TNBI Tanke Biosciences Corporation (PK)

NEW YORK and GUANGZHOU, China, Nov. 15, 2012 /PRNewswire/ -- Tanke BioSciences Corporation (OTCQB: TNBI) announces financial results for the three and nine months ended September 30, 2012. 

For the third quarter ended September 30, 2012, the company generated revenue of $9,906,581, a 59 percent increase over revenue of $6,247,833 for the third quarter of 2011.  Tanke's third quarter 2012 operating income was $2,182,489, an 81 percent increase over operating income of $1,203,796 for same period last year.  The company achieved third quarter 2012 net income of $968,632, or $.07 per share, compared to a net loss of ($1,445,871), or ($.11) per share, for the third quarter of 2011.  The company recorded a non-cash amortization expense related to a discount on notes and offering costs totaling $899,312 and $1,798,624 for the third quarter of 2012 and 2011, respectively.

For the nine months ended September 30, 2012, the company generated revenue of $21,878,509, a 27 percent increase over revenue of $17,179,146 for the first nine months of 2011. Tanke's operating income for the nine months ended September 30, 2012 was $4,168,346 compared to operating income of $718,413 for the same period last year.  The first nine months of 2011 included a non-cash expense related to the issuance of stock in the amount of $2,490,098 for consulting fees related to going public.  Net income for the nine months ended September 30, 2012 was $570,069, or $.04 per share, compared to a net loss of ($5,124,341), or ($.40) per share, for the same period last year.  The company recorded a non-cash amortization expense related to a discount on notes and offering costs totaling $2,678,388 and $4,555,214 for the nine months ended September 30, 2012 and 2011, respectively.

Mr. Guixiong Qiu, Chairman and CEO of Tanke, commented, "We continue to generate very strong year-over-year revenue growth as a result of increasing demand for our natural and safe feed additives.  In particular, third quarter sales of our organic trace mineral additives increased 81 percent over the same period last year. We have significantly enhanced our domestic sales and marketing initiatives, and believe we are extremely well positioned heading into 2013.  We achieved record operating income and cash flow, and we are pleased to report we had over $11 million of cash on hand, and shareholder equity of $16.5 million, or $1.24 per share, at the end of the third quarter.  Looking ahead, we are in the process of adding a new state-of-the-art production facility, which we expect to come online in mid-2013.  This new facility will help support our anticipated growth, both domestic and international."

About Tanke BioSciences Corporation
Founded in 1997, Tanke BioSciences Corp. (http://tanke-bio.com/) is a leading China-based agritech company developing, manufacturing and marketing animal feed additives and livestock nutritional products that address China's soaring demand for safe, reasonably priced food. All Tanke products are free of genetically modified organisms (GMOs), antibiotics, and are environment-friendly, making them optimal for animal consumption. The company's operations are based in Guangzhou, China with offices in the United States. For investor information, please go to http://ir.stockpr.com/tankebio/overview. 

Forward-Looking Statements
This press release and the statements of representatives of our officers, directors, employees and representatives related thereto contain or may contain forward-looking statements which are based upon the current beliefs and expectations of our management. Such statements contained in this release are based on management's exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "guidance," "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "ultimately" and words of similar import, are intended to identify any forward-looking statements. The information contained in the forward looking statements is inherently uncertain, and our actual results may differ materially due to a number of factors, many of which are beyond our ability to predict or control, including, among others: (i) changes in the level of consumer spending or preferences or demand for our products; (ii) pressures from competition; (iii) our ability to hire and retain key personnel and our relationship with our employees; (iv) the performance of our distributors and other key vendors; (v) effectively carrying out and managing our growth strategies; (vi) failure to maintain the value and image of our brand and protect our intellectual property rights; (vii) seasonality; (viii) costs of materials and labor; (ix) sales, manufacturing, supply or distribution difficulties or disruptions; (x) compliance with or changes in Chinese, U.S. or international laws and regulations; (xi) costs as a result of operating as a public company; (xii) material weaknesses in internal controls; (xiii) interest rate and foreign currency risks; (xiv) our ability to maintain our land use and drug manufacturing rights in China; (xv) general economic and industry conditions in China and internationally, and other risks as more fully detailed in our filings with the Securities and Exchange Commission ("SEC"). Our filings with the SEC are available at www.sec.gov. You are urged to consider these factors carefully in evaluating our forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements which are qualified in their entirety by this cautionary statement. The forward-looking statements speak only as of the date on which they are made, and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances unless as required by applicable laws or regulations.

Investor Contact:
Gilbert Lee, CFO                                                                                                                                    
Tanke BioSciences Corp.                                                                                                 
glee@tanke-bio.com
(214) 906-0065                                                                                                   

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SOURCE Tanke BioSciences Corporation