The company posted a gross profit of $17.9m for the fourth quarter of 2010, compared to $16.7m for the same period in 2009. Net income was $11.2m, compared to $10.2m for the same period in 2009.
For the full year of 2010, the company posted net sales of $93.25m, compared to $59.25m for the same period in 2009. Gross profit was $38.02m, compared to $25.38m for the same period in 2009.
Total operating expenses for the full year of 2010 were $6.13m, compared to $4.45m for the same period in 2009. Net income was $22.97m, compared to $16.4m for the same period in 2009.
Operating expenses for the quarter were $2.3m, an increase of 42 percent for the quarter, and were attributed to higher administrative and selling expenses to support higher sales volumes.
Operating income totaled $15.6m in the fourth quarter of 2010, an increase of 3.7 percent while operating margins were 35.6 percent.
Yonkue Xue, CEO of SkyPeople Fruit Juice, said: â€œThe fourth quarter is traditionally our strongest and was an appropriate ending to a successful year in which we demonstrated the significant growth in both apple concentrates and our branded Hedetang fruit beverages.
â€œCash flow from operations of $10.7 million, coupled with our recent capital raise and prudent balance sheet management left us with $49 million of cash and cash equivalents on December 31, 2010. We are well positioned to fund our expansion plans and working capital needs for 2011.â€
Will the firm further improve net sales in 2011?
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