October 10, 2008 6:00 AM EDT CHANGGE CITY, Henan, China, Oct. 10 /Xinhua-PRNewswire-FirstCall/ -- Zhongpin Inc. (Nasdaq: HOGS) ("Zhongpin" or "the Company"), a leading meat and food processing company in the People's Republic of China ("PRC"), today raised its revenue and earnings per share guidance for the fiscal year ended December 31, 2008.Zhongpin expects revenues for the fiscal year ended December 31, 2008 to be in the range of $550 million to $570 million, higher than the Company's earlier guidance of $490 million and $520 million. Gross margin for the full year 2008 is expected to be above 12.7% with net profit margin of at least 6.4%. The Company expects fully diluted earnings to be in the range of $1.15 to $1.19 per share, significantly higher than its earlier guidance of $0.98 to $1.07 per share. This guidance excludes the impact of any future acquisitions.Zhongpin's guidance has been increased to reflect strong revenue growth during the third quarter of 2008 and anticipated strong performance in the upcoming peak season in the fourth quarter. The Company's new plant in Luoyang city, which began production in the beginning of the third quarter, contributed to the Company's third quarter sales growth."During the third quarter, we experienced robust growth in our sales volume due to lower pork prices and additional capacity from the Luoyang plant. We expect to close the year with strong performance since the first and the fourth quarters are typically peak seasons in our industry and we expect the Luoyang plant to continue to make a meaningful contribution," commented Mr. Xianfu Zhu, CEO of Zhongpin. "As we continue to experience strong revenue growth and increased efficiency in our operations, we are confident in our ability to achieve our guidance for 2008."
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