China Tracker - Details for Rodobo International (RDBO)


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 Rodobo International
 Business Outlook

COVERAGE TERMINATED (Going Dark)
Recent Chain of Events:
2011-12-30 -- Last SEC Filing
2011-08-15 -- Last Quarterly/Annual Report: Q3/FY2011 ended June 30, 2011

(Source: Trading China, 2012-09-30)

Rodobo International today announced that it has adjusted its third quarter 2011 guidance previously announced on May 16, 2011 by reducing the sales revenue from the range of $23 - $26 million to the range of $12 - $14 million, and net income from the range of $3.5 - $3.8 to net loss in the range of $2 - $4 million, due to a delay of the online publicity of the new production license which the Company received in March, 2011.

While most of our products have an average shelf life of 18 to 24 months, we find that consumers are reluctant to buy products that have only 2 to 3 months of their remaining shelf life. As a result, we often pull these products from the shelves, mark them as "obsolete", and in accordance with standard industry practice, sell these products marked as "obsolete" to manufacturers of feedstuff for animals. In accordance with this practice, in May of 2010 we entered into a sales agreement with Harbin Longxin Feedstuff Co. to sell 38 tons of our infant formula milk powder that had been marked as "obsolete". In the sales agreement, Longxin expressly guaranteed that our obsolete milk powder would only be used as feedstuff for animals. All products sold to Longxin were marked "obsolete" by Rodobo, in accordance with our standard procedures.

We have been advised that despite our express instructions and the requirements of the sales agreement, Longxin resold our obsolete products to a third party manufacturer, Inner Mongolia Jiahaili Co., who illegally used the obsolete milk powder to produce food products for human consumption. A food safety authority reviewed this matter and reported it to the local police for further investigation. After investigating, the local police determined that there is no direct link between our company and Jiahaili's illegal activities. While we were unaware at the time that our obsolete products were resold in this manner, we have actively assisted the local police and will continue to do so while the police continue to investigate Jiahaili's activities until the matter is resolved. We intend to continue to vigorously investigate this situation and take any and all actions we deem appropriate to defend and protect Rodobo and its subsidiaries with respect to the circumstances and illegal usage of our products.

The General Administration of Quality Supervision, Inspection and Quarantine of the PRC (AQSIQ) has been made aware of this matter and has conservatively decided to delay our Publicity until the police investigation is closed. This delay in Publicity does not prevent us from utilizing our production license. While we have explained to our customers and distributors that we have received and can utilize our production license, this delay in Publicity has significantly impacted our sales. As a result of this, our production was impacted due to reduction of sales orders.

(Source: PR Newswire, 2011-06-14)

Management feels confident to give its guidance for the third quarter of 2011 for revenue to be in the range of $23 - $26 million and net income to be in the range of $3.5 - $3.8 million.

(Source: PR Newswire, 2011-05-16)

Management feels confident to give its guidance for the second quarter of 2011 for revenue to be in the range of $23 - $26 million and net income to be in the range of $3.3 - $3.6 million.

(Source: PR Newswire, 2011-02-14)

Management feels confident to give its guidance for the first quarter of 2011 for revenue to be in the range of $24 - $26 million and net income to be in the range of $3.2 - $3.5 million. "Rodobo closed its fiscal year 2010 with strong fourth quarter results and it is our fourth consecutive top line growth quarter. Our strong revenue and net income growths demonstrated the strong market demand for Rodobo's high quality, fresh and nutritious milk powder products, the effectiveness of our strategy of expanding our production capacity, and our ability in marketing execution. Overall, 2010 was an extraordinary and successful year for Rodobo. The acquisition of the Beixue Group is a key groundwork of our growth strategy. As we move into 2011, we will continue to consolidate our acquisition, realign our product lines and improve our capacity utilization as we continue to expand our distribution network and further penetrate into our existing market in both formulated dairy and raw milk powder products."

(Source: PR Newswire, 2010-12-21)

Our markets remain robust as the Chinese government continues to support the modernization of the dairy industry as well as support improved hygiene and food safety standards. We have established a successful vertically integrated business model and remain dedicated to continue building a nationally-recognized leading brand for our premium dairy products and create value for our shareholders

(Source: PR Newswire, 2010-08-17)

Through acquisitions of the Beixue Group in February 2010, the Company reconsolidated the raw milk sources and distribution channels. These acquisitions will provide solid foundation for the Company's growth in a long term. We believe that it will contribute to the increase in our sales by the second half of the year and thereafter.

(Source: PR Newswire, 2010-05-17)

We continue to focus on providing high quality premium products to our customers. Our new organic dairy farm with 1,140 cows and 15 company-owned raw milk collection stations currently provides 65 tons of high quality fresh milk per day. We believe that our recent acquisition of three Chinese dairy companies will expand our production capacity from 200 tons to 1,200 tons per day and increase our distribution channels. We expect exciting further growth in the coming quarters of this year.

(Source: PR Newswire, 2010-02-12)
RDBO
Food
SCORE
4
UNDER REVIEW
READ: Score Cards Explained
SAFETY/RISK SCORE
HIGH RISK
DETAILS: Safety/Risk Model for RDBO
Current Price:  n/a
F10k Day (2009-12-31): -100.00%$3.00
2009 Close: -100.00%$3.00
2010 Close: -100.00%$2.48
2011 Close: -100.00%$1.72
High (2012-02-29): -100.00%$1.69
Low (2012-07-03): -100.00%$0.07
Exchange:
Market Capitalization: n/a
Total Shares: 28.27 mill
Float: n/a
Avg Volume: n/a
Last Quarter: 2011-03-31
Revenue (MRQ): 25.62 mill
Net Income (MRQ): 3.59 mill
Op. Cash Flow (MRQ): 2.60 mill
all financial data provided without warranty