Rich Pipeline of New Products
We are developing a number of new nutrient products that target specific plants and animals. We currently produce a universal plant nutrient product. The Company is developing specialized products that will target corn, la jiao peppers, wheat, rice, cucumbers, tomatoes, cotton, potatoes, sunflowers, grapes, tropical fruits and flowers. Our animal nutrient product is for dairy cows. Specialized nutrient products are being developed that will focus on hogs, poultry and sheep. We expect to increase our sales revenue by targeting specific plant needs and providing nutrients to more types of livestock and will roll these out according to our market strategy.
Outstanding Financial Results
Our strong product portfolio and growing distribution footprint resulted in outstanding financial performance in the first half of 2008. Net revenue grew by 232.0% to $27.0 million in the six months ended June 30, 2008, up from $8.1 million in the six months ended June 30, 2007. Gross profit was $14.6 million in the same period, representing a gross margin of 54.0%, as compared to gross profit of $3.8 million, or a gross margin of 46.5%, in the six months ended June 30, 2007. Net income was $7.7 million, or $0.54 per diluted share, compared to $3.4 million, or $0.29 per diluted share, in the six months ended June 30, 2007. As in the first six months of 2008, we expect the remaining two quarters to conform to plan for 2008 and lead towards our net income "make good" target of $10.3 million which we provided to investors as part of both of our private placement transactions.
Upcoming Visit to the United States
In the second half of September, Yongye s
|SOURCE Yongye Biotechnology International, Inc.|
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