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Green Planet Bioengineering CO., LTD.: Green Planet Delivers Strong First Quarter 2009 Results

^{Published on 2009-06-30 04:12:05, Last Modified on 2009-06-30 04:13:02 - Market Wire}
 

MIAMI, FL--(Marketwire - June 30, 2009) - Green Planet Bioengineering CO., LTD. (OTCBB: [ GPLB ]) ("Green Planet" or the "Company"), a leading bioengineering enterprise dedicated to creating high quality chemical intermediates and innovative downstream health products using green processes, reports record first quarter 2009 results.

First quarter 2009 revenue was up 5% to $2,297,621 compared to $2,192,799 for the same period last year. EBITDA (defined as earnings before interest, taxes, depreciation and amortization) was $1,211,679 as compared to $1,239,300 for the same period last year. Operating Income was $1,140,223 compared to $1,130,911 for the same period last year. Net Profit remained relatively flat at $842,725 compared to $862,203 for the same period last year due to an increase in the effective tax rate originating from non taxable subsidy income in 2008.

 Three months ended March 31, ----------------------- 2009 2008 (Unaudited) (Unaudited) Sales revenue $ 2,297,621 $ 2,192,799 Cost of sales (852,686) (850,797) ----------- ----------- Gross profit 1,444,935 1,342,002 ----------- ----------- Operating expenses 304,713 211,091 ----------- ----------- Income from operations 1,140,223 1,130,911 Other Income/(Expense) 161 5,611 ----------- ----------- Income before income taxes 1,140,384 1,136,522 Income taxes - Note 4 (297,659) (274,319) ----------- ----------- Net income $ 842,725 $ 862,203 =========== =========== Earnings per share - Note 5 - Basic $ 0.05 $ 0.06 =========== =========== - Diluted $ 0.04 $ 0.06 =========== =========== 

"We are very pleased with first quarter 2009 results. First quarter is historically the weakest quarter of the year. This said, we saw improvements in most financial parameters as compared to the same quarter last year. Our revenue and operating income increased 5% and 1% respectively in a very difficult economic climate. We added new distributors, which will feed our projected 20% growth rate this year," commented Chairman and CEO, Mr. Min Zhao.

"We are strategically set to roll out our 2009 business plan. During the quarter we added four new distributors strategically positioned in select regions to facilitate the opening of new markets. Demand for Solanesol, our key product, remains strong. Our R&D team has successfully developed a plant extract called Resveratrol that is another highly acclaimed health nutrient claimed to reduce the aging process and accelerate weight loss. Demand in China, our main market, continues to strengthen, which positions us for steady growth in 2009," added Vice President of Sales, Sally Ou.

About Green Planet

Green Planet Bioengineering CO., LTD. ("Green Planet") (OTCBB: [ GPLB ]) ([ http://www.greenplanetbio.com ]) through its Chinese subsidiary is a high-tech bioengineering enterprise that engages in research & development, production and sale of various extracts from tobacco leaf residues destined for health and beauty products. Green Planet is headquartered in Miami, FL with its main operation located in Sanming and Fuzhou, China. Founded in 2005, Green Planet offers a full range of high quality bio-ecological products which include raw chemical materials such as CoQ10 and Solanesol, organic fertilizers and pesticides and organic health nutrients and supplements. The company's unique position in the bioengineering industry comes from its R&D using patented cutting-edge methods to create abundant downstream products ranging from plant indigenous medicine, pharmaceutical intermediates to a long list of eco-friendly products.

The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development and acquisition of new product lines and services, government approval processes, the impact of competitive products or pricing from technological changes, the effect of economic conditions and other uncertainties, and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. Green Planet Bioengineering CO., LTD. takes no obligation to update or correct forward-looking statements.