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Wednesday, August 27, 2008
Chai-Na-Ta Corp. Reports 2008 Second Quarter Results
Comtex
RICHMOND, BRITISH COLUMBIA, Aug 27, 2008 (MARKET WIRE via COMTEX) ----Chai-Na-Ta Corp. (OTCBB: CCCFF), the world's largest supplier of North American ginseng, today announced a second quarter 2008 net loss of $166,000, or $0.01 per basic share, compared to a net loss of $1.4 million, or $0.04 per basic share, in the same period last year.
Revenue increased to $2.5 million in the 2008 second quarter from $1.6 million in the prior year period. The Company had a gross profit of 1% of sales revenue in the 2008 second quarter compared to a gross loss of 8% in the same period last year.
"About 70% of our 2007 harvest root was sold by June 30, 2008 with the entire remaining root committed to customers," said Derek Zen, Chairman of the Company, "Chai-Na-Ta's average selling price increased to $9.04 per pound in the second quarter of 2008 from about $8.76 per pound in the second quarter of 2007.
"While 2008 will remain challenging, we continue to minimize operating and overhead costs," added Mr. Zen, "Selling, general and administrative expenses were $541,000 in the first half of 2008 compared to $551,000 from the same period last year."
In the six months ended June 30, 2008, revenue increased to $6.7 million from $5.3 million in the first half of 2007. Net loss in the first half of 2008 was $632,000, or $0.02 per basic share, compared to a net loss of $1.8 million, or $0.05 per basic share in the same period last year.
The working capital position as at June 30, 2008 was a surplus of $6.2 million compared to a surplus of $7.4 million at December 31, 2007.
Chai-Na-Ta Corp., based in Richmond, British Columbia, is the world's largest supplier of North American ginseng. The Company farms, processes and distributes North American ginseng as bulk root, and supplies processed material for the manufacturing of value-added ginseng-based products.
This news release contains forward-looking statements that reflect the Company's expectations regarding future events. These forward-looking statements involve risks and uncertainties, and actual events could differ materially from those projected. Such risks and uncertainties include, but are not limited to, the success of the Company's ongoing research programs, general business conditions, and other risks as outlined in the Company's periodic filings, Annual Report, and Form 20-F.
Contacts: Chai-Na-Ta Corp. Wilman Wong Chief Executive Officer/Corporate Secretary (604) 272-4118 or Toll Free: 1-800-406-7668 (604) 272-4113 (FAX) Email: info@chainata.com Website: www.chainata.com
SOURCE: Chai-Na-Ta Corp.
mailto:info@chainata.com http://www.chainata.com
Copyright 2008 Market Wire, All rights reserved.
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