Fourth Quarter 2008 Highlights -- Revenues increased 39% year-over-year to $139.8 million -- Gross profit increased 48% to $17.7 million with gross margin of 12.6% -- Excluding non-recurring and non-cash charges, non-GAAP net income grew 65% to $9.3 million, or $0.31 per fully-diluted share -- Net income increased 9% to $5.5 million, or $0.18 per fully-diluted share -- Added 66 new retail outlets, bringing the total number of retail outlets to 3,061 -- Commenced operations at new prepared meat facility in Changge City, bringing annual prepared meat products capacity to 54,000 metric tons -- Terminated lease for the chilled and frozen pork facility in Hailun City, Heilongjiang Province and moved production to new leased pork production facility in Gongzhuling City, Jilin Province -- Leased a new pork production facility in Shenzhou City, Hebei Province, adding chilled and frozen pork production capacity of approximately 26,000 metric tons annually Full Year 2008 Highlights -- Revenues grew 85% year-over-year to a record $539.8 million -- Gross profit increased 83% to $68.6 million with gross margin of 12.7% -- Excluding non-recurring and non-cash charges, non-GAAP net income grew69% to $35.1 million, or $1.18 per fully-diluted share -- Net income grew 69% to a record $31.4 million, or $1.05 per fully-diluted share"We are excited to report another year of record financial results that reflect our leading market position and increasing brand recognition as a high-quality provider of pork products in China. During the year, we successfully executed our capacity expansion strategy and added 126,000 metric tons of annual production capacity of chilled and frozen pork and more than doubled our annual production capacity of our high-margin processed meat products," commented Mr. Xianfu Zhu, CEO of Zhongpin. "We have effectively expanded our presence in new markets through strategically identifying attractive locations for our new facilities. During the fourth quarter, we successfully ramped up capacity utilization at our new facilities in Luoyang city and Changge City, as we aggressively expanded our presence in our target markets.""In 2008, China's hog industry experienced a high degree of volatility in terms of price and supply, with hog prices peaking early in the year and declining in the second half of the year as a result of the central government's constructive policies to increase the hog supply. We expect the prices and supply of hogs to remain fairly stable in the first half of 2009."cont'dhttp://finance.yahoo.com/news/Zhongpin-Inc-Announces-Record-...
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