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China: Sky People Fruit Juice 2011 resultsSkyPeople Fruit Juice, a producer and processor of concentrated apple, kiwi, pear and other speciality fruit juices and manufacturer of "Hedetang" - and "SkyPeople" - branded fruit juice beverages in the People's Republic of China, today announced its financial results for the fiscal year ended December 31, 2011 .
Full Year 2011 Summary:
Total revenue was $84.0 million, a decrease of 10% year-over-year
Concentrated apple juice and apple aroma segment sales revenue increased 6% to $24.8 million
Concentrated pear juice segment sales revenue increased 6% to $13.4 million
Cash inflow generated from operations was $26.0 million
Cash and cash equivalents of $61.2 million as of December 31, 2011
Added another concentrated pear juice production line in the Company's Jingyang factory in Shaanxi province
A new beverage production line that will produce a variety of fruit juice beverages has been substantially completed and the trial operation has commenced in the fourth quarter of 2011
Yongke Xue, Chief Executive Officer of SkyPeople, commented, "Despite the unexpected weather conditions that prevailed throughout the harvest season of the year, we were able to generate year-to-year increases in two important product lines for the year as well as a reasonable level of revenue and strong cash flow from all of our business segments. We experienced an increase in our raw material costs due to the highly volatile pricing of fresh fruit. However, we are confident in our ability to manage the business during difficult times, and to develop new products with higher margins that may offset some of these operating concerns in the future."
"We continue to be optimistic about the long-term future of our Company. We are implementing a strategy to cut the prices of our fruit juice beverages in order to expand our market share. We remain confident about the sector given relatively low current domestic consumption and potentially escalating consumer adoption as rising incomes lead to healthier lifestyles. A new production line for concentrated pear juice and a new fruit juice production line were both implemented in the fourth quarter of 2011. Our strategic growth plan for additional storage, processing and production capacity is in motion that we believe augurs a promising future for the Company," CEO Xue stated.
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Publication date: 3/29/2012
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