China Health Industries Holdings, Inc. Reports Unaudited Consolidated Financial Results for the Third Quarter and First Nine Months Ended March 31, 2015
May 15, 2015 at 01:19 pm EDT
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China Health Industries Holdings, Inc. reported unaudited consolidated financial results For the third quarter and first nine months ended March 31, 2015. For the third fiscal quarter of 2015 ended March 31, 2015, the company reported revenue of $1,933,377, a 24% decrease on revenue of $2,555,394 for the third fiscal quarter of 2014. This decline was mainly the result of a significant reduction in sales volume of the company's two leading products, Waterlilies Soft Capsule and Propolis and Black Ant Capsule. In the third fiscal quarter of 2015, the company had a net loss of $180,800, or $0.003 per diluted share, versus net income of $135,448, or $0.002 per diluted share, for the same period a year ago. This diminished bottom line performance was primarily attributable to the aforementioned drop in quarterly revenue, and to a lesser extent an increase in operating expense of $105,245 resulting from an increase in depreciation and amortization caused by increased capital expenditure. Loss from operations was $157,872,000 against income of $190,891,000 for the same period of last year. Loss before income taxes was $155,046,000 against income of $135,448,000 for the same period of last year.
For the first nine months of fiscal 2015, the company reported revenues of $8,211,156, a 26% gain on revenues of $6,501,198 in the first nine months of fiscal 2014. This improvement was the result of significant increases in both sales price and sales volume of the Waterlilies Soft Capsule and Propolis and Black Ant Capsule products. Net income for the first nine months of fiscal 2015 was $149,455, or $0.002 per diluted share, versus a net loss of $870,555, or $0.014 per diluted share, for the same period a year earlier. This improvement was primarily attributable to the abovementioned increase in nine-month revenue, and to a lesser extent a decrease in operating expense of $252,200. Income from operations was $327,177,000 against loss of $869,339,000 for the same period of last year. Income before income taxes was $335,747,000 against loss of $870,555,000 for the same period of last year.
China Health Industries Holdings, Inc. is a manufacturer of health food products. The Company's principal business operations are conducted through its subsidiaries: Harbin Humankind Biology Technology Co., Limited (Humankind) and Heilongjiang Huimeijia Pharmaceutical Co., Ltd (HLJ Huimeijia). The Company has three operating segments: Humankind, HLJ Huimeijia and others. Humankind is engaged in the manufacturing and sale of health products. HLJ Huimeijia is engaged in the manufacturing and distribution of tincture; ointments; rubber paste, including hormones; topical solution, suppositories, liniment, including traditional Chinese medicine extractions; enemas, and oral liquids. As of June 30, 2016, the Company, through Humankind manufactured and sold 14 health supplement products. As of June 30, 2016, the Company, through HLJ Huimeijia manufactured and sold 21 products. The Company's products are sold through sales agents.
China Health Industries Holdings, Inc. Reports Unaudited Consolidated Financial Results for the Third Quarter and First Nine Months Ended March 31, 2015