HAIKOU, China, Nov. 16 /PRNewswire-Asia/ -- Shiner International, Inc. (Nasdaq: BEST), an emerging global supplier of anti-counterfeiting and advanced packaging products, today announced financial results for the quarter ended September 30, 2009.

    Financial Summary
    -- Total revenue of $8.66 million versus $8.01 million in the prior 2009
       quarter and $15.16 million for the third quarter of 2008.
    -- Net income of $0.30 million versus net loss of $0.28 million in the
       second quarter of 2009, and down from net income of $1.86 million in
       the third quarter of 2008.
    -- Gross profit of $1.50 million, compared to $1.11 million in the prior
       2009 quarter and $2.85 million for the third quarter of 2008.
    -- Gross margin of 17.3%, compared to 13.8% for the second quarter of 2009
       and 18.8% for the third quarter of 2008.
    -- Earnings per share of $0.01 for the quarter, up from ($0.01) in the
       prior quarter, but down from $0.08 in the 2008 third quarter.

Revenues and Earnings

Shiner's revenue for the three months ended September 30, 2009 was up approximately 8.2% on a quarter to quarter basis, but down when compared to the same period in 2008. The quarter to quarter increases in revenue related directly to increases in sales in two of Shiner's main business lines, including a 14.6% increase in food safety packaging sales and a 4.5% increase in anti-counterfeit packaging sales. International sales for the three months ended September 30, 2009 totaled $3.1 million, accounting for 35.7% of Shiner's total revenue, in comparison to $2.6 million for the second quarter. The increase in Shiner's international sales quarter to quarter was primarily due to continuous market improvement.

Management Comments

Mr. Qingtao Xing, Shiner's President, commented, "The newly enacted Food Safety Law continues to impact domestic food producers throughout China, as the Chinese government exercises its authority on the supervision of food production and packaging. In reaction to the melamine-tainted milk scare in March 2008, the Chinese government took decisive steps to strengthen its oversight of food production, packaging and distribution. These actions have strengthened consumer confidence. With the recovery of the global market, especially the Chinese domestic market, we expect that consumption capacity will rebound to, or exceed, pre- food safety crisis levels."

Commenting on Shiner's performance, Jian Fu, Shiner's Chief Executive Officer, stated that, "We are encouraged by the continued positive trends in revenue, gross profit and net income we have seen in the previous quarter across several of our business lines and the overall improvement in our market in comparison with the second quarter. The Chinese economy has steadily increased over the first three quarters of 2009, posting GDP marks of 6.1%, 7.9% and 8.9%, respectively. As the world economy begins to recover, we are increasing our marketing efforts to develop new customers, while maintaining a solid foundation of existing customers. We believe that Shiner will continue to improve its bottom line as the world economy continues to recover and the effects of China's Food Safety Law are fully realized. We are confident that we will benefit from these factors and achieve our growth objectives for the next year."

About Shiner International, Inc.

NASDAQ listed Shiner International (http://www.shinerinc.com) is a U.S. corporation that has its primary operations in China. Headquartered in the city of Haikou - China's "Hawaii" -- Shiner's products include coated packaging film, shrink-wrap film, common packaging film, anti-counterfeit laser holographic film and color-printed packaging materials. Approximately 60 percent of Shiner's current customers are located in China, with the remainder spanning Southeast Asia, Europe, the Middle East and North America. Shiner holds 14 patents on products and production equipment, and has an additional eight patent applications pending. The Company's coated films meet the approval of U.S. FDA requirements, as well as those required for food packaging sold in the EU. Shiner's product manufacturing process is certified under ISO 9001:2000.

Safe Harbor Statement

The information contained in this earnings release and the attachments is as of the date of the release. The Company assumes no obligation to update any forward-looking statements contained in this earnings release or the attachments as a result of new information or future events or developments.

This earnings release and the attachments contain forward-looking information about the Company's financial results and estimates, business plans and prospects that involve substantial risks and uncertainties. You can identify these statements by the fact that they use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "forecast" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business plans and prospects. Among the factors that could cause actual results to differ materially are the following: the availability and prices of raw materials, fuel and supplies; product pricing; the competitive environment and related market conditions; operating efficiencies; interest rate and foreign currency exchange rate fluctuations; access to capital; the cost of compliance with environmental and health standards; actions of the PRC government; governmental laws and regulations affecting our operations, including tax obligations; the success of our research and development activities, changes in generally accepted accounting principles; uncertainties related to general economic, political, business, industry, regulatory and market conditions; any changes in business, political and economic conditions due to the threat of terrorist activity; and other risks and uncertainties described in the Company's Annual Report on Form 10-K for the year ended December 31, 2008 and in its subsequent Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on forward-looking statements because actual results may differ materially from those expressed in, or implied by, the statements. Any forward-looking statement that the Company makes speaks only as of the date of such statement, and the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

                   SHINER INTERNATIONAL, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

                                             September 30,      December 31,
                                                 2009               2008
                                              (unaudited)
                   ASSETS

    CURRENT ASSETS:
         Cash & cash equivalents                $1,769,730        $3,816,454
         Restricted cash                           830,694           684,212
         Accounts receivable, net of
          allowance for doubtful accounts
          of $64,252 and $223,973                5,938,780         7,594,718
         Advances to suppliers                   3,684,950         3,677,890
         Notes receivable                          152,568            43,503
         Inventory, net                          7,880,643         7,079,390
         Prepaid expenses & other current
          assets                                   863,711         1,283,650

             Total current assets               21,121,076        24,179,817

     Property and equipment, net                12,818,320        12,412,689
     Construction in progress                    3,393,965            32,265
     Advance for purchase of equipment                  --         1,531,590
     Intangible assets, net                        351,230           356,447

         TOTAL ASSETS                          $37,684,591       $38,512,808

    LIABILITIES AND STOCKHOLDERS' EQUITY

     CURRENT LIABILITIES:
         Accounts payable                       $3,177,670        $3,798,790
         Other payables                            249,127           145,507
         Unearned revenue                          349,528           161,516
         Accrued payroll                           134,901            39,979
         Short term loan                         2,787,300         3,884,197
         Notes payable                             693,132                --
         Dividend payable                               --            63,267

             Total current liabilities           7,391,658         8,093,256

         Commitments and contingencies

     STOCKHOLDERS' EQUITY:
         Common stock, par value $0.001;
          75,000,000 shares authorized,
           24,650,000 shares issued and
            24,606,321shares outstanding
            at September 30, 2009
           24,650,000 shares issued and
            24,650,000 shares outstanding
            at December 31, 2008                    24,650            24,650
         Additional paid-in capital             11,379,919        11,214,071
         Other comprehensive income              2,979,200         2,977,847
         Statutory reserve                       2,858,620         2,854,686
         Treasury stock (43,679 shares)            (40,299)               --
         Retained earnings                      13,090,843        13,348,298
             Total stockholders' equity         30,292,933        30,419,552

         TOTAL LIABILITIES AND
          STOCKHOLDERS' EQUITY                 $37,684,591       $38,512,808



                  SHINER INTERNATIONAL, INC. AND SUBSIDIARIES
     CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME
                                    (LOSS)


                           Three Months Ended          Nine Months Ended
                       September 30, September 30, September 30, September 30,
                            2009        2008          2009          2008
                        (unaudited)  (unaudited)   (unaudited)   (unaudited)

    Revenues             $8,662,339  $15,159,122   $23,739,125   $40,597,208

    Cost of goods sold    7,162,799   12,312,144    20,662,603    32,391,728

    Gross profit          1,499,540    2,846,978     3,076,522     8,205,480

    Operating expenses
      Selling expenses      447,338      427,943     1,222,042     1,132,323
      General and
       administrative
       expenses             786,711      765,306     2,127,380     1,886,346
           Total
            operating
            expenses      1,234,049    1,193,249     3,349,422     3,018,669

    Income (loss) from
     operations             265,491    1,653,729      (272,900)    5,186,811

    Non-operating income
     (expense):
      Other income, net      97,002      464,488       123,269       589,520
      Interest income         6,954        3,425        20,991        20,864
      Interest expense      (39,322)     (41,104)     (127,611)      (59,815)
      Exchange gain
       (loss)                57,583      (43,126)       54,827        11,659

           Total non-
            operating
            income
            (expense)       122,217      383,683        71,476       562,228

    Income (loss) before
     income tax             387,708    2,037,412      (201,424)    5,749,039

    Income tax expense       89,800      173,915        52,097       495,394

    Net income (loss)       297,908    1,863,497      (253,521)    5,253,645


    For more information, please contact:

     Investor Relations:
     Shiner International, Inc.
     Tel:   +86-898-6858-1713
     Email: ir@shinerinc.com or info@shinerinc.com

SOURCE Shiner International, Inc.

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