Sales are generated primarily from our farming operations and related sideline products in China. Net sales for the three months ended September 30, 2011 increased marginally by $42 million, or 17.9%, to $277.8 million, as compared to $235.6 million for the three months ended September 30, 2010.
These comparisons show that our sales in the third quarter have grown more significantly than the same period in 2010.
The overall increase in net sales was primarily a result of the strong harvest in the third quarter and the rising prices of agricultural products attributable to increasing demand in China. We also benefited from our expanded marketing network which covers more provinces, with more distributors and direct clients.
Net Income Our net income for the period grew to $38.1 million or $.25 per basic share, from $31.7 million or $.20 per basic share for the prior-year period.
Yasheng Group Yasheng Group, founded over 30 years ago, is a US holding company
that conducts primarily agricultural operations in the Northwest of China. Today it is one of China's leading producers and marketers with six major product
segments including field crops, vegetables, fruit, specialty crops, hops, hemp, seeds, beef and poultry. Yasheng is a supplier of high-quality agricultural products
to world-famous conglomerates such as McDonald's, KFC, Tsingtao Beer, and Pepsi. The company is led by a highly qualified management team and it has total assets of
approximately $1.7 billion, over 15,000 employees, and a history of strong sales and earnings growth. Please visit us on our website
www.yashenggroup.com and
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Yasheng Group currently generates its revenue in China. We as a company do not export from China to the United States. We have plans to begin exporting from the United States and are committed to the long-term relationship between the two countries.
Safe
Harbor Statement Except for the historical information contained herein, certain
matters discussed in this press release are forward-looking statements which
involve risks and uncertainties. These forward-looking statements are based on
expectations and assumptions as of the date of this press release and are
subject to numerous risks and uncertainties, which could cause actual results to
differ materially from those described in the forward-looking statements. These
risks and uncertainties are discussed in the company's various filings with the
Securities and Exchange Commission. The company assumes no obligation to update
these forward-looking statements.