Shiner Intl (NASDAQ:BEST)

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Monday, May 21, 2012

SHINER INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(unaudited)

	2012			2011
Net Revenue	$	17,370,024		$	15,906,845
Cost of goods sold		15,199,083			13,539,738
Gross profit		2,170,941			2,367,107

Operating expenses
Selling		654,531			444,676
General and administrative		1,646,477			717,039
Total operating expenses		2,301,008			1,161,715

Income (loss) from operations		(130,067	)		1,205,392

Non-operating income (expense):
Other income, net		(101,183	)		194,611
Interest income		8,829			6,273
Interest expense		(288,669	)		(142,951	)
Exchange (loss)		(5,873	)		(55,795	)
Total non-operating income (expense)		(386,896	)		2,138

Income (loss) before income tax		(516,963	)		1,207,530

Income tax expense		78,943			210,836

Net income (loss)		(595,906	)		996,694

Net loss attributed to noncontrolling interest		(41,386	)		(8,310	)

Net income (loss) attributed to Shiner	$	(554,520	)	$	1,005,004
Comprehensive income (loss)
Net income (loss)	$	(595,906	)	$	996,694
Foreign currency translation gain		278,324			226,514
Comprehensive income (loss)	$	(317,582	)	$	1,223,208
Weighted average shares outstanding :
Basic		27,541,491			27,541,491
Diluted		27,541,491			27,546,675
Earnings (loss) per share attributed to Shiner common stockholders
Basic	$	(0.02	)	$	0.04
Diluted	$	(0.02	)	$	0.04

The decrease in net income was mainly due to increased labor costs, depreciation of our new property, no other income from a former landlord (related to payments received for vacating a leased property early in 2011) , offset by an increase in subsidy income.

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Monday, April 2, 2012

Fourth Quarter Financial Highlights

Revenues for the fourth quarter of fiscal 2011 increased 28.4% year-over-year to $22.9 million, up from $17.8 million in the fourth quarter of 2010.

Net income for the fourth quarter of 2011 decreased 119.9% year-over-year to $(0.3) million, compared to $1.4 million for the 2010 period.

Gross profit for the 2011 fourth quarter was $3.0 million, up 34.2% from $2.2 million in the same period last year. Gross margin for the fourth quarter of 2011 was 13.1% compared to 12.6% in 2010.

Operating income for the fourth quarter of 2011 was $(0.8) million, compared to $1.0 million for the comparable 2010 period.

Earnings per diluted share was $(0.02) for the fourth quarter of 2011, compared to earnings per diluted share of$0.04 in the same period a year ago.

Mr. Qingtao Xing, Shiner's President and CEO, stated: "We achieved total revenue of $75.3 million in 2011, which increase 29.4% compare to last year, though the net income decreased. Sales revenue for BOPP tobacco film was $38.4 million, a significant increase compare to the same period of 2010. Meanwhile, revenues of advanced film in Southeast Asia have a big breakout, especially in Vietnam market our sales volume exceed 1,000 tons. With respect to coated film, we have attracted some multinational converters such as Marubeni acting as our regional agent to explore our market share through their sales channel and sales network."

Mr. Xing continued, "Our efforts to strengthen our R&D capability over the past 12 months have enabled us to benefit from product quality and brand reputation, which at last convert to company's core competitiveness and market shares. As a result, in 2011 our R&D expense increased a lot, our patents increase to 19 including aUSA patent. We expect to generate more revenues and income through our strong R&D capability in 2012 and beyond".

Operations Outlook

Mr. Xing stated, "In 2012, we will continue to develop new market and expand our market share both in Chinaand abroad with our efforts. We have entered into Philippines Inter-tabac Exhibition to attract more tobacco manufacturers and explore new market in March 2012. With additional 10,000-ton tobacco film production capability, we can provide higher quality product and better packaging solutions to satisfy our customers.？？？

He continued, "By investing in our R&D's innovation and the high-end facility, we expect to achieve better operational performance and financial prospect in 2012."

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Tuesday, November 15, 2011

Third Quarter 2011 Results

Total revenue for the third quarter of 2011 increased by 20.0% to $18.6 million, up from $15.5 million in the third quarter of 2010.
Gross profit and gross margin for the third quarter of 2011 were $2.1 million and 11.4%, respectively, compared to $3.4 million and 22.1%, respectively, in the same period last year.
Operating income and operating margin for the third quarter of 2011 were $0.3 million and 1.8%, respectively, compared to $1.6 million and 10.5%, respectively, in the third quarter of 2010.
Net income for the third quarter of 2011 decreased 70.7% to $0.4 million, compared to $1.3 million for the third quarter of 2010.
Earnings per diluted share were $0.01 for the third quarter of 2011, compared to earnings per diluted share of $0.05 in the same period a year ago.

Mr. Qingtao Xing, the CEO and President of Shiner stated, "We are pleased by the promising revenue growth in the third quarter of 2011, which we believe is primarily attributable to the diligence of our employees. At the beginning of 2011, the management developed a strategy to increase sales revenue, expand market share and improve our brand influence in order to perform in today's ever-changing market conditions. We believe that our sustained growth in revenue over the last two quarters is a result of this strategy. Although our gross margin and net income decreased in connection with larger price discounts, one of our strategies, the sales volume increased from our existing BOPP tobacco film customers as well as from newly attracted global customers in the coated film sector, including Marubeni Specialty Chemicals Inc. We expect that we will be able to adjust the sale price of our products as market conditions improve or as we gain additional market share."

Mr. Xing went on to say, "In addition, on October 29, 2011, we completed the installation of a new BOPP production line at our Hainan facility, which we expect to be operational in December 2011 after testing and adjustments. We believe that the completion of this new production line will significantly improve our ability to meet increasing demand from our customers and expand our market share."

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Friday, August 12, 2011

Second Quarter 2011 Financial Highlights

Total revenue for the second quarter of 2011 increased by 35.2% to $17.867 million, up from $13.214 million in the second quarter of 2010.
Gross profit and gross margin for the second quarter of 2011 were $2.519 million and 14.1%, respectively, compared to $2.242 million and 16.97%, respectively, in the same period last year.
Operating income and operating margin for the second quarter of 2011 were $1.304 million and 7.3%, respectively, compared to $0.992 million and 7.5%, respectively, in the second quarter of 2010.
Net income for the second quarter of 2011 decreased 20.5% to $0.799 million, compared to $0.939 million for the second quarter of 2010.
Earnings per diluted share were $0.03 for the second quarter of 2011, compared to earnings per diluted share of $0.04 in the same period a year ago.

Management Comments

Mr. Qingtao Xing, the CEO and President of Shiner stated, "We are pleased about our promising growth in the second quarter of 2011, which can be attributed to the hard work of our employees. The sustained growth in revenue resulted from the increased product sales volume, which is being driven by our continuous efforts to develop new customers and expand sales to existing customers based on product performance due to our rigorous quality control system and product monitoring system. From raw materials to product transport, we provided strict oversight step by step to enable good performance. In the second quarter we executed our development strategy to establish a global sales network and expand the reach of the brand to improve market share. Part of this strategy was a larger price discount rate, which is one of the reasons our operating margin decreased. However, we gained a number of global customers through this strategy (the number of customers increased by about 20%), including Ferrero Rocher in Italy, Nintendo in Japan, Saigon Tobacco Factory in Vietnam and Want Want Group in China. Based on our powerful technology, our R&D team and our packaging industry chain, we can provide customized packaging solutions for our customers to satisfy the demand for diverse packaging.

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Monday, August 1, 2011

HAIKOU, China, August 1, 2011 /PRNewswire-Asia/ -- Shiner International, Inc. (NASDAQ:BEST) ("Shiner" or the "Company"), an emerging global supplier of packaging solutions for food, tobacco, and consumer products, today announced that it has signed a sales order with Want Want China Holdings Limited (SEHK:151) for $2 million for color printing services. Want Want China Holdings Limited is a leading manufacturer and distributor of snack foods and beverages in China and has an extensive nationwide sales and distribution network throughout the PRC.

Qingtao Xing, the CEO of Shiner International commented: "Want Want Group is one of the leading manufacturers in the food industry, and we are delighted to have been selected to working with them. Shiner continues to make inroads into the growing food industry by providing value-added products and services and a one-stop-shop experience. I am pleased to receive this large sales order for color printing services. We value our relationship with Want Want China Holdings Limited and we look forward to expanding the relationship by continuing to provide functional packaging film with moisture and oxygen barrier properties that preserve flavor and aroma and have superior clarity and printability."

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Monday, May 16, 2011

First Quarter Results:

Shiner reports revenue of $15.9 million and an operating profit of $1,205,392 for the three months ended March 31, 2011, which is an increase of 37.3% in revenue, compared to $11.6 million for the same period in 2010
EPS of $0.04 v. $0.04 for the previous quarter.

Mr. Qingtao Xing, the CEO and President of Shiner stated, "We are excited about our promising growth in the first quarter of 2011. We believe this solid growth is the result of solid and healthy operations. We are also glad to report that the 2011 first quarter revenue from flexible packaging material has increased 53.8% compared to the first quarter of 2010."

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Tuesday, March 22, 2011

Fourth Quarter Highlights:

Revenues for the fourth quarter of fiscal 2010 increased by 65.5% year-over-year to $17.8 million, up from $10.8 million in the fourth quarter of 2009.
Net income for the fourth quarter of 2010 increased 542.8% year-over-year to $1.0 million, compared to $153,720 for the 2009 period.
Gross profit for the 2010 fourth quarter was $2.2 million, up 48% from $1.5 million in the same period last year. Gross margin for the fourth quarter of 2010 was 12.6% compared to 14.1% in the 2009 period.
Operating income and margin for the fourth quarter of 2010 were $1.0 million and 5.4%, respectively, compared to $79,766 and 0.74%, respectively, for the comparable 2009 period.
Earnings per diluted share were $0.04 for the quarter, compared to earnings per diluted share of $0.01 in the same period a year ago.

Mr. Qingtao Xing, Shiner's President and CEO, stated: "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."

"We are also exploring potential acquisitions and joint ventures with the goal of enhancing our product portfolio and gaining access to new markets. The $3.13 million private placement we completed in December provides us with additional capital to fund potential acquisitions."

He continued, "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."

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Thursday, November 11, 2010

Third Quarter Fiscal 2010 Financial Highlights

Revenues for the third quarter of fiscal year 2010 increased by 79.2% year-over-year to $15.5 million, up from $8.7 million in the third quarter of 2009.
Net income for the third quarter increased 338.7% year-over-year to $1.3 million, compared to $0.3 million for the third quarter of 2009.
Gross margin for the third quarter was 22.1% based on gross profit of $3.4 million, compared to a 17.3% margin in the same period last year.
Operating income and operating margin for the third quarter were $1.6 million and 10.5%, respectively, compared to $0.27 million and 3.1%, respectively, in the third quarter of 2009.
Earnings per diluted share were $0.05 for the quarter, compared to earnings per diluted share of $0.01 in the same period a year ago.
The Company continues to project revenues of $53 million and net income of $4 million, or $0.17 per diluted share, for 2010.

Operations Outlook

Mr. Qingtao Xing, Shiner's President and CEO, stated: "We are excited to announce such strong results for the third quarter as we build on our success in the first half of the year. Our top and bottom lines have continued to improve, including nearly 340% net income growth since the third quarter of last year. Sales of our three main product lines all showed significant improvement over the same period last year, with particularly robust growth in our coated film and anti-counterfeit film segments, which grew 155% and 104%, respectively, from the third quarter of 2009.

"As we look forward to the end of the year," Mr. Xing said, "We expect earnings to be in line with our previous forecasts and currently estimate fiscal 2010 revenue of $53 million and net income of $4 million. A key driver of our overall growth continues to be stronger demand for advanced packaging under new food safety regulation in China and also constant demand for cost efficient packaging solution internationally. We anticipate opening six sales offices in China and eight more overseas in 2011 to take advantage of emerging opportunities both in China and internationally. Overall, we are encouraged by our strong performance in a difficult macroeconomic environment. Longer-term, we will continue to drive aggressive, international expansion."

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Friday, August 13, 2010

Shiner's revenue for the three months ended June 30, 2010 increased 14% on a sequential basis from the quarter ended March 31, 2010, and increased 65% when compared to the same period in 2009. The year to year increase in revenue related directly to increases in sales across Shiner's main business lines, which included:
- 136% increase in coated film sales from $2.2 millionfor the second quarter of 2009 to $5.1 million for the second quarter of 2010.
- Anti-counterfeit film sales increased 63% to $3.0 million from $1.9 million for the comparable period in 2009.
- Revenue from BOPP tobacco film sales was $4.0 million for the quarter ended June 30, 2010, an increase of 25% from the same period in 2009.
- Revenue from color printing increased 39% to $1.0 million in the second quarter in 2010 from $0.8 million during the comparable period in 2009.
Net income of $0.9 million compared to a net loss of $0.3 million in the same period of the prior year. Earnings per share were $0.04 for the second quarter of fiscal 2010 compared to a net loss of $0.01 per share for the second quarter of fiscal 2009. The improvement reflects significantly higher sales volume, increased manufacturing capacity utilization, higher selling prices, and lower raw material costs. Shiner's productivity and cost-cutting actions are essentially tracking according to its business plan.

Operations Outlook

Mr. Xing stated: "We are glad to see the continued positive results throughout the first and second quarter. The strong growth in all business product lines validates our business progress and our effort to improve shareholder value. Our coated film sales increased 136% this quarter compared to the second quarter of 2009, along with a 63% increase in the anti counterfeit film, which contributed to the $1.22 million net income growth for the quarter.

"The primary industries we serve appear to be recovering, led by increased demand for consumer media products, tobacco and cigarettes, and food spending by consumers. We believe the growth for our core business will be driven by the growth in the standard of living and higher wages across Asia, the new food laws that have been passed in China, and the growing need for media companies to protect their products from counterfeiting in China and Southeast Asia.

While there is still uncertainty about the sustainability of the global economic recovery, given our current cost structure and the prospect of improvement in the markets we serve, we believe that we will be well positioned to continue to generate improved earnings performance as sales increase. "Looking ahead to the third quarter," Mr. Xing said. "We expect earnings to be in line with our previous forecasts and currently estimate our third quarter earnings at about $0.04 per share."

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Thursday, May 13, 2010

Mr. Qingtao Xing, Shiner's C.E.O., commented, "We are encouraged by the continued positive trends in revenue in the first quarter; our gross profit was positively impacted by improved product mix toward our higher margin products, anti counterfeit and coated film. The improvement reflects significantly higher sales volume, increased manufacturing capacity utilization, higher realized sales prices, lower raw material costs, and partly offset by fixed cost increases for growth investments. The company's productivity and cost-cutting actions are essentially tracking according to plan. Since the implementation of the Food Safety Law (FSL) in June 2009, we are experiencing an increase of inquiries from food manufacturers. This interest affects our entire breadth of products and we are confident this will lead to an overall improvement in our business. Our Hainan manufacturing facility will be completed in June 2010 and is expected to be fully operational in October. We have purchased a new BOPP line at the cost of approximately $13,200,000. The equipment is expected to be delivered early in the first quarter of 2011, installed in the latter part of the first quarter of 2011 and operational in the second quarter of 2011. With the completion of this facility and the increase in our manufacturing capacity, Shiner will be well positioned to be the prime beneficiary of increased domestic consumption, a growing world economy, and increased market penetration through the recently enacted FSL. We believe that Shiner will continue to improve its revenue and net income and provide significant value to our shareholders."

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