Navigation Links
Huifeng Bio-Pharmaceutical Reported Second Quarter 2010 Financial Results and Reaffirms its 2010 Guidance
Date:8/23/2010

Huifeng Bio-Pharmaceutical Reported Second Quarter 2010 Financial Results and Reaffirms its 2010 Guidance -- XI'AN, China, Aug. 23 /PRNewswire-Asia-FirstCall/ --


Advanced Search Search

  
Close
  1. Send a release
  2. Member sign in
  3. Become a member
  4. For journalists
  5. Global sites
PR Newswire: news distribution, targeting and monitoring
  1. Products & Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
Food & Beverages, OTC, SmallCap, Biotechnology, Health Care & Hospitals, Medical Pharmaceuticals, Pharmaceuticals, Supplementary Medicine, Earnings Forecasts & Projections, Earnings Click to view news release full screen  

Huifeng Bio-Pharmaceutical Reported Second Quarter 2010 Financial Results and Reaffirms its 2010 Guidance

 

XI'AN, China, Aug. 23 /PRNewswire-Asia-FirstCall/ -- Huifeng Bio-Pharmaceutical Technology, Inc. (OTC Bulletin Board: HFGB), specializing in developing and producing botanical extracts and other raw materials for pharmaceuticals and food additives today reiterated its financial results for its second quarter ended June 30, 2010.

Second Quarter 2010 Highlights -- Revenue was $6,698,952, up 116.7% from the same quarter of 2009. -- Gross profit was $2,467,064, up 109.5% from the second quarter of 2009 with gross margin of 36.8%, slightly decreased 1.3% from 38.1% for the second quarter of 2009. -- Net income was $1,532,302, an increase of $729,108 or 90.8% from the second quarter 2009, and earnings per diluted share were $0.06 based on 25.4 million shares. Second Quarter 2010 Results Q2 2010 Q2 2009 CHANGE Revenue $6.7 million $3.1 million +116.7% Gross profit $2.5 million $1.2 million +109.5% Net Income $1.5 million $0.8 million +90.8% EPS (Diluted)* $0.06 $0.04 +50% * Weighted average shares outstanding for Q2 2010 was 25,408,941 and for Q2 2009 was 20,466,169.

"We are pleased to report record revenue and operating income in the quarter," Mr. Jing'an Wang, the Company's CEO, commented. "The large increase in profitability and top line growth can be attributed to the increase in our sales of pharmaceutical raw-material and pharmaceutical intermediates. We have seen increased orders of both Rutin series products and Diosmin. We plan on focusing to fulfill the entire demand in the coming year."

For the Three Months Ended June 30, 2010 and 2009

Revenues for the quarter ended June 30, 2010 were $6,698,952, an increase of $3,607,427, or 116.7%, from $3,091,525 for the same quarter in 2009. Our increase in sales revenues for the second quarter of 2010 was mainly due to the increase in our sales of pharmaceutical raw-material and pharmaceutical intermediates, which include our products of Rutin, Troxerutin, Quercetin and Diosmin. An analysis of our results in sales of our products is as follows:

For the quarter ended June 30 Product 2010 2009 Increase Pharmaceutical intermediates $1,477,178 $765,929 $711,249 Pharmaceutical raw-material $4,712,016 $1,907,060 $2,804,956 Plant Extractive and others $509,758 $418,536 $91,222 TOTAL $6,698,952 $3,091,525 $3,607,427

Our gross profit for the quarter ended June 30, 2010 was $2,467,064, an increase of $1,289,559, or 109.5%, from $1,177,505 for the same quarter in 2009 as a result of the increase in our products sold, mainly due to the sales increase of pharmaceutical raw-material.

Our gross margin as a percentage of revenues for 2010 slightly decreased 1.3% from 38.1% for the second quarter of 2009 to 36.8% in the same quarter in 2009, due to the slight increase in raw materials' price.

Net income for the quarter was $1,532,302, an increase of $729,108 or 90.8% from the second quarter of 2009, and earnings per diluted share were $0.06 based on 25.4 million shares.

For the Six Months Ended June 30, 2010 and 2009

Revenues for the six months ended June 30, 2010 were $10,850,838, an increase of $6,433,418, or 145.6%, from $4,417,420 for the same period in 2009. Our increase in revenues for the six months ended June 30, 2010 was mainly due to the increase in our sales of pharmaceutical raw-material and pharmaceutical intermediates, which include our products of Rutin, L-Rhamnose, Quercetin and Diosmin. An analysis of our results in sales of our products is as follows:

Six months ended June 30 Increase/ Product 2010 2009 (Decrease) Pharmaceutical intermediates $2,309,996 $897,790 $1,412,206 Pharmaceutical raw-material $7,889,535 $2,635,525 $5,254,010 Plant Extractive and others $651,307 $884,105 $(232,798) TOTAL $10,850,838 $4,417,420 $6,433,418

The gross profit for the six months ended June 30, 2010 was $4,089,796, an increase of $2,638,236 or 181% from $1,451,560 for the six months period ended June 30, 2009 as a result of the increase in our products sold.

Our gross margin as a percentage of revenues for the six months ended June 30, 2010 was slightly increased from 32.9% to 37.7%, which compared to the same period in 2009. The increase in gross margin was mainly due to the increase of the selling price of raw-materials during the quarter ended June 30, 2010.

Net income for the first half of fiscal year 2010 was $2,396,191, compared to $410,557 in the prior year's corresponding period, a 483.6% increase year over year, and earning per diluted shares were $0.10 based on 25.1 million shares.

Financial condition

As of June 20, 2010, the Company had $1,661,815 in cash, increased from $85,105 in the prior year's corresponding period; working capital was $13,321,969. Cash provided by operating activities were $1,643,604, compared to cash used in operating activities of $106,697 for the six months ended June 30, 2009, mainly due to a decrease in accounts receivable and inventories of $171,204 and $1,173,837, respectively, as well as an increase due to a stockholder of Xi'an Runfeng Investment Ltd. of $497,117 and increase in our net income from continuing operations.

The Company reaffirms its 2010 Guidance

For the calendar year ended December 31, 2010, Huifeng reaffirms its $20.0-$25.0 million in revenue and $4.5-$5.0 in net income guidance respectively. The Company expects revenue and earnings growth to continue through the second half of the year, as it enters its most profitable selling period during the third and fourth quarter harvest and squeezing seasons.

About Huifeng Bio-Pharmaceutical Technology, Inc.

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. More information can be found on the Company's web site at: http://www.hfgb.cn/

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including changes from anticipated levels of sales, future national or regional economic and competitive conditions, changes in relationships with customers, access to capital, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, and other factors disclosed in the Company's Annual Report on Form 10K for the year ended Dec. 31, 2009 and all of the Company's subsequent Quarterly Reports on Form 10Q, especially in the "Risk Factors" sections of these reports. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.

For more information, please contact: Investor Relations: Capital Group Communications, Inc. Mr. Kevin Fickle Tel: +1-925-330-8315 Email: Kevin@capitalgc.com Company Contact: Huifeng Bio-Pharmaceutical Technology, Inc. Mr. Steven Tong, IR Director Tel: +86-135-7211-8351 Email: Steven@xahuifeng.com
'/>"/>

SOURCE Huifeng Bio-Pharmaceutical Technology, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Huifeng Bio-Pharmaceutical Technology Announces a New Spain Order
2. Huifeng Bio-Pharmaceutical Technology Reports 26% Quarterly Revenue Increase
3. Renhuang to Launch New Bio-pharmaceutical Product - Ginseng and Deer Antler Extract
4. FDA: Rare Cases of Liver Injury Reported With Use of Xenical, Alli
5. Radiation Reduction in Heart CT Scans Reported in Study
6. Reported Use of AMAGs Feraheme (ferumoxytol) Continues To Be Low, But a Number of Nephrologists Are On the Verge of Use
7. Definitive Outcomes of Radiofrequency Ablation for Barretts Esophagus Using the HALO Ablation System Reported at the Digestive Disease Week Meeting for Gastroenterologists and Esophageal Surgeons
8. Study Reported Tadalafil Taken Once Daily Improved Erectile Function in Men with ED and Sexual Quality of Life in Couples
9. Blue Light Destroys Antibiotic-Resistant Staph Infection - Results Reported in Photomedicine and Laser Surgery Journal
10. Continued Overall Survival Advantage Reported From Pivotal Trial of VELCADE(R) (Bortezomib) for Injection Based Therapy in Patients With Previously Untreated Multiple Myeloma
11. Trellis(R) Peripheral Infusion System Removes Blood Clots in Largest Reported Prospective Endovascular DVT (Deep Vein Thrombosis) Patient Series
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/10/2016)... , Feb. 10, 2016  The ... Nursing received an in-kind gift from ... a VeinViewer® Vision vein finder for the ... help students as they learn how to ... technology with traditional technique. ...
(Date:2/10/2016)... SAN DIEGO , Feb. 10, 2016 /PRNewswire/ ... of Pro Medicus Ltd. (ASX: PME), has announced that ... University of Florida (UF) have selected the Visage ... diagnostic viewer of the Emergent/Critical Care Imaging SIMulation ... Wisdom in Diagnostic Imaging Program (WIDI), a multi-faceted ...
(Date:2/10/2016)... 2016 Mast Therapeutics, Inc. (NYSE ... for sickle cell disease and heart failure, today announced ... units at a price to the public of $0.275 ... the Company,s common stock and one warrant to purchase ... exercise price of $0.42 per share. The warrants are ...
Breaking Medicine Technology:
(Date:2/11/2016)... MA (PRWEB) , ... February 11, 2016 , ... The ... overpaying for IT services, what questions to ask your IT consultant before signing a ... access to your computer network. , “With companies relying heavily on e-mail and technology, ...
(Date:2/10/2016)... ... February 10, 2016 , ... President Obama’s ... Advantage organizations to deliver medical services via telehealth, estimated to generate more than ... for such language for many years. Although there is more to be ...
(Date:2/10/2016)... ... February 10, 2016 , ... Early this week, Team ... raise awareness of Nestlé KITKAT as the first global confectionery brand sourced from 100% ... farmers and the quality of their product, through activities that focus on better farming, ...
(Date:2/10/2016)... ... February 10, 2016 , ... Western ... dental health services to the developmentally disabled in the Coachella Valley. , The ... a new facility at 71-949 Highway 111, Suite 100-B, in Rancho Mirage, California. ...
(Date:2/10/2016)... , ... February 10, 2016 , ... ... Video Remote Interpreting (VRI) within Healthcare, recently partnered with Heart City Health ... (VRI). , For nearly 23 years, Heart City Health Center has provided the ...
Breaking Medicine News(10 mins):