XI'AN, China, Nov. 24 /PRNewswire-Asia/ -- 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 in Xi'an, China, today reported that in its third quarter, the company realized a 26% increase in revenues.
Revenues for the quarter ended Sept. 30, 2009 were $4,465,770, an increase of $931,147, or 26%, from $3,534,623 for the same quarter in 2008. Net income amounted to 1,002,005, or $0.05 per share for the quarter, compared with $768,206, or $0.04 in the same period last year. "The increase in revenues for the quarter was due to an increase in the company's sales of pharmaceutical raw-material and Plant Extractive, and other products, including Rutin, Quercetin, injectable Troxerutin and Diosmin," said the company's CEO Jing'An Wang. "The increase in revenue reflected both a gain in new customers, as well as an increase in the number of orders from our existing customers."
Revenues for the nine months ended September 30, 2009 were $8,883,190, a slight decrease of $2,875, or under 1%, from $8,886,065 for the same period in 2008. Net income for the first nine months of 2009 totaled $1,412,562, or $0.07 per share, compared with $1,466,279, or $0.07 in the first nine months of 2008.
Cost of revenues for the quarter ended Sept. 30, 2009 were $2,994,605, an increase of $790,766, or 36%, from $2,203,839 for the quarter ended Sept. 30, 2008. Compared to the quarter ended Sept. 30, 2008, the increase in the cost of revenues for the 2009 third quarter was caused by the significant increase in sales of our pharmaceutical raw-material and Plant Extractive and other products.
Gross margin for the quarter was $1,471,165, an increase of $140,381, or
10.5%, from $1,330,784 for the same period ended Sept. 30, 2008, as a result
of the increa
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