Exhibit 99.1

 

AgFeed Industries Reports Record Fiscal 2007 Financial Results, Growth in Net Income of More Than 450%,

Affirms 2008 Financial Guidance

SHANGHAI, CHINA--March 12, 2008 -- AgFeed Industries, Inc. (NASDAQ:

FEED), a market leader in China's premix animal nutrition and hog raising industry, today announced record sales and earnings for 2007, primarily from the production and sale of premix animal feed products. AgFeed entered the hog production industry in November 2007 through the acquisition of a breeder hog farm. AgFeed sales in 2007 from hog production were not material.

The following are some of the key financial highlights of the Company for the fiscal year ended December 31, 2007.

FINANCIAL HIGHLIGHTS:

Revenues grew 321% to approximately $36.16 million from $8.59 million in 2006.

Gross profit increased to $10.40 million from $3.15 million in 2006.

Net income grew 467% to $6.66 million from $1.18 million in 2006.

Earnings per share (basic) of $0.26, is an increase of 271% compared to 2006.

Earnings per share (fully diluted) of $0.25, represents an increase of 257% from 2006.

Comprehensive income of $7.33 million increased by 482% compared to 2006.

As of December 31, 2007, AgFeed had approximately $7.7 million in cash with no long term debt.

Songyan Li, Chairman of AgFeed, commented, “In early 2007, AgFeed projected record sales and earnings for fiscal year 2007. We have delivered such results. AgFeed is now the largest premix animal feed company in China in terms of sales in a highly fragmented industry. We anticipate our feed business will continue to grow at a significant rate in 2008. We also anticipate doubling our independently owned exclusive AgFeed product chain stores to 1,000 stores in 2008.”

Dr. Li continued, “Our feed segment and hog production are vertically integrated to produce the maximum efficiency between our two business lines. AgFeed's in-depth knowledge about the feed and hog raising industries, sufficient funding, favorable market environment and high quarantine standards at our hog farms will position AgFeed as a well managed, highly profitable market leader in China's vast feed and hog raising industries. We look forward to another year of success in 2008.”

SUBSEQUENT EVENTS

In December/January 2008, the Chinese government granted the hog raising industry perpetual income tax free status, along with government grants and subsidies in light of severe hog shortage problems in China.

In January 2008, AgFeed acquired a majority interest in five commercial hog farms. Currently, AgFeed owns six hog farms and anticipates that its annual hog production at these facilities will reach 120,000 hogs in 2008.

In January 2008, Mr. Robert Rittereiser became the Chairman of AgFeed’s Advisory Board to advise the Company’s strategic initiatives. Mr. Rittereiser is the former CFO and Chief Administrative Officer of Merrill Lynch and former President and CEO of E.F. Hutton & Co. Mr. Rittereiser joins Edward McMillan as a key strategic advisor to AgFeed. Mr. McMillan served as President and Chief Executive Officer of Purina Mills Inc., the United States’ largest manufacturer and distributor of animal nutrition products, from 1988 until 1996.

 

 

 



The following information was filed by Agfeed Industries, Inc. (FEED) on Wednesday, March 12, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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