ECBI.. $7.05 Earnings..
"Because of their favorable properties, grain and corn-based food is becoming an essential component of the daily diet of many Chinese people. We are increasing our marketing and brand-building efforts in order to position ourselves as a leading supplier of grain and corn products in China. As consumer awareness of the value and benefits of grain and corn continues to expand, we are confident that we will be among the first companies to serve this growing market," said Mr. Jianming Hao, Chief Executive Officer of Deyu Agriculture. "We look forward to working with CCG to communicate information about our business operations and financial performance to investors." "Years of economic growth and improved living standards in China have dramatically changed the dietary components of the Chinese people. With a population that is increasingly conscious of dietary health and nutrition, we believe that grain and corn-based food is set to experience growing demand for many years to come. Deyu Agriculture, with its broad product portfolio and premium-branded grain products, is well positioned to take advantage of this increased demand," said Crocker Coulson, President of CCG Investor Relations. In the three months ended March 31, 2010, Deyu Agriculture generated revenues of $14.4 million, a substantial increase of 110.2% from $6.9 million in the same period in 2009. Net income nearly doubled to $2.6 million from $1.3 million for the same period. In fiscal 2009, revenues were $40.7 million and net income was $7.2 million. Deyu Agriculture has entered into a make-good escrow agreement with investors, whereby approximately 1.9 million shares of the Company's stock are being held as security in the event that the Company does not achieve $11 million in audited net income for the fiscal year 2010 and $15 million in audited net income for the fiscal year 2011.
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