Shiner International Inc., an emerging global supplier of packaging solutions for food, tobacco and consumer products, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2010.
Fiscal 2010 revenues increased 68 percent to $58.2 million as compared to $34.5 million reported for 20009. Net income for the year increased to $4.2 million, or $0.17 per diluted share, as compared to a net loss of $(99,801), or $0.00 per diluted share, for 2009. Gross profit for 2010 was $9.8 million, an increase of 113.54 percent from $4.6 million in 2009. 2010 gross margin was 16.9 percent, an increase of 3.6 percent compared to 13.3% in 2009. Operating income and positive margin for 2010 were $4.6 million and 8.0 percent, respectively, compared to an operating loss and negative margin of $(0.2 million) and (0.6 percent), respectively, for 2009.
As of December 31, 2010, Shiner had $8.6 million in cash and cash equivalents on hand, six short-term loans outstanding, totaling $6.8 million, and working capital of $12.8 million.
“We are very pleased with the strong top- and bottom-line growth we achieved in 2010. For the fiscal year, we exceeded our revenue guidance by approximately $5 million. Sales revenue for flexible packaging materials was $43.5 million, and sales revenue for advanced films totaled $14.2 million. We feel confident that in 2011 we will continue to increase our revenues and improve margins,” Qingtao Xing, Shiner’s president and CEO stated in the press release.
Shiner reported revenues for the fourth quarter of fiscal 2010 increased by 65.5 percent to $17.8 million as compared to $10.8 million in the fourth quarter of 2009. Net income for the fourth quarter of 2010 increased 542.8 percent to $1.0 million, or $0.04 per diluted share, compared to $153,720, or $0.01 per diluted share, for fourth quarter of 2009. Gross profit for the 2010 fourth quarter was $2.2 million, up 48 percent from $1.5 million in the same period last year. Gross margin for the fourth quarter of 2010 was 12.6 percent compared to 14.1 percent in the 2009 period. Operating income and margin for the fourth quarter of 2010 were $1.0 million and 5.4 percent, respectively, compared to $79,766 and 0.74 percent, respectively, for the comparable quarter of 2009.
International sales were a driving force for the company’s full-year results, and Xing says the company will continue to expand its position domestically and internationally.
“Our primary focus for 2011 will be to expand our market share both in China and abroad. We plan to open six new sales offices in China and eight overseas in 2011 to attract new customers in our target markets. To meet the anticipated demand for our products, we also plan to add a 10,000-ton tobacco film production line in the second quarter of 2011. The new line will be operational in the middle of 2011, enabling us to better serve large customers,” Xing stated. “By investing in the foundation of our business, we are positioning Shiner for sustained sales growth and profitability. Our ability to deliver customized, cost-efficient packaging solutions gives us a considerable market advantage both domestically and internationally. We are confident of our financial outlook for 2011.”
For more information visit www.shinerinc.com