HOUSTON, Nov. 10, 2004 (PRIMEZONE) -- Eternal Technologies Group Inc. (OTCBB:ETLT) today reported record third quarter net earnings of $2,734,290 as compared to a net loss of $315,537 for the same quarter in the prior year. Earnings per share for the period ended September 30, 2004 were $0.09 as compared to a loss of $0.01 for the same quarter in the previous year. Revenues for the third quarter were $9,074,651 as compared to no revenues in the prior year.
For the nine month period ended September 30, 2004, revenues were $15,215,482 as compared to $119,460 for the same period in the prior year. Net income for the nine month period was $3,755,368 as compared to a net loss of $918,173 for the same period in the prior year. For the nine month period, the company reported earnings per share of $0.13 as compared to a loss of $0.03 for the same period in the prior year.
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 third quarter and nine months ended September 30, 2004. We continue to focus on our goal of becoming the leading embryo implantation company in the Peoples' Republic of China. Allow me to take this opportunity to thank all shareholders for your continued support."
The increase in revenues for the nine months ended September 30, 2004 is attributable to an increase in the sale of lamb meat of $7,502,277 and an increase in cattle embryo transfer fees of $7,614,458.
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 September 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.