FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Report of Foreign Issuer
Pursuant to Rule 13a 16 or 15d 16 of The Securities Exchange Act of 1934
For March 2011
CHAI-NA-TA CORP.
Unit 100 12051 Horseshoe Way
Richmond, BC V7A 4V4
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [ X ]
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-___________
Exhibit | |
99.1 | News Release dated March 16, 2010 - Chai-Na-Ta Corp. Reports 2010 Year-end Results |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CHAI-NA-TA CORP. | ||||
SIGNED WILMAN WONG | ||||
Date: March 16, 2011 | ||||
Wilman Wong | ||||
Chief Executive Officer |
Exhibit 99.1
Unit 100 - 12051 Horseshoe Way | ||
Richmond, BC V7A 4V4 | ||
Canada | ||
Toll Free in Canada & USA: | ||
1-800-406-ROOT (7668) | ||
Telephone: | (604) 272-4118 | |
Facsimile: | (604) 272-4113 | |
OTCBB: CCCFF | ||
Web: www.chainata.com |
FOR IMMEDIATE RELEASE
Chai-Na-Ta Corp. Reports 2010 Year-end Results
RICHMOND, BRITISH COLUMBIA March 16, 2011 Chai-Na-Ta Corp. (OTCBB: CCCFF), one of the worlds largest suppliers of North American ginseng, today announced 2010 net earnings of $759,000, or $0.02 per basic share, compared to net earnings of $669,000 in 2009, or $0.02 per basic share.
Revenue increased to $8.9 million in 2010 from $6.9 million in 2009 with an average selling price of $10.25 per pound in 2010 compared to $8.50 per pound in 2009.
Due to the overall decrease in production in the 2010 harvest for the industry, we have seen bulk root prices increase at the 2010 year end, said Derek Zen, Chairman of the Company.
We have committed 83% of our 2010 harvest and achieved a significant increase in the average selling price due to the decrease in overall supply in the industry and our production of better quality roots in 2010, Mr. Zen continued, however we will continue with our plan of not planting new crops and we will cease our farming operations after completing the harvest in 2011.
2010 Fourth Quarter
During the quarter ended December 31, 2010, revenue increased to $3.3 million from $1.0 million in the same quarter last year. Net earnings in the 2010 fourth quarter were $804,000, or $0.02 per basic share, compared to net earnings of $15,000, or less than $0.01 per basic share, in the same period last year. The net earnings in the fourth quarter of 2010 were primarily due to the higher margins received on the sale of inventory from the 2009 and 2010 harvests.
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Chai-Na-Ta Corp., based in Richmond, British Columbia, is one of the worlds largest suppliers of North American ginseng. The Company farms, processes and distributes North American ginseng as bulk root, and supplies processed material for the manufacture of value-added ginseng-based products.
This news release contains forward-looking statements that reflect the Companys expectations regarding future events. These forward-looking statements involve risks and uncertainties, and actual events could differ materially from those projected. Such risks and uncertainties include, but are not limited to, general business conditions and other risks as outlined in the Companys periodic filings, Annual Financial Statements and Form 20-F.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Chai-Na-Ta Corp.
Wilman Wong
Chief Executive Officer/Corporate Secretary
(604) 272-4118 or (Toll Free) 1-800-406-7668
(604) 272-4113 (FAX)
E-mail: info@chainata.com
Website: www.chainata.com
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