Yayi International Inc. (YYIN.OB) Reports Strong Profit in Fiscal 2009
Yayi International Inc. reported net income of $5.4 million, or $0.22 per diluted share, in fiscal 2009, which ended October 31, 2009. In fiscal 2008, the company earned $1.8 million, or $0.05 per diluted share.
Revenues for fiscal 2009 were reported at $24.8 million, up 14% from $21.8 million in fiscal 2008. The company attributed the revenue increase to an increase in volume, offset by a slight decrease in average price realized.
Li Liu, the CEO of Yayi International said, “We are pleased to report solid revenue and impressive gross and operating margins for our most recent fiscal year. Throughout the year our main focus has been on laying the foundation for repositioning our “Milk Goat” brand and expanding our production and distribution channels, while educating both our distributors and consumers regarding the benefits of goat milk.”
Yayi International Inc. provided sales guidance for fiscal 2010 of between $43.9 million and $58.6 million. The company is expanding capacity by adding production lines to its facilities in Tianjin and Shaanxi, and expects this capacity to lead to higher revenue later in fiscal 2010.
Yayi International Inc. is a producer of goat milk formula products for infants and children. Its products are distributed through 3,600 retail outlets in China.