Rodobo International, Inc. (OTC BB: RDBO), announced today second quarterly 2010 results. Here are the highlights: Second quarter revenue was $15.3 million, up 143% from the second quarter 2009. Gross profit was $6 million, an increase of 164% from the second quarter 2009. Gross margin was 39% compared to 36% in the second quarter 2009. Net income was $3.9 million, or $0.17 per diluted share, compared to $1.2 million, or $0.08 per diluted share, for the second quarter of 2009.
Acquired subsidiaries, Ewenkeqi Beixue Dairy Co., Ltd. Hulunbeier Beixue Dairy Co., Ltd., and Hulunbeier Hailaer Beixue Dairy Factory (the “Beixue Group”). Gross profit for the six months ended March 31, 2010 was $11.3 million, up 67% compared to the same period last year. The overall gross margin remained flat at 45% for the first half ended March 31, 2010 compared to the same period last year. Overall gross margin was diluted due to the recent acquisition of lower-margin business.
The Beixue Group has a gross margin of 8.4% for the six months ended March 31, 2010. Excluding the margin dilution impact of the acquisition, gross margin actually improved from 45% for the six months ended March 31, 2009 to 54% for the six months ended March 31, 2010, primarily driven by the high-margin new baby/infant formula “Peer”, which has a gross margin of 69% and accounted for approximately 44% of total sales (excluding sales from the Beixue Group) in the six months ended March 31, 2010.
Operating income in the six months ended March 31, 2010 was $4.2 million, up 55% compared to $2.7 million in the same period last year. Net income for the six months ended March 31, 2010 grew 99% to $6.1 million compared with $3.1 million for the six months ended March 31, 2009. This increase in net income was mainly attributable to the growth in sales, partially offset by an increase in cost of goods sold and operating expenses. This increase in net income was also attributable to a $1.7 million of gain on bargain purchase in connection with the acquisitions on February 5, 2010.
About Rodobo International, Inc.
Rodobo International, Inc. is one of the leading non-state-owned dairy companies in China. Through its wholly-owned operating subsidiaries and variable interest entity, Rodobo International, Inc. is a producer and distributor of high-quality formula milk powder products for infants, children, the middle-aged and the elderly in China. The Company’s products are sold under the brand names “Rodobo”, “Healif” and “Peer” and are produced in cutting edge facilities under best quality control systems and in compliance with high industry standards.
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Nitro Petroleum Inc. (OTC BB: NTRO), recently announced base expansion rework on Ward-McNeil Well in Oklahoma. Nitro continues to expand on proving and producing under developed reserves. Nitro will be the primary operator on this new project with services now scheduled to be completed within approximately 30 days, pending progress updated on completion shortly.
Nitro Petroleum Inc. holds current interests in several projects in Oklahoma, where it is based, as well as in Montana and Alberta, Canada. It is currently negotiating to lease additional land in the lavish Quinlan area of Oklahoma. NTRO.OB has also struck oil in East Moreland, West Moreland, and Farley leases located in Nowata County, as well as owning other various interests in oil and gas leases situated in Garvin, Pottawatomie, and Seminole counties in the state.
About Nitro Petroleum Inc.
Nitro Petroleum Inc. is an independent, energy company engaged in the acquisition, exploitation and development of oil and natural gas properties in the United States and Canada. Nitro’s objective is to seek out and develop opportunities in the oil and natural gas sectors that represent a low risk opportunity. As well, Nitro aims to define larger projects that can be developed with Joint Venture partners.
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ProLogis Corp. (NYSE: PLD), announced this week (NYSE: PLD) has signed three build-to-suit agreements in Europe, totaling approximately 1.7 million square feet (158,000 square meters). These transactions will be second quarter development starts and represent approximately $130 million of total expected investment. “We are making significant progress toward our goal of $700 to $800 million of global development starts during 2010 with $382 million begun this year,” said Walt Rakowich, chief executive officer.
“Year to date, we also have monetized $158 million of land, contributing toward the $350 to $400 million target we established for this year. We are pleased to once again meet our customers’ needs for high-quality, well-located distribution space by utilizing our core competencies of development expertise and a longstanding commitment to customer service.”
ProLogis (NYSE: PLD) has a proven track record for best-in-class industrial development and the ability to meet its customers’ specific industrial development needs throughout North America, Europe and Asia. As of December 31, 2009, the company has developed more than 300 million square feet (27 million square meters) of ProLogis-owned and managed facilities.
About ProLogis
ProLogis (NYSE: PLD) is a leading global provider of distribution facilities, with more than 475 million square feet of industrial space (44 million square meters) in markets across North America, Europe and Asia. The company leases its industrial facilities to more than 4,400 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. For additional information about the company, go to http://www.prologis.com.
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