Zhongpin Reports Higher Results for Second Quarter 2009 and Reaffirms Guidance
Press Release
Source: Zhongpin Inc.
On Monday August 10, 2009, 6:30 am EDT
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Companies:Zhongpin, Inc.
CHANGGE CITY, China and BEIJING, Aug. 10 /PRNewswire-Asia-FirstCall/ -- Zhongpin Inc. ("Zhongpin", Nasdaq: HOGS), a leading meat and food processing company in the People's Republic of China ("China"), today reported higher revenues, net income, and diluted earnings per share for the second quarter 2009 and reaffirmed its prior guidance for the full year 2009.
Second quarter 2009 highlights:
-- Revenues increased 17.7 percent in the second quarter 2009 to $161.8
million from $137.5 million in the second quarter 2008.
-- Net income increased 25.9 percent to $10.7 million in the second
quarter 2009 from $8.5 million in the second quarter 2008.
-- Diluted earnings per share increased 24.1 percent to $0.36 in the
second quarter 2009 from $0.29 in the second quarter 2008.
-- The downward trend of hog and pork prices during the second quarter
turned upward in June and prices have continued at higher levels in
July and early August.
-- Prior guidance for 2009 is reaffirmed.
-- New vegetable and fruit processing plant in Changge began production
in April.
-- Construction of a new pork processing plant in Tianjin began in April.
Mr. Xianfu Zhu, Chairman and Chief Executive Officer of Zhongpin Inc., said, "The second quarter was unusual for us, primarily due to the temporary fear consumers had about getting the A(H1N1) flu from pork products, which the world's health agencies have confirmed is not possible."
finance.yahoo.com 
IMHO HOGS is extremely undervalued
Disclosure: over weight HOGS in several portfolios
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