(BSNS WIRE) Eternal Technologies Group, Inc. Reports Earnings for the Three a
d Six Months Ended June 30, 2006
Eternal Technologies Group, Inc. Reports Earnings for the Three and Six Months E
ded June 30, 2006
Business Editors / Biotech Writers
HOUSTON--(BUSINESS WIRE)--Aug. 22, 2006--
Eternal Technologies Group, Inc. (OTCBB:ETLT) reported
net income of $1,658,700 on sales of $10,370,137 for the three months
ended June 30, 2006 or $.04 per share. This compares with net income
of $1,875,575 on sales of $10,123,668 for the three months ended June
30, 2005 or $.06 per share. For the six months ended June 30, 2006 the
company earned $2,199,499 on sales of $14,586,496 or $.05 per share.
This compares with earnings of $1,829,860 on sales of $12,232,415 or
$.06 per share for the six months ended June 30, 2005. Total assets
for the company as of June 30, 2006 increased to $52,665,700 from
$49,592,744 as of December 31, 2005 and shareholders equity increased
to $50,909,618 as of June 30, 2006 from $47,639,463 as of December 31,
2005.
Cash and cash equivalents now equal more than $.91 per issued and
outstanding shares. Revenues for the six months ended June 30, 2006
increased by $2,354,081 or 19.2% to $14,586,496 from $12,232,415 for
the corresponding period of the prior year. This increase is primarily
attributable to the addition of E-Sea, which generated revenues of
$2,064,168.
Cost of sales for the six months ended June 30, 2006 increased by
$1,346,484 or 14.9% to $10,384,268 from $8,037,784 for the
corresponding period of the prior year. This increase resulted from
the addition of E-Sea, which had cost of sales of $787,612, and from
changes in the sales mix of cattle embryo transfers, sheep embryo
transfers and sales of roll mutton.
Depreciation and amortization expenses increased by $150,651 or
39.6% to $530,986 from $380,335 for the corresponding period of the
prior year. This increase is attributable to the acquisition of E-Sea.
Selling and administrative expenses increased by $405,643 or 44%
to $1,314,530 from $963,648 for the corresponding period of the prior
year. This increase resulted primarily from an increase in
professional fees, but also included an increase in salaries related
to board approved changes in employees salaries and an increase in
public relation fees.
For the six months ended June 30, 2005 the company experienced a
decrease in other income of $60,172. This resulted from a decrease in
interest expense of $54,761 for the six-month period ended June 30,
2006 due to debt conversions.
The Company provided taxes on its income from the E-Sea operations
of $142,126 for the six-month period ended June 30, 2006. E-Sea was
not part of the affiliated group during the corresponding period of
the prior year.
As a result of the foregoing, the Company had net income of
$2,199,499 or $.06 per share for the six months ended June 30, 2006
compared to net income of $1,829,860 or $.06 per share for the
corresponding period of the prior year.
About Eternal Technologies
Eternal is a major agricultural genetics and biopharmaceutical R&D
firm operating in China with the support of the Chinese Government.
Eternal's animal breeding division has a strong asset base, cash
position and net income. Eternal has become one of China's leading
institutions for biopharmaceutical and biotech research, pure breed
cultivation and breed stock production. The Company has secured a key
market niche by commercializing gene engineering technologies and
providing superior breeding stock, allowing China's citizens the
ability to improve their living standards. With the world's largest
population, a double-digit national growth rate and entry into the
WTO, Eternal Technologies has a playing field set for tremendous
opportunity. As a prominent player in the agricultural genetics
industry, cash in the bank and an untapped market, Eternal has the
potential to become a major player in China's national growth.
For more information please visit website: www.eternaltechs.com
