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

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 sal
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SOURCE Huifeng Bio-Pharmaceutical Technology, Inc.
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