XI’AN, China, Aug. 14 /Xinhua-PRNewswire-FirstCall/ -- 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, is pleased to announce record sales and earnings for the three and six month periods ended June 30, 2008.
“In the first half of 2008, sales of our products increased substantially. Revenue received in the past six months total over $5 Million, thus representing an increase of 78 percent versus the same period in 2007,” stated Jing’ An Wang, CEO, Huifeng. “As such, our Gross Profit increased 88 percent to $1,839,127.”
According to Mr. Wang, these figures represent record levels for HFGB. Mr. Wang further stated that Net Income was strong at four cents per share, despite being negatively impacted by expenses related to the company’s recent financing activity.
“Our company continues to execute according to our strategic growth plan and there is no change to our earnings guidance of $4 million in net income for 2008,” said Mr. Wang.
Gross margins for Huifeng remained strong at 34%, slightly higher than last year’s 32%. Strength in the Company’s main product lines of Rutin, Diosmin, and L-Rhamnose drove sales.
In Q2 2008 alone, total sales were in excess of $2.7 Million, thus representing a 10 percent sequential increase over the first quarter and a record for any quarter in company history.
Year to date, Huifeng has achieved many significant milestones:
-- Gross sales of over $5 Million; the most in any six month period of the
company’s history;
-- Completed preparation for COS application and approval, including
reconfiguring of production lines and successful consultant review;
-- Boosting of Diosmin inventory ahead of deliveries to Safic-Alcan
anticipated to begin commencing in Q3 2008;
-- Significant new supplier agreement, including recently announced
contract with US-based DNP International.
“While we are certainly pleased with the 2008 year to date results, we are even more excited about the next six months,” said Mr. Wang. “During the Q3 2008, Huifeng anticipates completing several key milestones including, achieving COS approval, making initial sales of Diosmin to Safic-Alcan under the stated sales agreement, as well as executing on our stated acquisition strategy.”
“We are entering a very exciting phase of Huizenga’s corporate development and are looking forward to demonstrating the strength of our quality platform and products throughout the remainder of FY 2008.”
About Huifeng Bio-Pharmaceutical Technology, Inc. (HFGB)
Huifeng Bio-Pharmaceutical Technology, Inc., located in Xi’an, People’s Republic of China, develops and produces plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production. It is the leading Chinese producer of rutin and related plant-derived chemicals in a class called flavonoids, with medicinal and other beneficial properties. Founded in 2002, Huifeng uses proprietary patented processes to extract rutin more efficiently than traditional extraction techniques. The Company is diversifying its product lines through internal development, acquisition and cooperation with scientific research organizations. http://www.hfgb.cn/
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