China Nutrifruit Group Limited, a producer of premium specialty fruit based products, has reported net earnings of $1.80 million, or $0.04 per share, for the first quarter ended June 30, 2011, compared to $1.79 million, or $0.04 per share, for the same quarter ended June 30, 2010. The company has also provided its guidance for fiscal 2012.
Net sales for the first quarter ended June 30, 2011 were $10.29 million, compared to $9.63 million for the same quarter ended June 30, 2010.

Operating earnings for the first quarter ended June 30, 2011 were $2.72 million, compared to $2.43 million for the same quarter ended June 30, 2010.

For fiscal year 2012, the company expects revenue of approximately $110 million to $113 million and net income of approximately $29 million to $30 million.

Yu Changjun, chairman and CEO of China Nutrifruit, said, "Historically, we experience modest growth in net sales and profitability in our first fiscal quarter as we primarily engage in selling remaining inventory from the prior year production season. At the end of the first quarter of fiscal 2012, we sold through most of our inventory position. During the quarter, our newly introduced seabuckthorn and blackcurrant glazed fruit products continued to benefit from strong market demand and as a result, we recorded a 6.9% year-over-year increase in net sales, demonstrating our strong capability in diversifying our product portfolio."

A service of YellowBrix, Inc.