China Marine Food Group Limited (CMFO) reported that its third-quarter net income was $3.23 million or $0.14 per share, compared to $2.59 million or $0.11 per share in the same quarter last year. Net revenues for the quarter were $13.39 million, compared to $11.50 million in the prior year quarter.
"Growth during the third quarter benefitted from an expanded distribution network and solid profit margins in both our business segments yielded measurable improvements in our profitability," began Pengfei Liu, CEO of China Marine. "We were pleased to report increased sales in new regions like the Sichuan area and accelerating growth in the Guangzhou and Shanghai territories, where we see enormous potential. As we bring the second phase of capacity expansion online, we anticipate a strong finish to the year and meeting our revenue and net income guidance of more than $60 million in revenues and $14.3 million in net income for our 2009 fiscal year." Liu concluded.
For the nine-month period, the company said its net income was $10.20 million or $0.44 per share, compared to $8.62 million or $0.37 per share in the comparable period of last year. Net revenues for the period rose to $44.70 million from $35.35 million in the corresponding period of the prior year.
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