China Nutrifruit Group LTD

CIK:0000753224|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011	Dec. 31, 2010
Net sales	$ 21,612,680	$ 22,136,504	$ 51,697,983	$ 54,955,885
Cost of sales	(17,010,425)	(11,856,020)	(37,363,569)	(29,600,110)
Gross profit	4,602,255	10,280,484	14,334,414	25,355,775
Selling expenses	(669,121)	(1,111,697)	(1,820,357)	(2,369,675)
General and administrative expenses	(1,832,266)	(807,231)	(4,880,150)	(2,503,801)
Operating earnings	2,100,868	8,361,556	7,633,907	20,482,299
Other income (expenses)
Interest expenses	(312,177)	0	(427,393)	0
Other income	8,791	8,988	120,431	57,009
Total other income (expenses)	(303,386)	8,988	(306,962)	57,009
Earnings before income taxes	1,797,482	8,370,544	7,326,945	20,539,308
Provision for income taxes	(713,656)	(2,131,289)	(2,556,452)	(5,317,931)
Net earnings	1,083,826	6,239,255	4,770,493	15,221,377
Other comprehensive income
Foreign currency translation	640,843	1,092,793	3,062,667	2,668,212
Comprehensive income	$ 1,724,669	$ 7,332,048	$ 7,833,160	$ 17,889,589
Earnings per share
Basic	$ 0.02	$ 0.16	$ 0.11	$ 0.4
Diluted	$ 0.03	$ 0.15	$ 0.12	$ 0.38
Weighted average number of common stock outstanding
Basic	36,915,762	36,762,896	36,915,762	36,703,018
Diluted	40,224,362	40,375,048	40,224,362	40,350,605

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	9 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Operating activities:
Net earnings	$ 4,770,493	$ 15,221,377
Adjustments to reconcile net earnings to net cash used in operating activities
Depreciation and amortization	2,781,423	1,489,507
Benefit for deferred income taxes	125,192	117,392
Changes in operating assets and liabilities:
Trade receivables, net	1,200,038	5,644,090
Inventories	(36,455,075)	(15,705,832)
Prepayments and deposits	(6,988,639)	(10,025,807)
Other current assets	(64,684)	114,703
Trade payables	1,245,908	232,288
Income taxes payable	(1,615,464)	(218,770)
Other payables and accrued expenses	(2,731,010)	(629,515)
Net cash used in operating activities	(37,731,818)	(3,760,567)
Investing activities:
Purchase of property and equipment	(15,930,152)	(4,333,519)
Addition to construction in progress	0	(5,084,541)
Net cash used in investing activities	(15,930,152)	(9,418,060)
Financing activities:
Proceeds from bank borrowings	23,464,567	0
Dividend paid	(764,050)	(809,550)
Amount due to a director	(955,316)	0
Proceeds from private placement held in escrow account	0	931,630
Net cash provided by financing activities	21,745,201	122,080
Decrease in cash and cash equivalents	(31,916,769)	(13,056,547)
Effect of exchange rate on cash and cash equivalents	1,674,912	1,398,816
Cash and cash equivalents at beginning of the period	43,542,075	35,994,443
Cash and cash equivalents and proceeds from private placement held in escrow account at end of the period	13,300,218	24,336,712
Cash paid for:
Interest paid	427,393	0
Income taxes	$ 5,168,559	$ 5,418,475

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2011	Mar. 31, 2011
Current assets:
Cash and cash equivalents	$ 13,300,218	$ 43,542,075
Trade receivables, net of allowance	11,528,807	12,476,652
Inventories, net	43,350,669	6,419,152
Prepayments and deposits	7,760,608	264,878
Other current assets	66,338	1,527
Total current assets	76,006,640	62,704,284
Property and equipment, net	50,191,204	20,312,005
Prepayments and deposits	801,952	10,983,404
Construction in progress	994,706	5,915,395
Deferred tax assets	784,687	909,879
Land use rights, net	189,947	188,199
TOTAL ASSETS	128,969,136	101,013,166
Current liabilities:
Other payables and accrued expenses	3,083,506	3,312,525
Receipt in advance	1,274,083	0
Bank borrowings	22,204,724	0
Due to a director	0	946,550
Trade payables	134,961	130,276
Income taxes payable	670,725	3,351,631
Total current liabilities	27,367,999	7,740,982
Bank borrowings	1,259,843	0
TOTAL LIABILITIES	28,627,842	7,740,982
Commitments and Contingencies	0	0
Shareholders' equity
Preferred stock Authorized: 5,000,000 shares, par value $0.001 Issued and outstanding: 330,860 shares as at December 31, 2011; (330,860 as at March 31, 2011)	331	331
Common stock Authorized: 120,000,000 shares, par value $0.001 Issued and outstanding: 36,915,762 shares as at December 31, 2011; (36,915,762 shares as at March 31, 2011)	36,916	36,916
Additional paid-in-capital	36,492,566	36,492,566
Statutory reserves - restricted	9,399,141	6,850,422
Accumulated other comprehensive income	7,014,098	3,951,431
Retained earnings	47,398,242	45,940,518
TOTAL SHAREHOLDERS' EQUITY	100,341,294	93,272,184
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 128,969,136	$ 101,013,166