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Yew Bio-Pharm Group Reports 2016 Second Quarter Financial Results

Yew Bio-Pharm Group Reports 2016 Second Quarter Financial Results

Aug 15, 2016

OTC Disclosure & News Service

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Yew Bio-Pharm Group Reports 2016 Second Quarter Financial Results

PR Newswire

EL MONTE, Calif.Aug. 15, 2016 /PRNewswire/ -- Yew Bio-Pharm Group, Inc. ("Yew Bio" or the "Company") (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 three- and six-months ended June 30, 2016.

2016 Second Quarter Results




Three Months Ended June 30,


Percentage 
Change




2016


2015


Revenues:








TCM Raw Materials


$9,146,345


$3,909,314


134%


Yew Trees


21,741


344,919


(94)%


Wood ear mushroom


-


405,483


(100)%


Handicrafts


79,223


7,206


999%


Others


6,812,801


-


100%


Total Revenues


$16,060,110


$4,666,922


244%

Total revenues for the second quarter of 2016 increased by 244% to $16.1 million from $4.7 million a year ago. Sales of TCM raw materials amounted to 57% of total revenues; sales of yew trees amounted to 0.1% of total revenues; sales of handicrafts amounted to 0.5% of total revenues and sales of the "Others" segment consisting yew candle and dietary supplement amounted to 42.4% of total revenues. The Company did not make sales of wood ear mushroom in the second quarter of 2016, as this is still a newly introduced product category for the Company and they are still seeking for various customer resources for this segment.

For the 2016 second quarter, gross profit was $1.6 million, or 10.3% of total revenues, compared with $2.4 million, or 51% of total revenues for the comparable 2015 quarter. The decrease in gross profit margin was primarily attributable to the lower gross margin yields of the wood ear mushroom and the "Others" segments.

Operating expenses decreased by 29.6% to $341,257 for the quarter ended June 30, 2016, from $484,475 in the year-ago quarter. Thedecrease was primarily attributable to the decreases in compensation and related benefits.

Net income for the three months ended June 30, 2016 decreased by 34.9% to $1.3 million from $2.0 million in the same quarter last year due to the cost increase of the TCM raw materials and the "Others" segments. Earnings per diluted share for the three months ended June 30, 2016 was $0.03, in line with the same period last year.

Six Month 2016 Financial Results




Six Months Ended June 30,


Percentage

Change




2016


2015


Revenues:








TCM Raw Materials


$17,189,810


$4,866,320


253%


Yew Trees


23,246


1,043,671


(98)%


Wood ear mushroom


-


1,304,672


(100)%


Handicrafts


96,473


94,714


2%


Others


7,370,950


-


100%


Total Revenues


$24,680,479


$7,309,377


238%

Total revenues for the first six months of 2016 increased to $24.7 million from $7.3 million a year ago. Sales of TCM raw materials amounted to 69.6% of total revenues; sales of yew trees amounted to 0.1% of total revenues; sales of handicrafts amounted to 0.4% of total revenues and sales of the "Others" segment consisting yew candle and dietary supplement amounted to 29.9% of total revenues. The Company did not make sales of wood ear mushroom in the first half of 2016, as this is still a newly introduced product category for the Company and they are still seeking for various customer resources for this segment.

Gross profit was $3.0 million, or 12.3% of total revenues, compared with $3.9 million, or 52.7% of total revenues for the comparable 2015 quarter. The decrease in gross profit margin was primarily attributable to the lower gross margin yields of TCM raw material and Others segments.

Operating expenses decreased by 31.3% to $657,157 for the six months ended June 30, 2015, from $956,541 for the same period last year. The decrease was primarily attributable to the decreases in compensation and related benefits.

Net income for the first six months of 2016 decreased by 20.5% to $2.4 million from $3.0 million for the same period last year. Earnings per diluted share was $0.05, in line with the same period last year.

"Revenue for the quarter increased by 244% compared to last year due to the sales increases in the TCM raw materials and the Otherssegments which includes the sales of yew candles, pine needle extracts and our dietary supplement with the brand name ’Auri Essence, and therefore offset the decreases in sales of yew tree and wood ear mushroom," said Mr. Zhiguo Wang, Chairman and Chief Executive Officer of Yew Bio-Pharm Group, Inc. "The sales of TCM raw materials maintained a sustained growth in the past half of 2016 as our related party, Yew Pharmaceutical, continues their technology development with yew ingredients that obviously lead to the sales increasing of theTCM segment."

"The Others’ segment consists of products that are recently added to the Company’s business category. By the end of June, 2016, we have added three new products including yew candle, pine needle extract and dietary supplement to the segment. We also continued to change our business model from agriculture-focused to a more diversified business model. As we mentioned in the previous announcement, our new B2C E-commerce website is expected to be launched in the middle of September, and we believe the website operation will become a new source of revenues for the Company. Meanwhile, we will continue to enrich our product mix and develop more value-added products in the future."

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.

(financial tables follow)

YEW BIO-PHARM GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS








June 30, 
2016


December 31,
2015



(Unaudited)



ASSETS





CURRENT ASSETS:





    Cash


$

848,905


$

681,608

    Restricted cash



296,830



303,511

    Accounts receivable



3,101,446



3,857,968

    Accounts receivable - related parties



10,053,176



6,489,495

    Inventories



8,659,366



4,665,549

    Prepaid expenses - related parties



91,804



106,370

    Prepaid expenses and other assets



94,712



64,174

    VAT recoverables



2,354,100



699,258








        Total Current Assets



25,500,339



16,867,933








LONG-TERM ASSETS:







    Long-term inventories, net



14,507,420



12,334,261

    Property and equipment, net



633,623



702,764

    Land use rights and yew forest assets, net



4,923,817



13,906,379








        Total Long-term Assets



20,064,860



26,943,404








        Total Assets


$

45,565,199


$

43,811,337








LIABILITIES AND SHAREHOLDERS’ EQUITY







CURRENT LIABILITIES:







    Accounts payable


$

73,045


$

11,345

    Accounts payable - related party



44,087



41,319

    Accrued expenses and other payables



282,365



122,760

    Notes payable



593,660



607,022

    Taxes payable



16,501



14,261

    Due to related parties



748,773



763,162

    Short-term borrowings



3,013,500



3,081,332








        Total Current Liabilities



4,771,931



4,641,201








        Total Liabilities



4,771,931



4,641,201








SHAREHOLDERS’ EQUITY:







Common Stock ($0.001 par value; 140,000,000 shares authorized; 51,875,000 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively)



51,875



51,875

    Additional paid-in capital



9,787,752



9,622,558

    Retained earnings



27,152,111



25,067,733

    Statutory reserves



4,034,517



3,762,288

    Accumulated other comprehensive income - foreign currency translation adjustment



(232,987)



665,682








        Total Shareholders’ Equity



40,793,268



39,170,136








        Total Liabilities and Shareholders’ Equity


$

45,565,199


$

43,811,337




YEW BIO-PHARM GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(UNAUDITED)










For the Three Months 
Ended June 30,



For the Six Months 
Ended June 30,




2016



2015



2016



2015


REVENUES:

















Revenues


$

6,913,765



$

1,904,941



$

7,490,669



$

3,439,595


Revenues - related party



9,146,345




2,761,981




17,189,810




3,869,782



















Total Revenues



16,060,110




4,666,922




24,680,479




7,309,377



















COST OF REVENUES:

















Cost of revenues



6,806,861




1,533,314




7,434,844




1,907,359


Cost of revenues - related party



7,603,509




753,806




14,202,413




1,550,730



















Total Cost of Revenues



14,410,370




2,287,120




21,637,257




3,458,089



















GROSS PROFIT



1,649,740




2,379,802




3,043,222




3,851,288



















OPERATING EXPENSES:

















Selling



8,835




9,075




12,087




13,763


General and administrative



332,422




475,400




645,070




942,778



















Total Operating Expenses



341,257




484,475




657,157




956,541



















INCOME FROM OPERATIONS



1,308,483




1,895,327




2,386,065




2,894,747



















OTHER INCOME (EXPENSES):

















Interest expense



(41,967)




(18,546)




(69,287)




(18,421)


Government grant



-




135,322




-




135,322


Other income (expense)



39,829




(4,457)




39,829




(4,473)



















Total Other Income (Expenses)



(2,138)




112,319




(29,458)




112,428



















INCOME BEFORE INCOME TAXES



1,306,345




2,007,646




2,356,607




3,007,175


PROVISION FOR INCOME TAXES



-




(1,990)




-




(43,129)


NET INCOME


$

1,306,345



$

2,005,656



$

2,356,607



$

2,964,046



















COMPREHENSIVE INCOME:

















NET INCOME


$

1,306,345



$

2,005,656



$

2,356,607



$

2,964,046


OTHER COMPREHENSIVE INCOME (LOSS):

















Foreign currency translation adjustment



(1,174,091)




123,694




(898,669)




381,547



















COMPREHENSIVE INCOME


$

132,254



$

2,129,350



$

1,457,938



$

3,345,593



















NET INCOME PER COMMON SHARE:

















Basic


$

0.03



$

0.04



$

0.05



$

0.06


Diluted


$

0.03



$

0.03



$

0.05



$

0.05


WEIGHTED AVERAGE COMMON SHARES 
OUTSTANDING:

















Basic



51,875,000




52,125,000




51,875,000




52,125,000


Diluted



51,875,000




57,618,689




51,875,000




57,899,669





YEW BIO-PHARM GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)






For the Six Months Ended 
June 30,



2016



2015

CASH FLOWS FROM OPERATING ACTIVITIES:








Net income


$

2,356,607



$

2,964,046

Adjustments to reconcile net income to net cash provided by (used in) operating activities:








Depreciation



59,387




76,099

Stock-based compensation



165,194




537,660

Stock issued for professional services



-




12,722

Amortization of land use rights and yew forest assets



8,810,916




535,847

Changes in operating assets and liabilities:








Accounts receivable



682,900




(1,300,729)

Accounts receivable - related parties



(3,763,989)




(629,335)

Prepaid expenses and other current assets



(32,041)




(1,979,257)

Prepaid expenses - related parties



12,413




(120,407)

Inventories



(6,627,197)




(2,350,881)

VAT recoverables



(1,696,123)




-

Accounts payable



62,195




427,058

Accounts payable – related party



3,735




-

Accrued expenses and other payables



187,331




184,955

Advances from customers



-




67,236

Taxes payable



2,467




5,789









NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES



223,795




(1,569,197)









CASH FLOWS FROM INVESTING ACTIVITIES:








Purchase of property and equipment



(4,261)




(7,000)

Payment for land use rights and yew forest assets



-




(588,928)









NET CASH USED IN INVESTING ACTIVITIES



(4,261)




(595,928)









CASH FLOWS FROM FINANCING ACTIVITIES:








Proceeds from short-term borrowings



1,530,105




1,642,360

Repayment of short-term borrowings



(1,530,105)




-

Proceeds from related party



81




649,500

Repayments to related party



(35,000)




-









NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES



(34,919)




2,291,860









EFFECT OF EXCHANGE RATE ON CASH



(17,318)




(4,017)









NET INCREASE IN CASH



167,297




122,718









CASH - Beginning of period



681,608




487,940









CASH - End of period


$

848,905



$

610,658









SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:








Cash paid for:








Interest


$

41,851



$

18,647

Income taxes


$

6,503



$

-









Non-cash investing and financing activities








Operating expenses paid by related parties


$

24,420



$

4,789

 

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


To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/yew-bio-pharm-group-reports-2016-second-quarter-financial-results-300313244.html

SOURCE Yew Bio-Pharm Group, Inc.


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