XI'AN, China, Nov. 28, 2016 /PRNewswire/ -- SkyPeople Fruit
Juice, Inc. (NASDAQ: SPU) ("SkyPeople" or "the Company"), a
producer of fruit juice concentrates, fruit juice beverages and
other fruit-related products, today announced that on November 28, 2016, the Company filed its Annual
Report on Form 10-K for the fiscal year ended December 31, 2015. The Company's Annual Report
for fiscal 2015 on Form 10-K is available on its website at
http://www.skypeoplefruitjuice.com and on the Securities and
Exchange ("SEC") website at http://www.sec.gov/.
Key Financial Highlights for the Year Ended December 31, 2015
Revenue. Revenue was $86.4
million for fiscal 2015, a decrease of 13% as compared to
revenue of $99.1 million for fiscal
2014.
Gross Profit. Gross profit was $26.1 million for fiscal 2015, a decrease of 11%
as compared to gross profit of $29.3 million for fiscal
2014.
Gross Profit Margin. The gross profit margin was 30% in
fiscal 2015 as compared to the same gross profit margin of 30% for
fiscal 2014.
Net Income. Net income
attributable to SkyPeople Fruit Juice was $2.9 million for fiscal 2015 as compared to net
income of $7.9 million for fiscal 2014.
Cash, cash equivalents and restricted cash. Cash, cash
equivalents and restricted cash were $53.1
million as of December 31,
2015. This compares to cash, cash equivalents and restricted
cash of $31.7 million as of
December 31, 2014.
"We are pleased to file our annual report on Form 10-K for
fiscal 2015 with the SEC despite a series of challenges," said Mr.
Hongke Xue Chief Executive Officer of SkyPeople. "We are working
very hard to complete and file the delayed quarterly financial
statements and are hoping for a positive outcome to our hearing
with the Nasdaq panel so that we can regain compliance with the
applicable Nasdaq listing rule. We appreciate the confidence that
our shareholders have shown in us during this time."
As previously disclosed, the filing of the Company's Annual
Report on Form 10-K for fiscal 2015 was delayed attributable to the
resignation of the Company's Chief Financial Officer, a share
transfer agreement and capital contribution to bolster capital in
one of the Company's subsidiaries to meet the capital requirements
of Chinese government which delayed work on the year-end audit, and
changes in accounting firms.
On April 20, 2016, May 24, 2016, and August
17, 2016, the Listing Qualifications Department of The
Nasdaq Stock Market LLC (the "Nasdaq Staff") notified the Company
that it did not comply with the Nasdaq Stock Market's filing
requirements set forth in Listing Rule 5250(c)(1) (the "Rule")
because it had not filed its Form 10-K for the period ended
December 31, 2015 and its Forms 10-Q for the periods ended March
31, 2016 and June 30, 2016 (the "Reports"). Upon submitting
plans of compliance, the Nasdaq Staff granted the Company an
exception to the Rule until October 11, 2016 to comply with
Nasdaq's listing requirements.
On October 12, 2016, the Company
received a delisting determination letter from the Nasdaq Staff
because the Company had not filed the Reports by October 11, 2016, the deadline by which the
Company was to file all the Reports in order to regain compliance
with the Rule.
On October 19, 2016, the Company
requested a hearing before the Nasdaq Hearings Panel (the "Panel")
to appeal the delisting determination from the Nasdaq Staff.
On November 2, 2016, the Company was
granted an extended stay as to the suspension of the Company's
shares from trading by the Panel until the Company's scheduled
hearing before the Panel on December 15,
2016 and issuance of a final Panel decision.
On November 18, 2016, the Company
received an additional delisting determination letter from the
Nasdaq Staff stating the Company was not in compliance with the
Rule, due to its failure to timely file its Quarterly Report on
Form 10-Q for the quarter ended September
30, 2016, and the Nasdaq Staff stated that this filing
delinquency serves as an additional basis for delisting the
Company's securities from the Nasdaq Stock Market.
While the Company is working assiduously to complete its
delinquent filings with SEC and to regain compliance with the Rule
as soon as possible, no assurances can be provided that the Company
will be able to do so, or that the Panel will leave the decision of
the Nasdaq Staff in place.
About SkyPeople Fruit Juice, Inc.
SkyPeople Fruit Juice, Inc., a Florida company, through its wholly-owned
subsidiary Pacific Industry Holding Group Co., Ltd. ("Pacific"), a
Vanuatu company, and SkyPeople
Juice International Holding (HK) Ltd., a company organized under
the laws of Hong Kong Special Administrative Region of the People's Republic of China and a wholly
owned subsidiary of Pacific, holds 73.42% ownership interest in
SkyPeople Juice Group Co., Ltd. ("SkyPeople (China)") and 100% ownership interest in
SkyPeople Foods (China) Co., Ltd.
("SkyPeople Foods China"). SkyPeople (China) and ("SkyPeople Foods China"), together
with their operating subsidiaries in China, are engaged in the production and sales
of fruit juice concentrates, fruit beverages, and other fruit
related products in the PRC and overseas markets. The Company's
fruit juice concentrates are sold to domestic customers and
exported directly or via distributors. Fruit juice concentrates are
used as a basic ingredient component in the food industry. Its
brands, "Hedetang" and "SkyPeople," which are registered trademarks
in the PRC, are positioned as high quality, healthy and nutritious
end-use juice beverages. For more information, please visit
http://www.skypeoplefruitjuice.com.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable to
us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2015 and
otherwise in our SEC reports and filings, including the final
prospectus for our offering. Such reports are available upon
request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website at
http://www.sec.gov. We have no obligation and do not undertake to
update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
For more information,
please contact:
COMPANY
Cindy Liu,
Investor Relations Manager
SkyPeople Fruit Juice, Inc.
Tel: China + 86 -
29-8837-7161
Email: skypeople_annie@163.com
Web: http://www.skypeoplefruitjuice.com
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SOURCE SkyPeople Fruit Juice, Inc.