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Yew Bio-Pharm Group Reports 2016 First Quarter Financial Results

Yew Bio-Pharm Group Reports 2016 First Quarter Financial Results

PR Newswire

HARBIN, ChinaMay 16, 2016 /PRNewswire/ -- Yew Bio-Pharm Group, Inc. ("Yew Bio" or the "Company") (OTCQB: YEWB), a major grower and seller of yew trees, yew raw materials used in the manufacture of traditional Chinese medicine, handicraft products made from yew timber and yew candle made with yew essence oil in China, today reported financial results for the three months ended March 31, 2016.

2016 First Quarter Results


Three Months Ended March 31,

Percentage


2016

2015

Change

Revenues:




TCM Raw Materials

$8,043,465

$957,006

740%

Yew Trees

1,505

698,752

(100)%

Wood ear mushroom

-

899,189

(100)%

Handicrafts

17,250

87,508

(80)%

Others

558,149


100%

Total Revenues

$8,620,369

$2,642,455

226%

Total revenues for the first quarter of 2016 increased 226% to $8.6 million from $2.6 million a year ago. Sales of TCM raw materials amounted to 93.3% of total revenues; sales of yew trees amounted to 0% of total revenues; sales of handicrafts amounted to 0.2% of total revenues and sales of "Others" segment consisting with the yew candle and dietary supplement amounted to 6.5% of total revenues. We did not make sales of wood ear mushroom in the first quarter of 2016, as this is still a newly introduced product category for the Company, we are still seeking for various customer resources for this segment.

For the 2016 first quarter, gross profit was $1.4 million, or 16.2% of total revenues, compared with $1.5 million, or 55.7% of total revenues for the comparable 2015 quarter. The decrease in the gross profit margin were primarily attributable to the lower gross margin yields of TCM raw materials and "Others" segments.

Operating expenses decreased 33% to $315,900 for the quarter ended March 31, 2016, from $472,066 in the year-ago quarter. The decreasing was primarily attributable to the decreases in compensation and related benefits.

Net income for the three months ended March 31, 2016 increased 9.6% to $1.1 million from $958,390 in the same quarter last year due to the decreases of operating expenses. Earnings per diluted share for the three months ended March 31, 2016 was $0.02, in line with the same period last year.

"Revenue for the first quarter increased 226% compared to last year due to the increase in revenues from TCM raw materials and the "Others" segment which includes the sales of yew candles and dietary supplement with the brand name of "Auri Essence", and therefore offset the decrease in sales of yew tree, handicraft and wood ear mushroom," said Mr. Zhiguo Wang, Chairman and Chief Executive Officer of Yew Bio-Pharm Group. "We are pleased with the performance from our traditional business segment of TCM raw material sales which was mainly due to the increase in demand from our related party, Yew Pharmaceutical. They use their own technology advantages to develop new products processed from yew raw materials that lead to the demand increasing of our TCM raw materials."

"We are also excited about the sales of our newly added dietary supplement product, Auri Essence, which was made from the essence of wood ear mushroom. We launched the product in December, 2015 for the U.S. market, and we already made sales in the first quarter of 2016. Auri Essence is currently listed in several E-Commerce websites which will benefit the product to attract more attentions from customers and improve the terminal sales. We will continue to enrich our product mix and develop more value-added products for the Company. It is also the Company’s long-term strategy to continue to grow through product diversification in the healthcare and dietary supplement industries."

ABOUT YEW BIO-PHARM GROUP, INC

Yew Bio-Pharm Group, Inc., through its operating entity, Harbin Yew Science and Technology Development Co., Ltd. (HDS), is a major grower and seller of yew trees, yew raw materials used in the manufacture of traditional Chinese medicine (TCM) and products made from yew timber in China. Raw material from the species of yew tree that the Company grows contains taxol, and TCM containing yew raw materials has been approved as a traditional Chinese medicine in China for secondary treatment of certain cancers. The Company uses a patented, accelerated growth technology to speed the growth and maturity and commercialization of yew trees and believes that it is one of the few companies possessing a permit to sell them. Yew Bio-Pharm also recently established a division to focus on organic foods and dietary supplements with the aim of developing new business opportunities in related industries. To learn more, please visitwww.yewbiopharm.com

SAFE HARBOR

This press release forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These forward-looking statements involve a number of risks and uncertainties that could cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our ability to collect from our largest customers; our dependence on a small number of customers for raw materials, including a related party; our ability to continue to purchase raw materials at relatively stable prices; our dependence on a small number of customers for our yew trees for reforestation; our ability to market successfully raw materials used in the manufacture of traditional Chinese medicines; and our ability to receive continued preferential tax treatment for the sale of yew trees and potted yew trees. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its most recent annual report on Form 10-K. Yew Bio does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.

 

Company Contacts:

Henry Pang

Yew Bio-Pharm Group, Inc.

Tel: (626) 401-9588

hpang@yewbiopharm.com

Investor Relations Contacts:

Cami Xue

Chineseinvestors.com, Inc.

Tel: (800) 958-8561

Cami@chinesefn.com


 

(financial tables follow)

 

 

YEW BIO-PHARM GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS




March 31, 
2016



December 31,
2015



(Unaudited)




ASSETS






CURRENT ASSETS:








    Cash


$

236,377



$

681,608

    Restricted cash



305,526




303,511

    Accounts receivable



1,883,627




3,857,968

    Accounts receivable - related party



9,898,335




6,489,495

    Inventories



9,743,447




4,665,549

    Prepaid expenses - related party



411,111




106,370

    Prepaid expenses and other assets



864,319




64,174

    VAT recoverables



801,394




699,258









        Total Current Assets



24,144,136




16,867,933









LONG-TERM ASSETS:








    Long-term inventories, net



11,514,017




12,334,261

    Property and equipment, net



680,607




702,764

    Land use rights and yew forest assets, net



8,931,709




13,906,379









        Total Long-term Assets



21,126,333




26,943,404









        Total Assets


$

45,270,469



$

43,811,337









LIABILITIES AND SHAREHOLDERS’ EQUITY








CURRENT LIABILITIES:








    Accounts payable


$

66,536



$

11,345

    Accounts payable - related party



45,379




41,319

    Accrued expenses and other payables



108,840




124,686

    Notes payable



611,052




607,022

    Taxes payable



20,327




14,261

    Due to related parties



738,132




761,236

    Short-term borrowings



3,101,785




3,081,332









        Total Current Liabilities



4,692,051




4,641,201









        Total Liabilities



4,692,051




4,641,201









SHAREHOLDERS’ EQUITY:








Common Stock ($0.001 par value; 140,000,000 shares authorized; 51,875,000 shares 
   issued and outstanding at March 31, 2016 and December 31, 2015, respectively)



51,875




51,875

    Additional paid-in capital



9,705,156




9,622,558

    Retained earnings



25,992,432




25,067,733

    Statutory reserves



3,887,851




3,762,288

    Accumulated other comprehensive income - foreign currency translation adjustment



941,104




665,682









        Total Shareholders’ Equity



40,578,418




39,170,136









        Total Liabilities and Shareholders’ Equity


$

45,270,469



$

43,811,337

 

 

YEW BIO-PHARM GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(UNAUDITED)



For the Three Months 
Ended March 31,


2016


2015

REVENUES:






    Revenues

$

576,904


$

1,534,654

    Revenues - related party


8,043,465



1,107,801







        Total Revenues


8,620,369



2,642,455







COST OF REVENUES:






    Cost of revenues


627,983



374,045

    Cost of revenues - related party


6,598,904



796,924







        Total Cost of Revenues


7,226,887



1,170,969







GROSS PROFIT


1,393,482



1,471,486







OPERATING EXPENSES:






     Selling


3,252



4,688

     General and administrative


312,648



467,378







        Total Operating Expenses


315,900



472,066







INCOME FROM OPERATIONS


1,077,582



999,420







OTHER INCOME (EXPENSES):






     Interest income (expense)


(27,320)



125

     Other expense


-



(16)







        Total Other Income (Expenses)


(27,320)



109







INCOME BEFORE PROVISION FOR INCOME TAXES


1,050,262



999,529

PROVISION FOR INCOME TAXES


-



(41,139)

NET INCOME

$

1,050,262


$

958,390







COMPREHENSIVE INCOME:






      NET INCOME

$

1,050,262


$

958,390

      OTHER COMPREHENSIVE INCOME:






           Unrealized foreign currency translation adjustment


275,422



257,853







      COMPREHENSIVE INCOME

$

1,325,684


$

1,216,243







NET INCOME PER COMMON SHARE:






       Basic

$

0.02


$

0.02

       Diluted

$

0.02


$

0.02

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:






       Basic


51,875,000



52,125,000

       Diluted


51,875,000



58,225,591

 

 

YEW BIO-PHARM GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)



For the Three Months 
Ended March 31,


2016


2015

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$

1,050,262


$

958,390

Adjustments to reconcile net income to net cash used in operating activities:






Depreciation


30,504



37,984

Amortization of land use rights and yew forest assets


4,996,027



381,558

Stock-based compensation


82,598



294,239

Issuance of common stock for professional service


-



8,383

Changes in operating assets and liabilities:






Accounts receivable


1,980,590



(1,080,615)

Accounts receivable - related party


(3,313,946)



(867,776)

Prepaid expenses and other current assets


(788,609)



(22,281)

Prepaid expenses – related party


(299,778)



5,804

Inventories


(4,091,713)



(1,372,913)

VAT recoverables


(96,129)



-

Accounts payable


46,080



1,214,805

Accrued expenses and other payables


(16,440)



49,426

Due to related parties


81



-

Taxes payable


5,927



37,016







NET CASH USED IN OPERATING ACTIVITIES


(414,546)



(355,980)







CASH FLOWS FROM INVESTING ACTIVITIES:






Purchase of property and equipment


(4,261)



(4,617)







NET CASH USED IN INVESTING ACTIVITIES


(4,261)



(4,617)







CASH FLOWS FROM FINANCING ACTIVITIES:






Repayments to related parties


(35,000)



-

Proceeds from related parties


10,222



1,834







NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES


(24,778)



1,834







EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS


(1,646)



525







NET DECREASE IN CASH AND CASH EQUIVALENTS


(445,231)



(358,238)







CASH AND CASH EQUIVALENTS - Beginning of period


681,608



487,940







CASH AND CASH EQUIVALENTS - End of period

$

236,377


$

129,702







SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:






Cash paid for:






Interest

$

26,884


$

-

Income taxes

$

-


$

-

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/yew-bio-pharm-group-reports-2016-first-quarter-financial-results-300268885.html

SOURCE Yew Bio-Pharm Group, Inc.

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