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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
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CORRECTION FROM SOURCE: Asia Packaging Group Inc. Announces Second Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/30/12 -- This press release corrects and replaces the press release of Nov. 29th titled: "Asia Packaging Group Inc. Announces Second Quarter Financial Results". The Summary Financial Statements table on the original press release contained incorrect figures, and has been corrected and replaced in this release.

Asia Packaging Group Inc. (TSX VENTURE:APX) ("Asia Packaging" or the "Company") announces its interim financial statements for the three-month period ended September 30, 2012.


Interim Financial Results

Highlights

--  During its fiscal second quarter ended September 30, 2012, the Company
    achieved revenues of $12.5 million representing 9.1% growth over the
    corresponding period of last year. This increase was due to a change in
    product mix to higher price, higher margin products. 

--  Higher value product sales contributed to an increase in gross profit
    margin during the second quarter to 26.5% from 25.1% during the second
    quarter of last year. 

--  The Company achieved EBITDA before share-based compensation of $3.0
    million during the second quarter, representing a 10.7% improvement
    over the second quarter of last year. 

--  Net income increased 10.5% for the second quarter to $2.4 million
    compared with $2.2 million during the corresponding quarter of last
    year. 

--  As at September 30, 2012, the Company had $11.7 million in cash and no
    bank debt. 

"We are pleased to report continued improvement in our product mix as we move towards higher margin product sales," stated Mr. Wenge Hong, President and CEO of Asia Packaging.

During the second quarter, sales at Asia Packaging increased to $12.5 million, representing a 9.1% increase compared with the corresponding period of last year. This increase was achieved as a result of improved product mix as average selling price increased by 6.1% compared with the same period of last year.

With the change in product mix, gross margin improved during the second quarter to 26.5% from 25.1% during the same quarter of last year.


Summary Financial Statements

                                      -------------------------------------
                                      Three Months Period Ended            
                                        September 30 (unaudited)            
                                      -------------------------            
                                                                     Change 
                                               2012        2011     -------
Sales                                    12,523,588  11,481,324        9.1%
Gross profit                              3,318,645   2,883,887       15.1%
Gross margin (% of Sales)                     26.5%       25.1%        5.6%
Operating expenses                          535,756     377,031       42.1%
Income from operations                    2,782,889   2,506,856       11.0%
Other income                                 12,425      11,248       10.5%
Income taxes                                390,310     340,724       14.6%
Net income                                2,405,004   2,177,380       10.5%
EBITDA                                    2,942,837   2,641,658       11.4%
EBITDA before stock-based compensation    3,025,503   2,733,158       10.7%
Earnings per share                                                         
Basic                                         0.019       0.019            
Diluted                                       0.019       0.019            
Weighted average number of shares                                          
Basic                                   128,059,000 115,557,300            
Diluted                                 128,402,300 115,723,400            
                                       ------------------------------------

Both EBITDA and net income improved during the three months ended September 30, 2012 by 11.4% and 10.5% respectively compared to the same period last year.

The Company continues to maintain a strong balance sheet with over $23 million in working capital and $11.7 million in cash as at September 30, 2012. The Company continues to maintain no debt and total equity of $40.6 million at September 30, 2012.

Update on Acquisition of Yuanxing Holdings (Hong Kong) Ltd.

Please refer to our press release dated November 28, 2012 regarding the status of this acquisition. Upon receipt of approval for this acquisition from the TSXV and after the satisfaction of all closing conditions, management expects the shares of the Company to resume trading.

Update on Acquisition of Anhai Hongrizhong

The Company signed an asset purchase agreement dated February 27, 2012 with JinJiang City Anhai Hongrizhong Plastic Color Printing Co., Ltd. ("Anhai Hongrizhong") to purchase from Anhai Hongrizhong and from its owner, certain assets involved in plastic color printing.

As consideration the Company has agreed to pay to the Vendors RMB 50,000,000 as follows: RMB 40,000,000 in cash and RMB 10,000,000 worth of common shares (the "Consideration Shares") in the capital of the Company at a price of CDN$0.30 per share (approximately 5,343,336 common shares in the capital of the Company). The Consideration Shares are issuable after the following milestones have been achieved:


1.  Total revenues generated from purchase orders, contracts, engagements or
    commitments with the customers of the Vendors for the period from April
    1, 2012 to March 31, 2013 exceed RMB 60,000,000 ($9.5 million); and 

2.  Total revenues generated from purchase orders, contracts, engagements or
    commitments with the customers of the Vendors for the period from April
    1, 2013 to March 31, 2014 exceed RMB 75,000,000 ($11.9 million). 

As at September 30, 2012, the Company has paid $6,180,080 (RMB 39,435,000) to Anhai Hongrizhong as acquisition deposits. The Company is applying a business licenses and other permits to set up a wholly owned foreign entity as a subsidiary of Mei Tak. Once this subsidiary is incorporated, Mei Tak will transfer the assets acquired from Anhai Hongrizhong into its newly set up subsidiary. The acquisition of Anhai Hongrizhong will be closed once the assets are transferred.

About Asia Packaging Group Inc.

Asia Packaging Group, through its wholly-owned subsidiaries in the People's Republic of China ("PRC"), is in the business of manufacturing packaging products and services to the food and pharmaceutical industries in China. The Company operates a 38,000 square meter plant located in Yichun City, Jiangxi Province in PRC.

This news release contains certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.

Contacts:
For Corporate Information:
Robert Wilson
Vice President
Asia Packaging Group
Tel: 416-666-4005
Email: robert.wilson@asiapackaging.ca

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Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

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