MIAMI— ONE Bio Corp. (OTCBB: ONBI) released its financial results for the first quarter of 2010 (1Q10), with significant increases in revenue and income. Revenue for 1Q10 was up 386 percent to $11.16 million, compared to $2.3 million for 1Q09. Operating income rose 154 percent to hit $2.9 million, while net income increased 94 percent to $1.6 million. Earnings per share were also up, hitting $0.06 in 1Q10 compared to $0.05 in 1Q09.
“We are very pleased with our first quarter results,” said Marius Silvasan, CEO. “These results reflect strong organic growth and the contribution of our recently completed acquisitions. Asia’s robust economic growth continues to fuel demand for our products. We are focused on highly sought-after organic products, herbal and chemical extracts and natural and health supplements. We have put in place a solid foundation for strong organic growth and continue to seek strategic acquisitions.”
Net income was negatively impacted during 1Q10 by non-reoccurring expenses, expenses associated with the $3 million funding closed during the quarter and employee option expenses. However, gross margin hit 36.8 percent, and income from operations margin was a strong 25.9 percent.
Silvasan added the first quarter has traditionally been the company’s weakest, with stronger results ahead, in part due to strategic positioning. He noted, “The increase in our ownership position in one of our key subsidiary, which occurred April 19, 2010, will result in a decrease in the non-controlling interest in future periods, further improving our net income and earnings per share.”
