Shiner International, Inc., an emerging global supplier of packaging solutions for food, tobacco and consumer products, today announced its financial results for the fourth quarter and fiscal year 2012.
Fourth Quarter 2012 Financial Performance
Revenues for the three months ended December 31, 2012 decreased $1.35 million (or 5.89%), to $21.56 million compared to $22.91 million for the corresponding 2011 period. The decrease was primarily attributable to decreased revenues from coated film, color printing advanced film and water-based latex, which was partially offset by increase in revenues generated from BOPP tobacco. For the three months ended December 31, 2012, revenue from coated film decreased $5.76 million (or 25.44%) to $16.88 million, from $22.64 million for the corresponding 2011 period, and sales from color printing decreased $2.44 million (or 42.51%) to $3.30 million, from $5.74 million for the corresponding 2011 period. For the three months ended December 31, 2012, revenue from BOPP tobacco increased $6.35 million (or 16.53%) to $44.76 million, from $38.41 million for the corresponding 2011 period; revenue from advanced film decreased $1.39 million (or 17.10%) to $6.74 million, from $8.13 million for the corresponding 2011 period; and revenue from water-based latex decreased $0.02 million (or 5.26%) to $0.36 million, from $0.38 million for the corresponding 2011 period.
Shiner's gross profit for the three months ended December 31, 2012 was $0.53 million, a profit margin of 2.46%, a decrease of 10.69% from 13.15% for the corresponding 2011 period. The decrease in profit margin was primarily a consequence of an increase in labor costs and depreciation of new property.
Operating loss for the three months ended December 31, 2012 was $5.40 million, compared to an operating loss of $0.81 million for the same quarter ended December 31, 2011. Selling, general and administrative expenses for the three months ended December 31, 2012 decreased by 44.76%, or $1.71 million, to $2.11 million in 2012, compared to $3.82 million for the corresponding 2011 period. General and administrative expenses decreased during the 2012 period mainly due to a $0.40 million decrease in insurance and a $0.30 million decrease in sales commissions. There was also an increase of $2.04 million and $1.78 million in impairment loss of goodwill and patents, respectively, during the 2012 period.
Shiner reported a net loss of $4.98 million for the three months ended December 31, 2012, compared to a net loss of $0.55 million in the same period of 2011. Earnings per share for the quarter were ($0.18), compared to earnings of ($0.02) per share for the same period of 2011.