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Tianli Agritech Reports Third Quarter 2011 Results

WUHAN CITY, China, Nov. 14, 2011 /PRNewswire-Asia/ -- Tianli Agritech, Inc. (NASDAQ: OINK), a leading producer of breeder and market hogs headquartered in Wuhan City, China, today announced its financial results for the quarter and nine month period ended September 30, 2011.

Third Quarter Highlights:

  • Revenue increased 65% year-over-year to $9.2 million due to higher selling prices and unit sales of breeder hogs and market hogs
  • Market hog sales increased 88%, driven by a 58% increase in average price per hog
  • Retail sales contributed $1.1 million of revenues in initial quarter of operations
  • Cash flows from operations were $5.6 million for the first nine months of 2011


Summarized Third Quarter 2011 Results


Q3 2011

Q3 2010

Increase

Sales

$9.2 million

$5.5 million

65%

Gross Profit

$3.9 million

$2.4 million

58%

Selling, General and Administrative Expenses

$0.9 million

$0.4 million

145%

Net Income

$2.9 million

$2.2 million

33%

EPS*

$0.29

$0.23

26%


* EPS calculations are based on the results of the weighted average calculation method of the 10,135,000 shares outstanding during Q3 2011 and 9,733,696 shares outstanding during Q3 2010, reflecting the effect of the Company's July 2010 IPO.



Tianli's Chairwoman and CEO, Ms. Hanying Li, stated, "Our strong third quarter results were driven by robust underlying demand for pork in China. Despite a shift toward market hogs this quarter, our sales and margins benefited from higher pricing. As we ramp capacity at our 10th farm, we expect continued growth in units and pricing for the remainder of 2011 and added revenue contributions from our AnPuluo Foods retail program."

Sales by Products


(Dollar Figures Rounded - Percentages based on Actual Results)



Q3 2011

Q3 2010

Products

No.ofHogs
Sold

Sales
Revenues

No.ofHogs
Sold

Sales
Revenues

Breeder Hogs

7,169

$

$2.5 million

9,977

$

$2.6 million

Market Hogs

18,350

$

$5.6 million

15,443

$

$3.0 million

Total

25,519

$

$8.1 million

25,420

$

$5.5 million




Revenue for the third quarter of 2011 increased $3.7 million, or 65%, to $9.2 million from the prior year. The Company sold a total of 25,519 hogs, up slightly from 25,420 hogs sold in the comparable period in 2010. Sales of breeder hogs fell 2% to $2.5 million as hog farmers delayed breeder hog purchases to capitalize on the increasing price of pork in China which, according to the National Bureau of Statistics, had increased 43.5% in September 2011 while the average price per breeder hog increased only 35% to $348 per hog. As a result, market hog sales surged 88% to $5.6 million. The number of market hogs sold increased by 2,907 head to 18,350 head while the average price per hog increased a record 58% year-over-year to $305 due to high market demand.

Through their cooperation with An Puluo Food, Tianli's retail segment generated $1.1 million in sales after its initial launch in the third quarter of 2011. Tianli provides and co-brands hog meat cuts, packaged and sold in refrigerated food cases in over 30 major retailers in greater Wuhan.

Gross profit in the third quarter of 2011 was $3.9 million, up 58% over the same period last year. Gross margin was approximately 42% and 44% for the third quarter of 2011 and 2010, respectively. The slight decrease in margin was due to higher feed costs and the revenue and gross profit contribution from its lower margin retail business, which commenced operations in the third quarter of 2011.

Selling, general and administrative expenses were $0.9 million in the third quarter of 2011, an increase of approximately $0.5 million. Approximately $0.2 million of the increase was related to higher public company expenses and $0.3 million related to the Company's retail business and marketing costs not present in the year ago period.

Net income for the three months ended September 30, 2011 was approximately $2.9 million, up 33% from $2.2 million last year. Earnings per fully diluted share were $0.29 compared to $0.23 the previous year. Share counts were 10.1 million and 9.7 million in the third quarter of 2011 and 2011, respectively.

First nine months 2011 Results


Summarized First nine months 2011 Results


YTD 2011

YTD 2010

Increase (Decrease)

Sales

$22.7 million

$15.5 million

47%

Gross Profit

$9.5 million

$6.7 million

43%

Selling, General and Administrative Expenses

$2.3 million

$0.8 million

190%

Net Income

$7.3 million

$6.0 million

21%

EPS*

$0.72

$0.69

4%


* EPS calculations are based on results from the weighted average method of the 10,128,382 shares outstanding during YTD 2011 and 8,667,125 shares outstanding during YTD 2010, reflecting the effect of the Company's July 2010 IPO.



Net sales increased 47% to $22.7 million during the nine months ended September 30, 2011. Tianli sold 76,128 hogs at an average sales price of $285 per hog, an increase of 5% and 34%, respectively. Breeder hog sales increased 24% to $7.7 million, accounting for 34% of total sales in the first nine months of 2011. Market hog sales were $13.9 million, up 50% from $9.3 million in the first nine months of 2010.

Gross profit increased $2.8 million to $9.5 million. Gross margin percentages were 42% and 43% for the first nine months of 2011 and 2010, respectively.

Selling, general and administrative expenses were $2.3 million compared to $0.8 million in the prior year. The Company incurred $0.2 million of non-cash stock compensation expenses, $0.6 million public company expenses and $0.1 million of bad debt provisions in the first nine months of 2011. Operating income was $7.2 million, up 23% from the first nine months of 2010.

Net income and earnings per share was $7.3 million and $0.72 in the nine months ended September 30, 2011 and 2010, respectively, compared to $6.0 million and $0.69 in the previous nine month periods.

Financial Position

As of September 30, 2011, the Company had $7.5 million in cash, compared to $8.0 million as of December 31, 2010. The Company generated $5.6 million of cash from operations in the first nine months of 2011. Working capital as of September 30, 2011 was $13.0 million, including $8.8 million of inventories and $1.1 million of loan to An Puluo Food which should be collected within 12 months. Inventories increased to support the launch of its retail business in the third quarter of 2011.

Tianli invested approximately $9.7 million in capital expenditures and breeding stock during the first nine months of 2011 to facilitate its continued growth.

Earnings Conference Call

To attend the call, please use the information below for either dial-in access or webcast access. When prompted on dial-in, ask for "Tianli Agritech Third Quarter 2011 Conference Call".


Conference Call


Date:

Tuesday, November 15, 2011

Time:

9:00 am Eastern Time, US

Conference Line Dial-In (U.S.):

+1-877-317-6776

International Dial-In:

+1-412-317-6776

Conference ID:

Tianli Agritech Third Quarter 2011 Conference Call

Webcast link:

http://webcast.mz-ir.com/publico.aspx?codplataforma=3351




Please dial in at least 10 minutes before the call to ensure timely participation. A playback will be available through November 23, 2011. To listen, please call +1-877-344-7529 within the United States or +1-412-317-0088 if calling internationally. Utilize the pass code 10006692 for the replay.

This call is being webcast by MZ Technologies and can be accessed by clicking on the following link: http://webcast.mz-ir.com/publico.aspx?codplataforma=3351.

About Tianli Agritech, Inc.

Tianli Agritech, Inc. is in the business of breeding, raising and selling breeder and market hogs in China and the development of a retail channel for its pork products including high-value, black hog meat. The Company is focused on growing high quality hogs for sale for breeding and meat purposes. The Company conducts genetic, breeding and nutrition research to steadily improve its production capabilities.

Forward-Looking Statements

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

For more information, please contact:

Company - US
Tianli Agritech, Inc.
Mr. Simon Guo
Vice President and US Representative
Phone: +1-347-343-0580
Email: simon@tianli-china.com
Web: http://www.tianli-china.com

Company - CHINA
Tianli Agritech, Inc.
Mr. Kuni Qiao
Executive Assistant
Phone: 86-151-0113-7061
Email: executiveassistant01@tianli-china.com
Web: http://www.tianli-china.com

Investor Relations
Mr. John Mattio
MZ Group, SVP
Phone: (212) 730-7130
Email: john.mattio@hcinternational.net
Web: http://www.mz-ir.com

TIANLI AGRITECH, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(AMOUNTS EXPRESSED IN US DOLLARS)



September 30, 2011


December 31, 2010



(Unaudited)



ASSETS





Current Assets:





Cash and cash equivalents

$

7,534,515

$

7,983,793

Accounts receivable


802,736


-

Inventories


8,797,547


4,819,805

Advances


95,736


1,036,765

Acquisition deposits


-


530,303

Prepaid expenses


214,925


83,832

Loan to An Puluo


1,101,512


-

Other receivables


213,246


330,744

Total Current Assets


18,760,217


14,785,242

Plant and equipment, net


16,992,145


13,354,379

Deposits for purchase of equipment


157,359


-

Construction advance


-


272,727

Construction in progress


1,233,269


-

Biological assets, net


4,498,193


3,440,253

Long-term prepaid expenses


1,815,619


-

Land use rights, net


1,534,968


742,954

Total Assets

$

44,991,770

$

32,595,555






LIABILITIES AND STOCKHOLDERS' EQUITY





Current Liabilities:





Short-term loans

$

3,902,500

$

728,266

Accounts payable and accrued liabilities


535,744


136,536

Due to An Puluo


759,034


-

Deposits received


395,018


-

Acquisition payables


-


921,212

Due to related party


122,968


-

Total Liabilities


5,715,264


1,786,014






Stockholders' Equity:





Common stock ($0.001 par value, 50,000,000 shares





authorized, 10,135,000 and 10,125,000 shares





issued and outstanding on September 30, 2011 and December 31, 2010)


10,135


10,125

Additional paid in capital


13,514,933


13,445,712

Statutory surplus reserves


2,320,091


1,510,423

Retained earnings


21,056,487


14,605,162

Accumulated other comprehensive income


2,374,860


1,238,119

Total Stockholders' Equity


39,276,506


30,809,541

Total Liabilities and Stockholders' Equity

$

44,991,770

$

32,595,555




TIANLI AGRITECH, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(AMOUNTS EXPRESSED IN US DOLLARS)
(Unaudited)



For the Three Months Ended
September 30,


For the Nine Months Ended
September 30,



2011


2010


2011


2010

Revenue

$

9,169,325

$

5,544,643

$

22,746,720

$

15,462,902

Cost of goods sold


5,302,383


3,095,571


13,198,826


8,764,143

Gross profit


3,866,942


2,449,072


9,547,894


6,698,759










General and administrative expenses


612,006


336,455


1,992,963


755,722

Selling expenses


251,580


15,419


313,890


40,184

Income from operations


3,003,356


2,097,198


7,241,041


5,902,853










Other income (expense):









Interest expenses and bank charges


(77,334)


(15,488)


(186,307)


(44,711)

Subsidy income


9,142


132,035


222,409


132,035

Other income (expense)


9,209


(757)


(16,150)


8,344

Total other income (expense)


(58,983)


115,790


19,952


95,668










Income before income taxes


2,944,373


2,212,988


7,260,993


5,998,521

Income taxes


-


-


-


-

Net income

$

2,944,373

$

2,212,988

$

7,260,993

$

5,998,521










Basic and diluted weighted average shares


10,135,000


9,733,696


10,128,382


8,667,125

Basic and diluted earnings per share

$

0.29

$

0.23

$

0.72

$

0.69










Comprehensive income:









Net income

$

2,944,373

$

2,212,988

$

7,260,993

$

5,998,521

Unrealized foreign currency translation adjustment


675,322


350,735


1,136,741


417,956

Comprehensive income

$

3,619,695

$

2,563,723

$

8,397,734

$

6,416,477




TIANLI AGRITECH, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(AMOUNTS EXPRESSED IN US DOLLARS)
(Unaudited)



For the Nine Months Ended September 30,



2011


2010

CASH FLOWS FROM OPERATING ACTIVITIES





Net income

$

7,260,993

$

5,998,521

Adjustments to reconcile net income to net cash





provided by operating activities:





Depreciation and amortization


1,641,170


758,181

Gain on disposal of biological assets


(209,502)


-

Provision for doubtful accounts


112,640


-

Impairment on inventories


-


101,010

Stock-based compensation


237,926


-

Changes in operating assets and liabilities:





Accounts receivable


(800,332)


-

Inventories


(3,717,789)


(190,178)

Advances


(30,332)


(21,667)

Prepaid expenses


(130,548)


-

Other receivables


71,187


(53,652)

Due to An Puluo


742,376


-

Accounts payable and accrued liabilities


63,886


(192,243)

Deposits received


386,349


-

Net cash provided by operating activities


5,628,024


6,399,972






CASH FLOWS FROM INVESTING ACTIVITIES





Advance to An Puluo


(1,077,337)


(400,000)

Purchase of plant and equipment


(4,828,899)


(4,369,845)

Deposits for purchase of equipment


(153,905)


-

Addition to construction in progress


(1,206,203)


-

Purchase of biological assets


(1,678,342)


(2,246,493)

Proceeds from disposal of biological assets


134,156


-

Payments for long-term prepaid expenses


(87,398)


-

Purchase of intangible assets


(780,135)


-

Net cash used in investing activities


(9,678,063)


(7,016,338)






CASH FLOWS FROM FINANCING ACTIVITIES





Net proceeds from initial public offering


-


10,592,344

Offering expense of initial public offering


-


(1,180,784)

Due to related party


-


26,715

Proceeds from short-term loans


3,078,107


-

Net cash provided by financing activities


3,078,107


9,438,275






NET (DECREASE) INCREASE IN CASH


(971,932)


8,821,909

EFFECT OF EXCHANGE RATE CHANGES ON CASH


522,654


75,319

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD


7,983,793


2,022,295

CASH AND CASH EQUIVALENTS, END OF PERIOD

$

7,534,515

$

10,919,523






SUPPLEMENTAL DISCLOSURES:





Cash paid during the period for:





Interest expense paid

$

117,332

$

18,310

Income tax paid

$

-

$

-




SOURCE TIANLI AGRITECH, INC./PRN ASIA

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