Monday, August 09, 2010 1:06:47 AM
WUHAN CITY, CHINA--(Marketwire - 07/29/10) - Tianli Agritech, Inc. (NASDAQ:OINK - News), a leading hog producing company headquartered in Wuhan, China, announced today that preliminary results for the second quarter ended June 30, 2010 indicate that revenue increased 88% to $5.4 million from $2.9 million recorded in the second quarter of 2009.
Net income in the quarter rose 148% to $2.1 million from $0.9 million in the comparable 2009 period. Revenue for the first six months of 2010 increased 65% to $9.9 million, as compared to revenue of $6.0 million of the first six months of 2009, and net income was $3.8 million, up 84% from the 2009 level. The company said that earnings per share, based on the 8,125,000 common shares outstanding as of June 30, 2010, were $0.26 for the second quarter and $0.47 for the first six months of 2010.
Tianli's chief executive officer, Ms. Hanying Li, said, "We are pleased with the increased sales in both our breeder and meat hogs, which resulted in greater revenues. We were able to sell more hogs because we expanded the number of farms we operate and thus have greater capacity than last year. Our net income grew even more quickly than our revenues because we sold a higher percentage of our more profitable breeder hogs than meat hogs and because we have seen success in our cost containment efforts."
These results and the earnings per share do not reflect the impact of the issuance of 2,000,000 shares of the company's common stock resulting from its recent initial public offering, which was completed on July 20, 2010.
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