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Yongye Biotechnology International Announces Second Quarter Results

BEIJING, Aug. 18 /Xinhua-PRNewswire-FirstCall/ -- Yongye Biotechnology International, Inc. (OTC Bulletin Board: YGYB) ("Yongye" or the "Company"), a leading developer, producer and distributor of nutrients for plants and animals in the People's Republic of China, today announced its financial results for the quarter ended June 30, 2008.

Second Quarter 2008 Highlights

-- Revenue was $17.6 million, an increase of 136.6% from the second

quarter of 2007, and an increase of 87.0% from the first quarter of


-- Gross profit was $9.6 million, a 171.8% increase from the second

quarter of 2007, with a gross margin of 54.5%

-- Net income was $7.2 million, an increase of 116.2% from the second

quarter of 2007, or $0.41 per diluted share

-- Completed a share exchange transaction to become a publicly traded

company in April 2008

-- Raised $10.0 million gross proceeds through a private placement

financing in April 2008

Second Quarter 2008 Financial Results

"The second quarter of the year is typically our strongest quarter for sales of plant and animal nutrient products, and this year's second quarter had exceptionally good results, with both revenue and earnings more than doubling from the prior year period," said Mr. Zishen Wu, Chief Executive Officer of Yongye. "We attribute this to the very strong benefits our customers are able to gain from the use of our technologically advanced products and the rapid expansion of our distribution network to cover new geographic regions and build strong brand recognition for our products."

Second Quarter 2008 Results

Revenue was $17.6 million in the second quarter of 2008, an increase of 136.6% from $7.4 million in the second quarter of 2007. This significant revenue increase was due mainly to the rapid expansion of the Company's sales network. An additional 425 branded stores were added to the distribution n

SOURCE Yongye Biotechnology International, Inc.
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