AgriSolar Solutions Inc., a manufacturer of patented, pesticide-free, solar-powered insect elimination systems, today posted its results of operations for the fiscal year ended March 31, 2011, demonstrating significant improvement year-over-year.
Revenue for fiscal year 2011 more than doubled from the prior year, reported at $9.8 million compared to $4.6 million for the fiscal year ended March 31, 2010. Gross profit increased to $3.1 million for 2011 compared to $1.8 million reported for 2010. Net income for 2011 increased to $215,000 compared to a loss of $922,000 for year prior. The company’s 2011 results included a loss on the extinguishment of debt of $440,000.
AgriSolar CEO Liang Chao Wei said the company anticipates continued strength throughout fiscal 2012 as the company takes advantage of global trends toward pesticide-free products.
“We are extremely excited about our growth and are working hard to improve upon the numbers even more in the coming year,” Wei stated in the press release. “While a revenue increase of more than 110 percent is a very promising note on which to end our most recent fiscal year ended March 31, 2011, we are expecting even greater things during our current fiscal year 2012 and are planning to deliver even more value to our shareholders. We are seeing this is a particularly opportune time to take our solar insect elimination systems global given the rise in health concerns over pesticides and the consumer driven Green Revolution that is taking place worldwide.”
The company markets its products primarily to commercial farms in China, to which the company says it has delivered more than 93,000 units to-date. Out of the 33 total province level administrative units in China, AgriSolar’s products are approved for subsidies in 26 of these regions.
For more information visit www.agrisolarsolutions.com