Boston, MA 03/14/2014 (wallstreetpr) – Tianli Agritech, Inc. (NASDAQ:OINK), which is a Wuhan City headquartered, and a leading producer of market hogs, black hogs and breeder hogs released its fourth quarter along with full year financial results yesterday.
Fourth Quarter And Full Year Review
For the fourth quarter, revenue of the company grew 51.6% to $10.39 million from $6.86 million revenue during the same quarter in the previous year. The growth in the revenue is mainly attributable to the sales of black hogs, which were raised by farmers participating in the company’s cooperative programs coupled with sales of processed black hog products through retail channels. According to the reports, excluding the non-recurring impairment charges, the net income attributable to common shareholders came in at $0.31 million, which is $0.02.This comes wider than the net loss of $0.11 million or 1 cent per share in the previous year’s same quarter.
For the financial year ended on December 31′ 2013, the company’s revenues grew 25.7% to $33.35 million, which is an increase of $6.82 million, from $26.53 million in 2012. After exclusion of one-time impairment charges, which relate to the fourth quarter, the net loss for the year was $0.51 million, which implies a loss of 4 cents per share to the shareholders.
Key Developments In 2013
In the last year, the company received notification from the government to shut down its operations at Caidian District in view of restoring the lake and surroundings of the area. The company had altogether 25 buildings situated in the area. Moreover, the company received a letter from the NASDAQ capital confirming its compliance with the listing norms of the stock exchange, which requires a minimum bid price of $1 per share in order to continue to remain listed. In the same year, the company declared that Hubei Tianzhili Breeder Hog Co. Ltd, its operating subsidiary, signed one-year sales agreement with eight hotels in Wuhan City.
The company noted that during the year 2013, the hog industry remained under pressure due to negatively impacted pork demand in China on account of outburst of H7N9 avian flu. Moreover, the government’s toughened curb on corruption and excessive government spending also affected the industry in general.
The shares of the company lost more than 20% in the early phase of the trading session.
