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2010 marks number of milestones for China Linen
05
Apr '11
China Linen Textile Industry Ltd, a China-based company engaged in the production and sale of linen yarn and various types of linen fabric, announced financial results for the fiscal year ended December 31, 2010.

• 2010 revenues increased 67.1% from $29.4 million to $49.1 million.

• 2010 gross profit increased 74.6% from 8.7 million to $15.2 million.

• 2010 net income increased 66.9% from $5.7 million to $9.6 million; basic earnings per share up from $0.28 to $0.47.

• For 2011, the Company expects revenue to be in the range of $58 million to $63 million and net income to be in the range of $11.5 million to $12.6 million.

Fiscal Year Ended December 31, 2010 Financial Results

Revenue for the year ended December 31, 2010 totaled $49.1 million, up approximately 67.1% from $29.4 million for the year ended December 31, 2009. The increase in revenue was primarily attributable to increased sales volume of linen fabric and linen yarn, increased sales from acquisition, increased sales from new products and new customers.

Gross profit for 2010 was $15.2 million, up 74.6% from $8.7 million for 2009, which was driven by sales growth. Gross margin for the year ended December 31, 2010 was approximately 31.0% as compared to gross margin of approximately 29.6% for the year ended December 31, 2009.

Operating expenses increased 129.1% to $3.7 million in 2010 from $1.6 million in 2009, mainly due to an increase in general and administration expenses such as legal, audit fees and acquisition expense.

Operating income increased 62.1% to $11.5 million for 2010 from $7.1 million in 2009. Income before tax increased 66.0% from $7.9 million in 2009 to $13.1 million. Income taxes totaled $3.5 million for 2010, as compared to $2.1 million for 2009, primarily attributable to increase in income before tax.

Net income was $9.6 million for the year ended December 31, 2010 as compared to $5.7 million for the year ended December 31, 2009, representing an increase of approximately 66.9%. Basic Earnings per share in 2010 was $0.47, an increase of 67.9% from $0.28 in 2009. Diluted Earnings per share in 2010 was $0.39, an increase of 39.3% from $0.28 in 2009. Diluted shares outstanding in 2010 include about 4.6 million shares from issuing the convertible note in November 2010.

"We are very pleased with our results for 2010, which included outstanding revenues and earnings growth and improved gross margin," stated Mr. Gao Ren, Chairman and CEO of China Linen. "As a leading producer and exporter of linen in China, we continued to expand markets and produce new and competitive products. We were excited to see increases in demand from both domestic and international markets, for both linen fabric and linen yarn during the year. We were able to add almost 50 new direct customers and open up new markets including India and Turkey. Going forward, we will continue to penetrate European market, expand sales in new markets like India and Turkey, and increase sales domestically.

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