Company expects $80-plus million in revenues and $18 million in net income for the full year, 2010
SHISHI, China, Nov. 19 /PRNewswire-Asia/ -- China Marine Food Group Ltd. (NYSE Amex: CMFO), a China-based manufacturer of seafood-based snack foods and distributor of fresh and frozen marine catch, today announced revenue and net income guidance for the 2010 year, ending December 31st.
Based on current sales from China Marine's existing distribution network of 19 master distributors in seven provinces throughout China, China Marine management is now forecasting that 2010 revenues will be greater than $80.0 million. The Company expects strong performances from the sales territories of Jiangsu and Shanghai plus continued growth in Guangdong and the Sichuan Area including the cities of Chengdu and Chongqing. As a goal in 2010, China Marine also expects to launch a number of new products, add new sales territories to their network and secure product placements at additional retail food chains with China Marine's Mingxiang(R)-branded seafood snack foods.
Net income is also expected to increase significantly for the 2010 year. A combination of additional sales, stable margins and efficiencies resulting from the Company's recent production line capacity expansion to 20,000 tons per annum is expected to contribute to China Marine's net income guidance of $18.0 million by the end of the fiscal year, 2010.
"We are confident that our distribution base will meet our targets for the year and goals to expand their respective customer base," began Chairman Pengfei Liu. "We see a continued pace of growth for the balance of the year, 2009, and leading through 2010." concluded Liu.
About China Marine
China Marine Food Group Ltd. processes and distributes seafood-based snack foods, and fresh and frozen marine catch to seven provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang" brand as a category leader in 2,200 retail sales points in the PRC. The Company has received "The Famous Brand" and "Green Food" awards. It is located in Fujian province, one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.
Forward Looking Statements
This release contains certain "forward-looking statements" relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
For more information, please contact:
Company:
Marco Hon Wai Ku, CFO
Suite 815, 8th Floor
Ocean Centre, Harbour City
Kowloon, Hong Kong
Tel: +852-2111-8768
Email: marco.ku@china-marine.cn
Web: http://www.china-marine.cn
Investor Relations:
John Mattio, SVP
HC International, New York
Tel: +1-203-616-5144 (U.S.)
Email: john.mattio@hcinternational.net
Web: http://www.hcinternational.net
