XI'AN, China, Nov. 21 /PRNewswire-FirstCall/ -- Huifeng Bio-Pharmaceutical Technology, Inc. (OTC Bulletin Board: HFGB), a leading developer and producer of plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production, is pleased to announce record sales and earnings for the three and nine month periods ended September 30, 2008.
"We are pleased to announce that in the third quarter of 2008, Huifeng has managed to record both record sales and net income. Product revenue was over $3.5 million, representing an increase of 82% year over year. Net income in the quarter was $768 thousand, which equates to 4 cents per share and is an increase of 130% over the prior year's earnings."
According to Mr. Wang, the nine month earnings and sales figures also represent record levels for HFGB. Mr. Wang further stated that Net Income through 9 months was strong at eight cents per share, despite being negatively impacted by expenses related to the company's recent financing activity.
"Huifeng, despite the uncertain global economic environment, continues to execute to our strategic growth plan. The third quarter was a significant quarter for the Company as we not only reported record levels of income, but we closed on our first acquisition," said Mr. Wang.
Gross margins for Huifeng improved to 38%, up from last year's 28%. Strength in the Company's main product lines of Rutin, Diosmin, and L-Rhamnose continue to drive sales.
"We are very excited about the results of the third quarter and hope to build upon them going forward. COS approval is expected in the near future, allowing us to begin sales of Diosmin to our strategic partner Safic-Alcan of France. We are entering a very exciting phase of Huifeng's corporate development and are looking forward to demonstrating the strength of our quality platform and products throughout the remainder of FY 2008," concluded Mr. Wang.
About Huifeng Bio-Pharmaceutical Technology, Inc. (HFGB)
Huifeng Bio-Pharmaceutical Technology, Inc., located in Xi'an, People's Republic of China, develops and produces plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production. It is the leading Chinese producer of rutin and related plant-derived chemicals in a class called flavonoids, with medicinal and other beneficial properties. Founded in 2002, Huifeng uses proprietary patented processes to extract rutin more efficiently than traditional extraction techniques. The Company is diversifying its product lines through internal development, acquisition and cooperation with scientific research organizations. http://www.hfgb.cn/
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|SOURCE Huifeng Bio-Pharmaceutical Technology, Inc.|
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