Compared with the 1Q of the prior year, historical products for the company experienced 20.5% lower volumes in CPP film while there was softer pricing in medical packaging and fruit jelly cups.
The Company achieved EBITDA before share-based compensation of $5.2 million during the 1Q, representing a 64.2% improvement over the 1Q of last year.
Net income increased 35.8% for the three months ended June 30, 2013 to $3.5 million ($0.024 per share) compared with $2.6 million ($0.020 per share) during the three months ended June 30, 2012.
"We are pleased to report the successful closing of our acquisition of Yuanxing Packaging during the 1Q and we are excited about the contribution Yuanxing will make to the performance and market presence of our Company," stated Mr. Wenge Hong, President and CEO of Asia Packaging. "Even with only 33 days of the Yuanxing results included in our numbers, we have seen a significant impact on revenues and earnings."
Asia Packaging Group, through its wholly-owned subsidiaries in the People's Republic of China, is in the business of manufacturing packaging products and services to the food pharmaceutical and retail industries in China. The Company operates a manufacturing plant in Yichun City, Jiangxi China where it produces a variety of film and plastic packaging products. With the completion of the acquisition of Yuanxing Packaging earlier this year, the Company has added a bag manufacturing facility located in Fujian Province and sales offices in Guangzhou and Shanghai.