 31, 2017, compared to $2.59 million, or $0.09 per basic and diluted share, for the same period of the last fiscal year.
Nine Months Ended December 31, 2017 Financial Results
For the Nine Months Ended December 31,
|
||||||||||||
($ millions, except per share data)
|
2017
|
2016
|
% Change
|
|||||||||
Revenues
|
$ | 48.21 | $ | 35.48 | 35.9 | % | ||||||
Gross profit
|
$ | 18.69 | $ | 14.20 | 31.7 | % | ||||||
Gross margin
|
38.8 | % | 40.0 | % |
-1.2 pp
|
|||||||
Operating income
|
$ | 11.47 | $ | 8.19 | 39.9 | % | ||||||
Operating margin
|
23.8 | % | 23.1 | % |
0.7 pp
|
|||||||
Net income attributable to CYIG
|
$ | 8.82 | $ | 6.16 | 43.2 | % | ||||||
Earnings per share
|
$ | 0.30 | $ | 0.21 | 43.1 | % |
Revenues
For the nine months ended December 31, 2017, total revenues increased by $12.73 million, or 35.9%, to $48.21 million from $35.48 million for the same period of the last fiscal year. The increase in total revenues was across all product categories.
Revenues from health care products increased by $7.82 million, or 64.4%, to $19.97 million for the nine months ended December 31, 2017 from $12.15 million for the same period of the last fiscal year. The increase in sales of health care products was primarily due to the growth of our customer base as well as contribution from internet direct-sales.
Revenues from Huoliyuan capsules increased by $2.66 million, or 15.6%, to $19.75 million for the nine months ended December 31, 2017 from $17.09 million for the same period of the last fiscal year. The increase in sales of Huoliyuan capsules was primarily due to the easing of market competition.
Revenues from acertruncatumbunge seed oil increased by $2.25 million, or 36.1%, to $8.50 million for the nine months ended December 31, 2017 from $6.24 million for the same period of the last fiscal year. The increase in sales of acertruncatumbunge seed oil was primarily due to increased marketing efforts in promoting the products. Since July 2015, the Company has produced and sold acertruncatumbunge seed oil extracted from the acertruncatum pods that were purchased from third party vendors. Our self-grown acertruncatum pods will not be ready to be used for production until approximately the fall of 2018.
The sales of health care products, Huoliyuan capsules and acertruncatumbunge seed oil accounted for 41.4%, 41.0% and 17.6%, respectively, of total revenues for the nine months ended December 31, 2017, compared to 34.2%, 48.2%, and 17.6%, respectively, for same period of the last fiscal year.
The following table summarizes the breakdown of revenues and gross profit by products for the nine months ended December 31, 2017 and 2016, respectively:
For the Nine Months Ended December 31,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
Revenues
M
|
Gross Profit
M
|
Gross Margin
(%)
|
Revenues
M
|
Gross Profit
M
|
Gross Margin
(%)
|
|||||||||||||||||||
Health care supplements
|
19.97 | 8.90 | 44.6 | % | 12.15 | 5.39 | 44.4 | % | ||||||||||||||||
Drug (Huoliyuan capsule)
|
19.75 | 6.01 | 30.4 | % | 17.09 | 5.91 | 34.6 | % | ||||||||||||||||
Acer truncatum oil
|
8.50 | 3.78 | 44.5 | % | 6.24 | 2.90 | 46.4 | % | ||||||||||||||||
Total
|
48.21 | 18.69 | 38.8 | % | 35.48 | 14.20 | 40.0 | % |
Cost of Goods Sold
Our cost of goods sold were comprised primarily of the cost of finished goods we purchased from Shandong Yongchuntang, the raw materials we purchased from third party vendors, and the manufacturing cost of acertruncatumbunge seed oil and Huoliyuan capsules. For the nine months ended December 31, 2017, total cost of goods sold increased by $8.24 million, or 38.7%, to $29.52 million from $21.28 million for the same period of the last fiscal year. Cost of goods sold for health care products, Huoliyuan capsules and acertruncatumbunge seed oil were $11.07 million, $13.74 million and $4.72 million, respectively, for the nine months ended December 31, 2017, compared to $6.75 million, $11.18 million and $3.35 million, respectively, for the same period of the last fiscal year.
Gross Profit
Gross profit increased by $4.49 million, or 31.7%, to $18.69 million for the nine months ended December 31, 2017 from $14.20 million for the same period of last fiscal year. Gross profit for health care products, Huoliyuan capsules and acertruncatumbunge seed oil were $8.90 million, $6.01 million and $3.78 million, respectively, for the nine months ended December 31, 2017, compared to $5.39 million, $5.91 million and $2.90 million, respectively, for the same period of the last fiscal year.
Overall gross margin was 38.8%, with gross margins for health care products, Huoliyuan capsules and acertruncatumbunge seed oil of 44.6%, 30.4% and 44.5%, respectively, for the nine months ended December 31, 2017. This compared to overall gross margin of 40.0%, and gross margins for health care products, Huoliyuan capsules and acertruncatumbunge seed oil of 44.4%, 34.6% and 46.4%, respectively, for the same period of the last fiscal year. The decrease in overall gross margin was mainly related to Huoliyuan capsules and acertruncatumbunge seed oil. The decrease in gross margin for Huoliyuan capsules was a result of increased raw material and manufacturing costs, while the decrease in gross margin for acertruncatumbunge seed oil was a result of decreased sales price and partially offset by decreased raw material cost.
Operating Expenses
Our selling expenses consist primarily of sales commissions, advertising and promotion expenses, freight charges and related compensation. For the nine months ended December 31, 2017, selling expenses increased by $1.07 million, or 42.4%, to $3.60 million from $2.53 million for the same period of the last fiscal year. The increase in selling expenses was primarily due to the increase in shipping cost and sales commission as a result of increased sales volume as well as increased advertising costs. General and administrative expenses increased by $0.50 million, or 18.4%, to $3.22 million for the nine months ended December 31, 2017 from $2.72 million for the same period of the last fiscal year. The increase in general and administrative expenses was primarily due to the increase in depreciation and amortization expenses and legal and consulting fees offset by the decrease in stock options amortization. Our research and development expenses were $0.41 million for the nine months ended December 31, 2017, compared to $0.75 million for the same period of the last fiscal year. The decrease in research and development expenses was mainly due to the decreased purchase of the materials used for R&D. As a result, total operating expenses increased by $1.22 million, or 20.4%, to $7.23 million for the nine months ended December 31, 2017 from $6.00 million for the same period of the last fiscal year.
Operating Income
Total operating income increased by $3.27 million, or 39.9%, to $11.47 million for the nine months ended December 31, 2017 from $8.19 million for the same period of the last fiscal year. The increase in total operating income was mainly a result of increased gross profit and partially offset by increased operating expenses. Operating margin was 23.8% for the nine months ended December 31, 2017, compared to 23.1% for the same period of the last fiscal year.
Net Income
Income tax expense increased by $0.95 million, or 45.9%, to $3.03 million for the nine months ended December 31, 2017 from $2.08 million for the same period of the last fiscal year.
Net income increased by $2.94 million, or 47.7%, to $9.10 million for the nine months ended December 31, 2017 from $6.16 million for the same period of the last fiscal year.
After the deduction of non-controlling interest, net income attributable to the Company was $8.82 million or $0.30 per basic and diluted share, for the nine months ended December 31, 2017, compared to $6.16 million, or $0.21 per basic and diluted share, for the same period of the last fiscal year.
Liquidity and Capital Resources
As of December 31, 2017, the Company had cash and cash equivalents of $18.77 million, and inventories of $3.44 million, compared to $10.31 million and $5.48 million, respectively, as of March 31, 2017. Total working capital was $23.33 million as of December 31, 2017, compared to $15.49 million as of March 31, 2017.
Net cash provided by operating activities was $12.13 million for the nine months ended December 31, 2017, compared to $7.28 million for the same period of the last fiscal year. Net cash used in investing activities was $4.45 million for the nine months ended December 31, 2017, compared to $4.51 million for the same period of the last fiscal year. Net cash provided by financing activities was $nil for the nine months ended December 31, 2017 and 2016, respectively.
Recent Developments
On February 1, 2018, the Company announced that Shandong Spring Pharmaceutical Co., Ltd., a 97% owned subsidiary of the Company, has been ratified and issued a Food Production License for production of edible vegetable oil, which includes acer truncatum bunge seed oil, and related blended edible oil products (the "License"). The License was granted by the Food and Drug Administration of Sishui County and is valid for five years.
About China YCT International Group, Inc.
Based in Sishui County, Shandong Province and established in January 1989, China YCT International Group, Inc., through its subsidiaries, engages in the business of (i) distributing health care supplement products manufactured by a third party in the PRC, (ii) developing, manufacturing, and selling Huoliyuan Capsules, a prescription medicine, (iii) developing acer truncatum bunge planting bases, and manufacturing and selling acer truncatum bunge seed oil in the PRC. Acer truncatum bunge plants are a species of maple tree. For more information about the Company, please visit www.yctgroup.com.
Forward-Looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact:
At the Company:
Zecheng Shao, Vice President
Phone: +86-156-5377-2006
Email: zc_shao@126.com
Investor Relations:
Tony Tian, CFA
Weitian Group LLC
Phone: +1-732-910-9692
Email: tony.tian@weitian-ir.com
CHINA YCT INTERNATIONAL GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
|
THREE MONTHS ENDED
DECEMBER 31,
|
|
|
NINE MONTHS ENDED
DECEMBER 31,
|
|
|||||||||||
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales
|
|
$
|
17,211,156
|
|
|
$
|
14,171,624
|
|
|
$
|
48,212,805
|
|
|
$
|
35,478,603
|
|
Cost of Goods Sold (including $3,623,226 and $2,590,947 from a related party for the three months ended December 31, 2017 and 2016, respectively; including $10,932,869 and $6,648,948 from a related party for the nine months ended December 31, 2017 and 2016, respectively)
|
|
|
10,422,916
|
|
|
|
8,358,123
|
|
|
|
29,521,454
|
|
|
|
21,281,950
|
|
Gross profit
|
|
|
6,788,240
|
|
|
|
5,813,501
|
|
|
|
18,691,351
|
|
|
|
14,196,653
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
|
1,278,544
|
|
|
|
969,495
|
|
|
|
3,596,983
|
|
|
|
2,525,178
|
|
General and administrative expenses
|
|
|
1,445,469
|
|
|
|
1,137,609
|
|
|
|
3,222,132
|
|
|
|
2,722,468
|
|
Research and development expenses
|
|
|
280,229
|
|
|
|
279,589
|
|
|
|
406,640
|
|
|
|
754,485
|
|
Total operating expenses
|
|
|
3,004,242
|
|
|
|
2,386,693
|
|
|
|
7,225,755
|
|
|
|
6,002,131
|
|
Income from operations
|
|
|
3,783,998
|
|
|
|
3,426,808
|
|
|
|
11,465,596
|
|
|
|
8,194,522
|
|
Gain on disposal of acer truncatum bunge plants
|
|
|
-
|
|
|
|
-
|
|
|
|
573,092
|
|
|
|
-
|
|
Interest income
|
|
|
32,376
|
|
|
|
11,073
|
|
|
|
88,678
|
|
|
|
43,222
|
|
Income before income tax provision
|
|
|
3,816,374
|
|
|
|
3,437,881
|
|
|
|
12,127,366
|
|
|
|
8,237,744
|
|
Income tax provision
|
|
|
954,093
|
|
|
|
849,716
|
|
|
|
3,031,841
|
|
|
|
2,078,344
|
|
Net income
|
|
|
2,862,281
|
|
|
|
2,588,165
|
|
|
|
9,095,525
|
|
|
|
6,159,400
|
|
Less: Net income attributable to noncontrolling interest
|
|
|
85,869
|
|
|
|
-
|
|
|
|
272,866
|
|
|
|
-
|
|
Net income attributable to the Company
|
|
|
2,776,412
|
|
|
|
2,588,165
|
|
|
|
8,822,659
|
|
|
|
6,159,400
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
|
1,557,010
|
|
|
|
(3,096,813
|
)
|
|
|
5,121,310
|
|
|
|
(5,747,120
|
)
|
Comprehensive income (loss)
|
|
|
4,419,291
|
|
|
|
(508,648
|
)
|
|
|
14,216,835
|
|
|
|
412,280
|
|
Less: Comprehensive income attributable to noncontrolling interest
|
|
|
132,578
|
|
|
|
-
|
|
|
|
425,325
|
|
|
|
-
|
|
Comprehensive income (loss) attributable to the Company
|
|
$
|
4,286,713
|
|
|
$
|
(508,648
|
)
|
|
$
|
13,791,510
|
|
|
$
|
412,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
0.30
|
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
|
|
|
29,789,168
|
|
|
|
29,764,168
|
|
|
|
29,789,168
|
|
|
|
29,761,322
|
|
CHINA YCT INTERNATIONAL GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
DECEMBER 31,
2017
|
|
|
MARCH 31,
2017
|
|
|||
|
|
|
|
|
|
|
||
Assets
|
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
18,768,536
|
|
|
$
|
10,308,622
|
|
Accounts receivable
|
|
|
209,784
|
|
|
|
1,134,967
|
|
Inventories
|
|
|
3,442,024
|
|
|
|
5,483,040
|
|
Purchase deposit to vendors
|
|
|
-
|
|
|
|
650,790
|
|
Purchase deposit to related party
|
|
|
1,304,919
|
|
|
|
-
|
|
Prepaid expenses
|
|
|
180,473
|
|
|
|
-
|
|
Prepaid leases – current portion
|
|
|
785,582
|
|
|
|
900,547
|
|
Total current assets
|
|
|
24,691,318
|
|
|
|
18,477,966
|
|
|
|
|
|
|
|
|
|
|
Prepaid leases
|
|
|
770,737
|
|
|
|
1,265,252
|
|
Development cost of acer truncatum bunge planting
|
|
|
47,384,846
|
|
|
|
42,055,972
|
|
Plant, property, and equipment, net
|
|
|
16,501,938
|
|
|
|
14,487,135
|
|
Intangible assets, net
|
|
|
11,740,353
|
|
|
|
12,042,758
|
|
Deferred tax assets
|
|
|
261,277
|
|
|
|
508,521
|
|
Security deposit to related party
|
|
|
1,530,409
|
|
|
|
1,449,422
|
|
Total assets
|
|
$
|
102,880,878
|
|
|
$
|
90,287,026
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable to related party
|
|
$
|
-
|
|
|
$
|
706,048
|
|
Accounts payable and other accrued expenses
|
|
|
282,982
|
|
|
|
251,307
|
|
Taxes payable
|
|
|
1,079,580
|
|
|
|
2,028,190
|
|
Total current liabilities
|
|
|
1,362,562
|
|
|
|
2,985,545
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Preferred stock, par value $500 per share; 45 shares authorized, issued and outstanding at December 31, 2017 and March 31, 2017.
|
|
|
22,500
|
|
|
|
22,500
|
|
Common stock, par value $0.001 per share; 100,000,000 shares authorized; 29,789,168 shares issued and outstanding at December 31, 2017 and March 31, 2017.
|
|
|
29,789
|
|
|
|
29,789
|
|
Additional paid-in capital
|
|
|
4,322,838
|
|
|
|
4,322,838
|
|
Statutory reserve
|
|
|
1,828,504
|
|
|
|
1,828,504
|
|
Retained earnings
|
|
|
91,884,263
|
|
|
|
83,061,604
|
|
Accumulated other comprehensive income (loss)
|
|
|
582,006
|
|
|
|
(4,386,845
|
)
|
Total stockholders' equity attributable to the Company
|
|
|
98,669,900
|
|
|
|
84,878,390
|
|
Noncontrolling interest
|
|
|
2,848,416
|
|
|
|
2,423,091
|
|
Total stockholders' equity
|
|
|
101,518,316
|
|
|
|
87,301,481
|
|
Total liabilities and stockholders' equity
|
|
$
|
102,880,878
|
|
|
$
|
90,287,026
|
|
CHINA YCT INTERNATIONAL GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
NINE MONTHS ENDED
DECEMBER 31,
|
|
||||||
|
|
2017
|
|
|
2016
|
|
||
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
||
Net income
|
|
$
|
9,095,525
|
|
|
$
|
6,159,400
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization of plant, property and equipment
|
|
|
951,711
|
|
|
|
534,567
|
|
Amortization of intangible assets
|
|
|
949,886
|
|
|
|
830,262
|
|
Amortization of prepaid leases
|
|
|
654,324
|
|
|
|
697,741
|
|
Issuance of common shares for services
|
|
|
-
|
|
|
|
10,609
|
|
Stock-based compensation expenses
|
|
|
-
|
|
|
|
101,026
|
|
Deferred taxes
|
|
|
268,475
|
|
|
|
(10,893
|
)
|
Gain on disposal of acer truncatum bunge plants
|
|
|
(573,092
|
)
|
|
|
-
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Advance payment to vendors
|
|
|
669,250
|
|
|
|
-
|
|
Inventory
|
|
|
2,286,222
|
|
|
|
(1,739,711
|
)
|
Accounts receivable
|
|
|
962,842
|
|
|
|
(9,878
|
)
|
Cancellation of lease
|
|
|
57,137
|
|
|
|
-
|
|
Prepaid expenses
|
|
|
(175,771
|
)
|
|
|
-
|
|
Taxes payable
|
|
|
(1,034,267
|
)
|
|
|
645,178
|
|
Purchase deposit and accounts payable to related party, net
|
|
|
(1,996,995
|
)
|
|
|
132,348
|
|
Accounts payable and other accrued expenses
|
|
|
17,174
|
|
|
|
(67,505
|
)
|
Net cash provided by operating activities
|
|
|
12,132,421
|
|
|
|
7,283,144
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Acquisition of property, plant and equipment
|
|
|
(2,125,638
|
)
|
|
|
(1,374,790
|
)
|
Proceeds from disposal of acer truncatum bunge plants
|
|
|
2,129,638
|
|
|
|
-
|
|
Development cost of acer truncatum bunge planting
|
|
|
(4,457,916
|
)
|
|
|
(3,133,278
|
)
|
Net cash used in investing activities
|
|
|
(4,453,916
|
)
|
|
|
(4,508,068
|
)
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
781,409
|
|
|
|
(629,729
|
)
|
Net increase in cash and cash equivalents
|
|
|
8,459,914
|
|
|
|
2,145,347
|
|
Cash and cash equivalents at beginning of period
|
|
|
10,308,622
|
|
|
|
7,639,084
|
|
Cash and cash equivalents at end of period
|
|
$
|
18,768,536
|
|
|
$
|
9,784,431
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid during the periods for:
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
-
|
|
|
$
|
-
|
|
Income taxes
|
|
$
|
3,495,744
|
|
|
$
|
1,663,060
|
|
SOURCE: China YCT International Group, Inc.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.