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Rodobo International, Inc. Reports Second Quarter 2011 Results

Monday, May 16, 2011 General News J E 4
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Second Quarter revenues increased 67.1% year-over-year to a record $25.6 million

RODOBO INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

For The Six Months Ended March 31,

2011

2010

Cash flows from operating activities

    Net income

$

7,925,586

$

6,113,591

    Adjustments to reconcile net income to net cash provided by operating activities

        Depreciation and amortization

1,769,927

1,215,529

        Stock-based compensation

597,226

696,809

        Gain on bargain purchase

-

(1,677,020)

        Change in fair value of warrants

(776,140)

-

    Changes in assets and liabilities:

    (Increase) decrease in -

        Accounts receivable, net

(128,933)

(2,664,291)

        Inventories

(1,594,252)

742,046

        Prepaid expenses

(397,275)

(26,289)

        Advances to suppliers

297,313

1,500,731

    Increase (decrease) in -

        Accounts payable and other payable

724,228

1,504,910

        Accrued expenses

(110,961)

(500,152)

        Advance from customers

30,220

(570,447)

            Net cash provided by operating activities

8,336,939

6,335,417

Cash flows from investing activities

    Purchase of fixed assets

(352,318)

(394,212)

    Cash used for construction in progress

(5,833,198)

(2,614,419)

    Purchase of mature biological assets

(2,058,757)

-

    Cash acquired in acquisitions, net of cash paid

-

1,055,994

    Collection of loan to others

-

732,300

    Collection of loan to shareholders

-

923,627

Net cash used in investing activities

(8,244,274)

(296,710)

Cash flows from financing activities

    Proceeds from short-term loans

1,133,247

549,237

    Repayment of short-term loans

(664,838)

-

    Repayment of related party loans

(309,935)

(1,933,667)

Net cash provided by (used in) financing activities

158,474

(1,384,430)

Effect of exchange rate changes on cash and cash equivalents

125,927

1,226

Net increase in cash and cash equivalents

377,066

4,655,502

Cash and cash equivalents, beginning of period

5,163,790

1,640,259

Cash and cash equivalents, end of period

$

5,540,856

$

6,295,761

Supplemental disclosures of cash flow information:

    Interest paid

$

14,669

$

30,297

    Income taxes paid

$

-

$

-

Non-cash investing and financing activities:

    Common stock issued for services

$

11,893

$

225,876

    Common stock issued for business acquisition

$

-

$

23,850,000

    Preferred stock issued for business acquisition

$

-

$

4,100,000

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