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Yongye Biotechnology International Announces Second Quarter Results
Date:8/18/2008

etwork in the second quarter of 2008, bringing the total number of such stores through which the Company distributes its products to 775 by the end of the quarter. The Company had 200 stores at the end of 2007. The Company and its local distributor approach existing agricultural product store owners to contract with them and bring them into the Yongye branded store network.

Gross profit was $9.6 million in the second quarter of 2008, an increase of 171.8% from $3.5 million in the second quarter of 2007. Gross margin rose to 54.6% from 47.5% in the second quarter of 2007. Gross margin increased because of cost efficiencies resulting from increased production and more stable product prices.

Selling expenses were $777,012 in the second quarter of 2008, compared to $62,135 in the second quarter of 2007. Selling expenses increased because of rapidly adding new sales people and a proportionate increase in expenses associated with a dramatic increase in sales volume. General and administrative expenses were $454,697 in the second quarter of 2008, compared to $108,350 in the second quarter of 2007. General and administrative expenses grew because of adding new executive staff and new expenses associated with becoming a public company.

Operating income was $8.4 million in the second quarter of 2008, with operating margin of 47.6%, compared to $3.4 million in the second quarter of 2007, with operating margin 45.2%.

Net income was $7.2 million in the second quarter of 2008, or $0.41 per diluted share, compared to net income of $3.3 million, or $0.29 per diluted share, in the second quarter of 2007.

The diluted weighted average number of shares outstanding increased from 11,444,775 in the second quarter of 2007 to 17,435,896 in the second quarter of 2008 because additional shares were issued in the private placement which took place in April 2008.

Six Months 2008 Results

Net revenue was $27.0 million in the six months ended June
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SOURCE Yongye Biotechnology International, Inc.
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