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WKN: A3EUTD | ISIN: VGG2788T1113 | Ticker-Symbol:
NASDAQ
17.04.24
18:25 Uhr
7,180 US-Dollar
0,000
0,00 %
Branche
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ASIEN
1-Jahres-Chart
DOGNESS INTERNATIONAL CORPORATION Chart 1 Jahr
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DOGNESS INTERNATIONAL CORPORATION 5-Tage-Chart
PR Newswire
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Dogness International Corporation: Dogness Reports Financial Results for Fiscal Year Ended June 30, 2023

PLANO, Texas, Oct. 11, 2023 /PRNewswire/ -- Dogness (International) Corporation ("Dogness" or the "Company") (NASDAQ: DOGZ), a developer and manufacturer of a comprehensive line of Dogness-branded, OEM and private label pet products, today announced its audited financial results for the fiscal year ended June 30, 2023 .

Silong Chen, Chairman and Chief Executive Officer of Dogness, commented, "We faced intense competition in the Chinese domestic market, as well as competition from more well-established, better capitalized companies in the United States . In addition, our business operations are and will continue to be negatively affected by post pandemic inflation and ongoing trade disputes between China and the United States, which may result in uncertainties in our export sales and have a significant impact on our financial performance. To mitigate the impacts, we are focusing on developing new customers and markets, as well as developing a new generation of intelligent pet products, such as convenient indoor pet toilets, air purifiers, and other products. We have expanded our sales channels from traditional trading to online shopping channels. At the same time, we are implementing cost-saving measures to improve production efficiency and profit margins."

"We are committed to enhancing profitability and cash flows by enhancing our brand identity and merchandising capabilities. We also continue to evaluate smaller pet product manufacturers targets in China to expand and integrate the industrial chain to improve operating efficiencies and market share."

"As we look from a long-term perspective, we believe the above-mentioned strategic initiatives will still help our future sales growth. During fiscal 2023, our products were sold on popular shopping sites and live streaming sales platforms in 32 countries. We hope to enhance our profitability by focusing on operating efficiency and executing our business strategy."

Financial Results for the Fiscal Year Ended June 30, 2023

Revenues decreased by approximately $9.5 million, or 35.1%, to approximately $17.6 million in fiscal 2023 from approximately $27.1 million in fiscal 2022. The decrease in revenue was primarily attributable to the significant decrease in both domestic and international markets.

Revenue from climbing hooks and other products remained at approximately $1.8 million in fiscal 2023 and 2022. Revenue from traditional pet products decreased by approximately $3.1 million, or 27.4%, from approximately $11.4 million in fiscal 2022, to approximately $8.3 million in fiscal 2023, primarily reflecting a decreased average selling price per unit. Revenue from intelligent pet products decreased by approximately $6.1 million, or 45.1%, from approximately $13.5 million in fiscal 2022 to approximately $7.4 million in fiscal 2023, primarily reflecting a decrease in sales volume and average selling price per unit.

Total sales in international markets decreased by approximately $3.3 million or 22.6% to approximately $11.3 million in fiscal 2023, from approximately $14.5 million in fiscal 2022. The decrease in international sales was the result of the soft landing of the world economy post-pandemic, due in part to inflation and interest rate hikes in the United States . Domestic sales decreased by approximately $6.2 million or 49.6% from approximately $12.6 million in fiscal 2022 to approximately $6.3 million in fiscal 2023. The decrease was mainly due to a decrease in customer orders caused by intense competition in the domestic market.

Cost of revenues decreased by approximately $3.0 million, or 17.9%, from approximately $17.0 million in fiscal 2022 to approximately $13.9 million in fiscal 2023. As a percentage of revenues, the cost of revenue increased by approximately 16.6 percentage points, reaching 79.2% in fiscal 2023 from 62.6% in fiscal 2022, due to increases in labor costs and raw materials prices. The decreased cost of revenue was the result of lower sales volume.

Gross profit decreased by approximately $6.5 million or 63.9%, to approximately $3.7 million in fiscal 2023 from approximately $10.1 million in fiscal 2022, primarily attributable to the decreased average selling price of our intelligent pet products. Overall gross profit margin was 20.8%, a decrease of 16.6 percentage points, as compared to 37.4% in fiscal 2022, caused by increased cost of revenue as a percentage of revenues.

Net loss attributable to Dogness was approximately $7.5 million in fiscal 2023, as compared to net income of approximately $3.0 million in fiscal 2022. The net loss was the result of decreased sales and gross profit, as well as increased operating expenses.

About Dogness

Dogness (International) Corporation was founded in 2003 from the belief that dogs and cats are important, well-loved family members. Through its smart products, hygiene products, health and wellness products, and leash products, Dogness' technology simplifies pet lifestyles and enhances the relationship between pets and pet caregivers. The Company ensures industry-leading quality through its fully integrated vertical supply chain and world-class research and development capabilities, which has resulted in over 200 patents and patents pending. Dogness products reach families worldwide through global chain stores and distributors. For more information, please visit: ir.dogness.com.

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our customers' businesses and end purchasers' disposable income, our ability to raise capital on any particular terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China and the U.S., our ability to attract and retain highly skilled professionals, client concentration, industry segment concentration, reduced demand for technology in our key focus areas, our ability to successfully complete and integrate potential acquisitions, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Dogness may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

For investor and media inquiries, please contact:

Wealth Financial Services LLC
Connie Kang, Partner
Email: [email protected]
Tel: +86 1381 185 7742 (CN)

DOGNESS (INTERNATIONAL) CORPORATION

STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(All amounts in USD)




For the Years Ended June 30,




2023



2022



2021












Revenues - third party customers


$

15,884,281



$

24,882,618



$

23,112,435


Revenues - related parties



1,700,173




2,212,579




1,207,686


Total revenues



17,584,454




27,095,197




24,320,121















Cost of revenues - third party customers



(12,760,852)




(15,654,952)




(14,501,166)


Cost of revenues - related parties



(1,162,314)




(1,301,180)




(663,742)


Total cost of revenues



(13,923,166)




(16,956,132)




(15,164,908)


Gross profit



3,661,288




10,139,065




9,155,213















Operating expenses:













Selling expenses



2,478,163




2,077,174




1,815,771


General and administrative expenses



9,800,714




6,742,687




4,941,036


Research and development expenses



913,078




917,227




540,613


Loss from disposal of property, plan and equipment



15,306




327,921




-


Total operating expenses



13,225,261




10,065,009




7,297,420















(Loss) income from operations



(9,564,973)




74,056




1,857,793















Other income:













Interest expense, net



(330,824)




(370,108)




(264,408)


Foreign exchange transaction gain (loss)



800,403




246,211




(228,260)


Other income, net



112,109




115,016




215,233


Rental income from related parties, net



295,362




173,089




354,968


Gain from disposition of a subsidiary



-




-




5,162


Total other income



877,050




164,208




82,695















(Loss) income before income taxes



(8,686,923)




238,264




1,940,488


Income taxes (benefit) expense



(1,277,449)




(2,777,868)




641,460


Net (loss) income



(7,459,474)




3,016,132




1,299,028


Less: net loss attributable to
non-controlling interest



(259,211)




(219,427)




(213,336)


Net (loss) income attributable to
Dogness (International) Corporation



(7,200,263)




3,235,559




1,512,364















Other comprehensive (loss) income:













Foreign currency translation (loss) income



(6,204,254)




(3,203,448)




4,879,315


Comprehensive income (loss)



(13,663,728)




(187,316)




6,178,343


Less comprehensive loss attributable to
non-controlling interest



(270,210)




(230,583)




(161,701)


Comprehensive (loss) income attributable to
Dogness (International) Corporation


$

(13,393,581)



$

43,267



$

6,340,044















Loss earnings per share













Basic


$

(0.18)



$

0.10



$

0.05


Diluted


$

(0.18)



$

0.10



$

0.05















Weighted Average Shares Outstanding













Basic



39,668,780




33,711,659




27,499,367


Diluted



39,668,780




34,013,634




27,554,811


DOGNESS (INTERNATIONAL) CORPORATION

CONSOLIDATED BALANCE SHEETS

(All amounts in USD)




As of June 30,



As of June 30,


2023

2022

ASSETS









CURRENT ASSETS









Cash and cash equivalents


$

4,483,308



$

16,605,872


Short-term investments



-




52,255


Accounts receivable from third-party customers, net



1,492,762




1,649,169


Accounts receivable from related parties



1,272,384




1,094,855


Inventories, net



2,679,275




3,369,885


Due from related parties



87,430




105,403


Prepayments and other current assets



3,748,955




477,237


Advances to supplier - related party



239,729




-


Total current assets



14,003,843




23,354,676











NON-CURRENT ASSETS









Property, plant and equipment, net



61,686,849




68,447,612


Operating lease right-of-use lease assets



17,537,096




4,589,678


Intangible assets, net



1,845,006




2,063,417


Long-term investments in equity investees



1,516,900




1,642,300


Deferred tax assets



1,281,634




699,039


Total non-current assets



83,867,485




77,442,046


TOTAL ASSETS


$

97,871,328



$

100,796,722











LIABILITIES AND EQUITY









CURRENT LIABILITIES









Short-term bank loans


$

887,000



$

564,000


Current portion of long term bank loans



2,959,918




1,386,160


Accounts payable



895,694




1,033,476


Accounts payable - related parties



-




393,625


Due to related parties



85,843




130,468


Advances from customers



121,687




151,462


Taxes payable



1,015,444




1,557,661


Accrued expenses and other current liabilities



1,026,218




1,083,469


Operating lease liabilities, current



2,326,162




184,700


Total current liabilities



9,317,966




6,485,021











NON-CURRENT LIABILITIES









long term bank loans



1,595,549




4,934,374


Operating lease liabilities, non-current



10,612,508




901,351


Total non-current liabilities



12,208,057




5,835,725


TOTAL LIABILITIES


$

21,526,023



$

12,320,746











Commitments and Contingencies (Note 10)


















EQUITY









Common shares, $0.002 par value,
90,931,000 Class A shares and
19,069,000 Class B shares
authorized, 31,055,259 class A
shares and 30,205,259 class A
shares issued and outstanding as of
June 30, 2023 and 2022,
respectively. 9,069,000 class B
shares and 9,069,000 class B shares
issued and outstanding as of June
30, 2023 and 2022, respectively.









Class A Common shares



62,110




60,410


Class B Common shares



18,138




18,138


Additional paid-in capital



85,654,468




84,096,866


Statutory reserve



291,443




291,443


Retained earnings



664,004




7,864,267


Accumulated other comprehensive loss



(10,345,832)




(4,152,577)


Equity attributable to owners of the Company



76,344,331




88,178,547











Non-controlling interest



974




297,429


Total equity



76,345,305




88,475,976











TOTAL LIABILITIES AND EQUITY


$

97,871,328



$

100,796,722


SOURCE Dogness International Corporation

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