China duck breeder increases net income by 73% in 2010
Company sees $4.3 million compared to 2009's $2.5 million
China duck breeder Anhui Taiyang Poultry Co. Inc. has reported a 73% increase in net income ($4.3 million) for 2010 when compared to 2009 numbers ($2.5 million).
The company's revenue increased 44% from 2009's $28.9 million to 2010's $41.7 million. "Our revenue increase was primarily driven by the increase in our breeding unit revenue by 63% to $12.6 million and revenue in our feed unit to $13.9 million as compared to approximately $51,000 in 2009," said Wu Qiyou, CEO and chairman of the board of directors. "During the third and fourth quarters of 2010, the pricing of ducklings hit a historically high price of...approximately $1.18 per duckling. As a result, we found it more financially beneficial to explore options to sell our ducklings as opposed to raising the ducks to be used for the food unit of our business. Thereby, revenue in our food business was reduced while increasing the revenue generated through our breeding unit."
Anhui Taiyang's adjusted net income (non-GAAP) reached $7.1 million for 2010, adding $2.1 million in one-time stock-based compensation and a limit of $705,000 in professional service expenses related to becoming a publically traded company in November 2010.