March 14, 2008

AgFeed shares attain huge jump on its 2007 results

Shares of AgFeed Industries Inc. jumped Wednesday after it reported its fiscal 2007 results that were above year-earlier levels, and affirmed its fiscal 2008 outlook.

The stock was up 8.5 percent at US$11.35 on volume of 70,530 shares. The issue's 30-day average volume is about 98,200.

Before the opening bell, AgFeed reported 2007 net income rose to US$6.7 million from US$1.2 million in the year-ago period. Earnings per share more than tripled to 25 cents.

Revenue for the fiscal year ended December 31 rose to US$36.2 million from US$8.59 million in 2006.

For 2008, AgFeed Industries affirmed its outlook for earnings of 96 cents to US$1.10 a share on revenue of about US$135 million.

AgFeed is a NASDAQ Global Market listed US public company headquartered in China. It is a leading animal premix feed and hog producer in China, with Deutsche Bank Securities, Inc. as its financial advisor.