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Chai-Na-Ta 2003 Profits Jump
RICHMOND - Mar 18/04 - SNS -- Chai-Na-Ta Corp. reported net earnings of $2.6 million or $0.17 per basic share for its 2003 fiscal year, a solid improvement on the $300,000 or $0.02 per basic share reported for fiscal 2002.
Revenue rose to $16.6 million in 2003 from $16.0 million in the prior year. The Company's gross profit margin as a percentage of sales rose to 38% in 2003 from 10% in 2002.
During the quarter ended December 31, 2003, revenue rose 44% to $4.8 million from $3.3 million in the same quarter last year. Gross margin rose to 51% of sales in the fourth quarter of 2003 from 32% in the 2002 period. Net earnings in the 2003 fourth quarter were $1.2 million, or $0.08 per basic share, compared to $0.7 million, or $0.05 per basic share, in the same period last year.
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