Huifeng Bio-Pharmaceutical Provides Preliminary 2009 Financial Results and 2010 Guidance
XI'AN, China, Feb. 4 /PRNewswire-Asia-FirstCall/ -- Huifeng Bio- Pharmaceutical Technology, Inc. (OTC Bulletin Board: HFGB), a leading developer and producer of plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production, today announced preliminary 2009 results and provided guidance for 2010.
Huifeng Bio-Pharmaceutical Technology anticipates revenues between $13 million to $14 million for the full year ended December 31, 2009. This represents a year-over-year revenue growth of 27% to 35%. Preliminary 2009 net income is anticipated to be between $2.8 million to $3.0 million for the year, representing 80% to 93% year-over-year growth. "The increase was attributed to the increase in the company's sales of pharmaceutical raw-material and Plant Extractive, and other products, including Rutin, Quercetin, injectable Troxerutin and Diosmin," said the company's CEO Jing'An Wang. "The increase in revenue reflected both a gain in new customers, as well as an increase in the number of orders from our existing customers."
Management is providing revenue guidance of $20 million to $25 million and net income guidance between $4.5 million to $5.0 million for 2010. Growth is expected to be driven by increasing sales of current products. Because of the EU COS for Diosmin, the company has a high level diosmin quality. Certain European customers will be interested in Huifeng's diosmin and will increase their purchasing quantity from the company. The company will begin to perform the contract with Safic-Alan for diosmin. Another driver is production line expansion and acquisition which will increase the production quantity of diosmin. This will meet the big quantity requirement of new orders.
About Huifeng Bio-Pharmaceutical Technology, Inc. (HFGB)
Huifeng Bio-Pharmaceutical Technology, Inc., located in Xi'an, People's Republic of China, develops and produces plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production. It is the leading Chinese producer of rutin and related plant-derived chemicals in a class called flavonoids, with medicinal and other beneficial properties in Xi'an China. Founded in 2002, Huifeng uses proprietary patented processes to extract rutin more efficiently than traditional extraction techniques. The Company is diversifying its product lines through internal development, acquisition and cooperation with scientific research organizations. Additional information is available at the Company's website: http://www.hfgb.cn/
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SOURCE Huifeng Bio-Pharmaceutical Technology, Inc.