China Botanic Pharmaceutical Inc. (CBP) reported that its second-quarter net income increased to $7.9 million, or $0.21 per share, from $7.1 million, or $0.19 per share for the same period a year ago.
Net revenue increased by 22.0% to $23.0 million from $18.9 million in the same period of 2011. Revenue growth during the quarter was mainly due to increasing market acceptance of the Company's Siberian Ginseng Series products, Compound Honeysuckle Granules and increasing revenue contribution from its new Ginseng and Venison Extract product. The company expects further sales volume growth in the remaining quarters of 2012.
For fiscal year 2012, China Botanic reaffirmed its guidance of revenues of between $91.6 million and $93.1 million, representing an increase of 26% to 28% over fiscal year 2011 revenue of $72.7 million. The company expects net income to be in the range of $32.7 million to $33.2 million, representing an increase of between 26% and 28% over fiscal year 2011 net income of $25.9 million.
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