China Marine Reports Record 2010 Revenues of $122.7 Million
Company Provides 2011 Guidance: $150.0+million in revenues and $27.3 million in adjusted net income
China Marine Food Group Limited (NYSE Amex: CMFO) ("China Marine" or the "Company"), a manufacturer of Mingxiang® seafood-based snack foods, "Hi-Power" marine algae-based beverages and a distributor of frozen marine catch, today announced its financial results for its fourth quarter ended December 31, 2010.
Full Year 2010 Highlights
• Revenue was $122.7 million, up 76.3% and ahead of $100.0+ million projection
• Gross margins expanded 300 basis point year-over-year to 30.5%
• $26.0 million in "Hi-Power" sales exceeded prior guidance of $23.0-$25.0 million
• Expanded Mingxiang®-branded snack foods to approximately 3,200 retail locations
Source: China Marine Food Group Limited