Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer, today announced its unaudited financial results for the six months ended September 30, 2019. The financial results has been filed in a 6-K with the U.S. Securities and Exchange Commission (the "SEC") on January 10, 2020.
Financial Highlights for the six months ended September 30, 2019:
- Sales for the six months ended September 30, 2019, were $31.36 million, relatively stable compared with $31.43 million in the prior year period.
- Operating income was $9.82 million for the six months ended September 30, 2019, a slight decrease of 5.4% from the prior year period due to increases in general and administrative fees incurred for brand advertisement.
- The Company reported $8.42 million of net income attributable to common shareholders, or $0.37 per basic and diluted share in the six months ended September 30, 2019, compared to net income attributable to common shareholders of $8.80 million, or $0.38 per basic and diluted share, in the comparative period.
Mr. Xuezhu Wang, Chief Executive Officer of Happiness Biotech, commented, "We are pleased to announce our financial results for the six months ended September 30, 2019. We have experienced a relatively stable half year in 2019 while we have continued the efforts to open new Experience Stores. As previously announced, we have opened the 31st Experience Store in December and we will continue to open more in the last fiscal quarter. The margin decreases slightly mainly due to our increased marketing expenses and new store expansion. However, we are confident that we will be rewarded with higher margin and revenue after a sizable network of experience stores being established."
Financial Results for the six months ended September 30, 2019 compared with the six months ended September 30, 2018
Revenues
We generated revenues primarily from manufacture and sales of nutraceutical and dietary supplements made of Lucidum spore powder and others.
The following table presents an overview of our sales from our product lines for the six months ended September 30, 2019 and 2018 respectively:










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