Swan Lake, MS 11/16/2011 (PennyPayDay) – Sen Yu International Holdings, Inc. (OTC: CSWG), a commercial hog breeder and supplier in Heilongjiang Province, the People's Republic of China, yesterday announced its financial results for its fiscal first quarter ended September 30, 2011.Fiscal First Quarter Highlights
Total revenue increased 129.4% to a record $54.1 million from $23.6 million
Gross profit increased 260.2% year-over-year to $19.2 million from $5.3 million
Gross margin increased to 35.6% from 22.7% due to increased sales and strong increases in the average market price for hogs
Operating expenses were $2.3 million compared to $1.6 million in the same period last year
Operating income rose 349.6% to $17.0 million from $3.8 million a year ago
Adjusted net income for the fiscal first-quarter, which excludes a gain in the fair value of warrants, increased 356.8% to $16.9 million, or $0.60 per diluted share, versus $3.7 million, or $0.14 per diluted share, for the same period last year, which excludes a gain related to the fair value of warrants
Net income increased to $18.7 million, or $0.67 per diluted share, from $6.0 million, or $0.23 per diluted share, for the fiscal first quarter ended September 30, 2010
Working capital increased 34.3% to $79.6 million at September 30, 2011 from $59.2 million at June 30, 2011
Shareholders' equity inclusive of noncontrolling interest increased 33.8% to $80.0 million at September 30, 2011 from $59.8 million at June 30, 2011
"We are pleased to report significantly higher revenues and gross profits for our fiscal first quarter," stated Mr. Zhenyu (Jack) Shang, Founder, Chairman and CEO of Sen Yu International Holdings, Inc. "This increase was driven by increased orders from our two major customers, Beijing Dahongmen and Beijing Fifth Meat Factory and significantly higher market prices for hogs as compared to last year. As a result, revenue increased 129.4% during this quarter and gross profit increased 260.2%. Overall, hog sales increased by 59,034 heads to 193,595 in the first quarter. To stay competitive, we continue to refine our breeding techniques to ensure that our hogs are safe and of the highest quality. We believe the strong demand we see for our superior breeding hogs in China coupled with our efficient business model will allow us to capture more market share and steadily grow our business."
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