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Yongye Biotechnology Announces Record Third Quarter Results
Date:11/13/2008

es network of stores. An additional 575 branded stores were added to the network in the first half of 2008, bringing the total number of stores through which the Company distributed its products in the third quarter to 775. The expanded sales network resulted in a total volume of 182,009 units sold of both plant and animal products in the third quarter of 2008, a 427.6% increase from 34,496 units sold in the third quarter of 2007. The Company's plant nutrient product accounted for 99.9% of sales revenue in the third quarter of 2008.

Gross profit was $8.9 million in the third quarter of 2008, a 456.6% increase from $1.6 million in the third quarter of 2007. Gross margin was 49.0% compared to 61.1% in the third quarter of 2007. Margin declined mostly because of discounts being given to key distributors and the cost of production being higher in 2008 compared to 2007.

Selling, General and Administrative expenses were $3.9 million in the third quarter of 2008, compared to $355,784 in the third quarter of 2007. These expenses as a percentage of sales increased because of expanded advertising, adding new management personnel, and freight costs of $3,408,813 compared to $140,205 in the third quarter of 2007, an increase of $3,268,608, or 2,331%. Freight costs increased dramatically because the Company distributed products to ten provinces in the third quarter of 2008 compared to four provinces in the third quarter of 2007. The predecessor company that existed in 2007 that became Yongye had a cost structure that was similar to Yongye's current cost structure, but on a much smaller scale.

Income from Operations was $5.0 million in the third quarter of 2008, with operating margin of 27.6%, compared to $1.2 million during the third quarter of 2007, with operating margin 47.5%.

Net income grew 283.5% to $4.5 million in the third quarter of 2008, or $0.22 per diluted share, compared to net income of $1.2 million, or $0.10 per diluted share, in the thi
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SOURCE Yongye Biotechnology International, Inc.
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