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

30, 2008, up 232.0% from $8.1 million in the six months ended June 30, 2007. Gross profit was $14.6 million with a gross margin of 54.0%, compared to $3.8 million with a gross margin of 46.5% in the six months ended June 30, 2007. Operating income was $9.8 million with an operating margin of 36.2%, compared to $3.6 million with an operating margin of 43.7% 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.

Financial Condition

On June 30, 2008, cash totaled $1.4 million, compared to $376,002 as of December 31, 2007. Accounts receivable were $20.6 million as of June 30, 2008, compared to $1.6 million as of December 31, 2007. The Company made substantial investments to increase its inventory and expand its distribution network throughout the first half of 2008, which significantly offset the Company's cash balance as of June 30, 2008. It is also customary in China's agriculture industry to extend credit terms which allow distributors to pay over a longer period of time than what may be customary in other industries. Consequently, the Company has every reason to believe that its accounts receivable will be paid under the terms extended to its customers. As of June 30, 2008, the Company had total assets of $28.1 million, compared to $23.1 million as of December 31, 2007. Working capital was $17.8 million, total current liabilities were $9.6 million and the Company did not have any short term bank loans or long term liabilities as of June 30, 2008. Stockholders' equity totaled $17.3 million as of June 30, 2008, compared to $12.9 million at the end of 2007.

Recent Events

On April 17, 2008, Yongye Biotechnology International Inc. entered into a share exchange agreement with Fullmax Pacific Limited, British Virgin Islands. All the historical financial statements prior to January 1, 2008 are solely those of the p
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SOURCE Yongye Biotechnology International, Inc.
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