Aoxin Tianli Group, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016
August 11, 2016 at 04:30 pm EDT
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Aoxin Tianli Group, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, Revenue was $9,610,789 against $9,851,501 a year ago. Income from operations was $1,148,794 against $940,829 a year ago. Income before income taxes was $1,216,606 against $962,750 a year ago. Net income from continuing operations was $1,216,606 against $962,750 a year ago. Net income attributable to the company's common share was $678,559 or $0.04 per basic and diluted share against $919,402 or $0.03 per basic and diluted share a year ago. The decrease in revenues reflected a reduction in the number of regular hogs sold as a result of the sale of two hog farms during the third quarter of 2015 and was partially offset by an increase in the blended average selling price per hog.
For the six months, revenue was $18,670,057 against $19,439,916 a year ago. Income from operations was $2,203,087 against $645,567 a year ago. Income before income taxes was $2,353,201 against $603,867 a year ago. Net income from continuing operations was $2,353,201 against $603,867 a year ago. Net income attributable to the company's common share was $573,661 or $0.07 per basic and diluted share against $679,451 or $0.02 per basic and diluted share a year ago. Net cash provided by operating activities was $7,253,088 against $9,105,650 a year ago. Purchase of plant and equipment was $3,002,759 against $275 a year ago. The decrease in revenues reflected a reduction in the number of hogs sold as a result of the sale of two hog farms during the third quarter of 2015 and was partially offset by an increase in the average selling price per hog.
BIQI INTERNATIONAL HOLDINGS formerly CORPRenmin Tianli Group, Inc., is a holding company. The Company is engaged in hog farming. The Company conducts its hog breeding operations through Wuhan Fengze Agricultural Science and Technology Development Co., Ltd. (Fengze), a subsidiary of Wuhan Aoxin Tianli Enterprise Investment Management Co., Ltd., its wholly foreign owned enterprise, or WFOE, and its subsidiaries, Hubei Tianzhili Breeder Hog Co., Ltd. (Tianzhili), and Hubei Tianzhili (Hefeng) Breeder Hog Co., Ltd (Hefeng). The Company operates in two segments: Hog Farming and Retail. It utilizes various purebred hogs at its farms. The primary purebred varieties that it utilizes are the Yorkshire, Landrace and Duroc. It breeds both purebred and cross-bred hogs in order to attain desirable traits in the hogs produced in its farms. It is engaged in the sales of specialty processed black hog meat through the Internet. It sells its products under its Xiduhei trademark.