AgFeed Industries, Inc. Announces First Quarter Results

NEW YORK, May 11, 2010 AgFeed Industries, Inc. (Nasdaq: FEED, NYSE Alternext: ALHOG - News), one of the largest independent hog production and animal nutrient companies in China, today announced its results for the first quarter of 2010.  Revenue for the first quarter reached $52.9 million an increase of 58% compared to the first quarter of 2009.  Production volumes increased by 24% in the Company’s hog division and 119% in the animal nutrition division, as compared to the same period in 2009

Dr. Songyan Li AgFeed’s, Chairman stated, “In spite of falling hog prices and a softness in orders for hog feed our, company’s divisions continued to show their resiliency and wherewithal in dealing with our large customer base. I expect hog prices will begin to appreciate over the next 90 days and will lead to hog prices being 12% -15% higher in the second half of the year.  Our ‘AgFeed, Government & Farmer’ strategy is taking hold as evidenced by our Dahua City and Xinyu City local government hog farm projects, featuring a true partnership to introduce western hog production technologies for the health and benefit of the Chinese consumer.  These projects, when completed, will be able to produce over 800,000 top line hogs every year.  I believe that we will benefit from our ongoing investments in our customers and businesses.  We recently listed our stock on Europe’s Alternext, an affiliate of the NYSE, as part of our ongoing effort to continually expand our base of shareholders, which today stands at over 22,000 shareholders of record.  On May 18th, I will be part of AgFeed’s team presenting at Rodman & Renshaw’s investor conference in London.”

Mr. Junhong Xiong AgFeed’s, President observed, “We are pleased with the results we achieved in a challenging operating environment.  During the quarter, the average hog price was 11% less than the first quarter of last year.  Many of our customers are struggling to withstand the combined challenge of low hog prices and increased feed prices due to the high cost of corn. In order to support our animal nutrition customers and cement our market position, AgFeed has chosen to exploit its relative financial strength by extending payment terms to its customers.  Facing similar pressures in our Hog Division, we were able to sell hogs at relatively advantageous prices by accepting payment terms from certain long-standing and credit worthy customers.”
 
ABOUT AGFEED INDUSTRIES, INC. 
 
NASDAQ Global Market Listed. AgFeed Industries (www.agfeedinc.com) is a U.S. company with its primary operations in China. AgFeed has two profitable business lines — animal nutrients in premix, concentrates and complete feeds and hog production. AgFeed is one of China's largest commercial hog producers in terms of total annual hog production as well as one of the largest premix feed company in terms of revenues. China is the world's largest hog producing country that produced over 645 million hogs in 2009, compared to approximately 100 million hogs produced annually in the U.S. China also has the world's largest consumer base for pork consumption. Over 62% of total meat consumed in China is pork. Hog production in China enjoys income tax free status. The feed markets in which AgFeed operates represent a $20 billion segment of China's $58 billion per year animal feed market.

 
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The following information was filed by Agfeed Industries, Inc. (FEED) on Tuesday, May 11, 2010 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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