BOCA RATON, Fla., Sept. 22, 2004 (PRIMEZONE) -- Sunwin International Neutraceuticals, Inc. (OTCBB:SUWN), an industry leader in distribution and manufacturing of Chinese herbs, veterinary medicines and a natural sweetener in China, reported today results for the first quarter ended July 31, 2004.
Revenue for the first quarter of 2005 fiscal year increased 26% to US$3,299,134 compared to US $2,633,963 in the first quarter of fiscal year 2004. Gross profit for the first quarter is US$1,049,221, a 24% increase compared to US$847,633 in the period ended July 31, 2003. However, net income for the first quarter of 2005 decreased to US$96,359, compared to net income of US$215,355 in the first quarter of 2004, due to a non-cash compensation charge for the merger. Shareholder equity increased 8% to US$4,096,814 for the period ending July 31, 2004 compared to US$3,792,955 for the period ending April 30, 2004.
The Company's CEO, Baozhong Yuan, noted, "Our revenue growth for the quarter was attributable to the growing demand for our veterinary products throughout China and the increasing acceptance of our brand by consumers. We continue to achieve substantial growth in our core business revenues, while improving our gross profitability and strengthening our balance sheet. As we look ahead to the current fiscal year, we are very optimistic about our prospects."
About Sunwin International Neutraceuticals, Inc.
Sunwin International Neutraceuticals, Inc. ("Sunwin") is engaged in the areas of essential traditional Chinese medicine, 100% organic herbal medicine, nutraceutical products, natural sweetener (beet sugar), and animal medicine prepared from 100% organic herbal ingredients. As an industry leader in agricultural processing, Sunwin has built an integrated global firm with the sourcing and production capabilities to meet the needs of consumers throughout the world. Sunwin also makes such value-added products as specialty veterinary food ingredients and specialty feed ingredients. The Sunwin family works closely with consumers to provide a quality, value, and a hybrid mix of agricultural products and services that meet growing demand. In 2002, Sunwin was recognized as one of the first 2,000 state-level companies that China authorized as the most important innovative high-tech pioneer businesses by the Chinese central government. In 2002, Sunwin was awarded as one of 2002 state-level biological product manufacturers in China. In 2003, Sunwin ranked as one of the top 50 companies of China Animal Related Health Care Product Pharmaceutical Industry. In 2003, Sunwin received award of Shandong Top-Ten Innovative, High-Tech Businesses by the Province Government of Shandong. For more information about Sunwin, please visit http://www.shengwang.com.
Safe Harbor Statement
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