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Higher Ginseng Prices Help Chai-Na-Ta's Earnings
June 23, 2003
1 Min Read
Higher Ginseng Prices Help Chai-Na-Ta's Earnings
LANGLEY, British Columbia--Chi-Na-Ta Corp. (OTCBB:CCCFF)reported May 7 that for its first quarter (1Q03), ended March 31, it sawimproved sales numbers due to an increase in ginseng prices.
Sales were $6.4 million, up from the previous year's $5.7 million, with grossmargin significantly increasing to 29.3 percent of sales from 8.7 percent.Operating expenses decreased to $444,000 from $465,000, and earnings rose to$1.0 million, or $.07 per share earned, from $92,000, or $.01 per share earnedthe same period the year prior.
The 1Q03 results reflected the company's ability to sell about two-thirds ofthe 2002 fall harvest by March 31, with the average selling price for ginsengroot being $17 per pound--approximately 38 percent better than in the quarterended March 31, 2002. In addition, the company was able to eliminate itsshort-term borrowings by paying off a loan from a fellow subsidiary.
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