BEIJING and CLAREMONT, Calif., March 26 /Xinhua-PRNewswire-FirstCall/ -- Kiwa Bio-Tech Products Group Corporation (OTC Bulletin Board: KWBT) announced that revenues for the year ended December 31, 2007 were $9,129,779 an increase of 264.2% over $2,506,715 for 2006.
Net sales from continuing operations were $9,129,779 and $2,506,715 for
the twelve months ended December 31, 2007 and 2006, respectively,
representing an increase of $6,623,064 or 264.2%. The significant increase
is mainly due to the notable expansion in Kiwa's principal operations,
including its bio- fertilizer business and bio-enhanced feed business.
-- During 2007, revenue generated from Kiwa's bio-fertilizer business
increased from $46,926 to $241,357, representing a 414.3% increase. The
rapid increase reflects the impact of the marketing efforts that began
two years ago.
-- Net sales of bio-enhanced feeds increased 261.3%, from $2,459,789 in
2006 to $8,888,422 in 2007.
The net loss from continuing operations for 2007 was $2,893,359 (including non-cash expenses $1,408,239) compared to and $2,522,146 (including non-cash expenses $759,681) for fiscal year 2006. This increase resulted from: an increase in gross profit of $345,688 or 191.7%; an increase in operating expenses of $186,023 or 7.5%; an increase in interest expenses of $534,852 or 231.0%; and changes in minority interest in a subsidiary.
Review of Fourth Quarter
Revenues for the fourth quarter of 2007 were $2,915,067 an increase of 84.9% compared to $2,368,808 in the fourth quarter of 2006.
The net loss decreased to $763,199 for the three-month period ended December 31, 2007 compared to $959,960 for the three months ended December 31, 2006.
Please refer to documents filed today with the Securities and Exchange Commission for additional information on the results for the fourth quarter and full year 2007.
Mr. Wei Li, Chairman and CEO of K
|SOURCE Kiwa Bio-Tech Products Group Corporation|
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