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China Ruitai International Holdings Co., Ltd. Reports Financial Results for the Second Quarter 2010
Date:8/17/2010

ed 49.3% to $8.2 million over the same period a year ago. This increase was driven by higher sales volumes accompanied by increased prices for cotton. Ginned cotton, in particular, is the key raw material for producing cellulose ether, comprising approximately 45% of the total cost of goods. The other main raw material is chloromethane and accounts for 30% of the costs of goods; chloromethane is the organic agent required to produce cellulose ethers. Due to unfavorable growing climates during the harvest season, costs of ginned cotton increased 100% in the second quarter while costs of chloromethane increased 225% in the same period.

Corresponding gross profits for the quarter were 26.4% compared to 34.9% for the second quarter of 2009. While cotton prices during the second quarter reached historical highs, management decided to execute a price promotion to targeted customers by which they maintained 2009 selling prices while the majority of the Company competitors increased selling prices to match costs. As a result, several small competitors exited the market as result of the Company's strategy and China Ruitai subsequently increased its customer base by 330 customers in the quarter. As cotton prices have remained elevated during through the second quarter, China Ruitai is gradually increasing selling prices to more adequately reflect production costs with the goal of achieving projected gross margins of approximately 30% through the third and fourth quarter of 2010.

Average gross margins in 2010 for the Company's main product category are detailed below. Product Approximate % of Gross Profit Revenues Margin (%) Hydroxypropyl Methyl Cellulose (HPMC) ~ 83.0 % 25 - 30 Methyl Cellulose (MC) ~ 6.0 % 17 - 20 Ethyl Cellulose (EC) ~ 5.0 % 40 - 45

Selling expenses which consist of sales commissions, freight charges, and travel were $0.5 million for the three-month period ended June 30, 2010 an increase of approximately 19.3% compared to the seco
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SOURCE China Ruitai International Holdings Co., Ltd.
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