GLG Life Tech Corporation Announces Second Quarter 2010 Results
- Revenue grew 35% year-over-year to $18.7 million for the 6 months ended June 30, 2010
- EBITDA rose 209% year-over-year to $6.3 million for the 6 months ended June 30, 2010
- $86.8 million of successful short term loans renewed and new credit facilities secured
- Significant increases in distribution and new product launches in the market
VANCOUVER, British Columbia, Aug. 9, 2010 (GLOBE NEWSWIRE) -- GLG Life Tech Corporation (Nasdaq:GLGL) (TSX:GLG) ("GLG" or the "Company"), a vertically integrated leader in the agricultural and industrial development of stevia extracts, announces financial results for the second quarter ended June 30, 2010.
EarningsSix month revenue grew 35% year-over-year to $18.7 million, while physical sales volume increased by 43% in the six month period ended June 30, 2010 compared to the same period of the previous year. Eliminating the impact of the changes in foreign exchange rates (U.S. dollar and RMB currency moves against the Canadian dollar) shows that the Company's revenue would have increased by approximately $6.5 million, or 50%, for the six months ended June 30, 2010 compared to the same period of the last year. Second quarter 2010 revenue was $10.5 million The stevia extract physical sales volume increased by approximately 13% in second quarter of 2010 compared to the second quarter of 2009; however GLG's revenue was down 3% to $10.5 million in the second quarter of 2010 due to a strengthening of the Canadian dollar against the U.S. dollar. The majority of the Company's sales is denominated in U.S. dollars and is translated into the Canadian dollars for financial reporting purposes. Eliminating the impact of the changes in foreign exchange rates (U.S. dollar and RMB currency moves against the Canadian dollar) shows that the Company's revenue would have increased by approximately $2.0 million or 18% for the three months ended June 30, 2010.
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