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Feihe International, Inc. Reports First Quarter 2011 Financial Results

Wednesday, May 11, 2011 General News J E 4
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Revenue of $76.4 Million

FEIHE INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

Three months ended March 31,

2011

2010

US$

US$

Sales

76,449,422

81,435,903

Cost of goods sold

(48,578,176)

(42,998,182)

Gross profit

27,871,246

38,437,721

Operating expenses:

Sales and marketing

(16,170,266)

(28,281,824)

General and administrative

(6,229,148)

(5,493,823)

Loss on disposal of biological assets

(1,601,685)

(2,785,262)

Total operating expenses

(24,001,099)

(36,560,909)

Other operating income, net  

2,093,580

208,682

Operating income

5,963,727

2,085,494

Other income (expenses):

Interest income

22,428

97,636

Interest and finance costs

(1,439,080)

(864,183)

Government subsidy

1,534,151

5,738,773

Income before income taxes

6,081,226

7,057,720

Income tax expenses

(1,341,683)

(1,585,817)

Net income

4,739,543

5,471,903

Net income (loss) attributable to noncontrolling interests

(42,867)

61,693

Net income attributable to commonshareholders of Feihe International, Inc.

4,696,676

5,533,596

Net income per share of common stock

Basic

0.26

0.25

Diluted

0.26

0.25

Net income per share of  redeemable common stock

Basic

0.21

0.24

Diluted

0.21

0.24

Weighted average shares used in calculating net income per share of common stock

Basic

19,671,291

19,607,376

Diluted

19,689,849

20,054,189

Weighted average shares used in calculating net income per share of redeemable common stock

Basic

2,625,000

2,625,000

Diluted

2,625,000

2,625,000

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