HOUSTON, Aug. 18, 2004 (PRIMEZONE) -- Eternal Technologies Group, Inc. (OTCBB:ETLT) today reported record second quarter net earnings of $1,012,186 as compared to a net loss of $283,532 for the same period in the prior year. Revenues for the second quarter were $4,096,253 as compared to $91,084 as reported in the prior year.
Highlights:
- Over 4000% Quarterly Revenue Growth to $4,096, 253 - Net Income of $1,012,186 - Cash Position Increased to $19,067,185
For the six month period ended June 30, 2004, revenues were $6,140,831 as compared to $119,460 for the same period in the prior year. Net income for the six month period was $1,021,348 as compared to a net loss of $602,635 for the corresponding six month period in 2003.
Mr. JiJun Wu, Chairman of Eternal Technologies Group Inc. commented, "We are very pleased with the financial results that we are able to deliver to our shareholders for the second quarter of 2004. Our business strategy of becoming the leading provider of advanced embryonic transfer techniques while we continue to expand our target markets is clearly driving profits and significant sales growth."
The increase in revenues resulted from an increase in the sale of lamb meat of $1,397,458 and an increase of $2,698,795 in fees earned from cattle embryo transfers. The company had no sales of lamb meat and earned $91,084 from sheep embryo transfers in the corresponding period of the prior year.
The information contained in this press release should be read in connection with the company's Quarterly Report filed on Form 10-QSB for the quarter ended June 30, 2004 and its Annual Report filed on Form 10-KSB for the year ended December 31, 2003.
About Eternal Technologies
Eternal is a major agricultural genetics and biopharmaceutical R&D firm operating in China with the support of the Chinese Government. Eternal's animal breeding division has a strong asset base, cash position and net income. Eternal has become one of China's leading institutions for biopharmaceutical and biotech research, pure breed cultivation and breed stock production. The Company has secured a key market niche by commercializing gene engineering technologies and providing superior breeding stock, allowing China's citizens the ability to improve their living standards. With the world's largest population, a double-digit national growth rate and entry into the WTO, Eternal Technologies has a playing field set for tremendous opportunity. As a prominent player in the agricultural genetics industry, cash in the bank and an untapped market, Eternal has the potential to become a major player in China's national growth.