Nevada
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000-54701
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26-1579105
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||
(State or other Jurisdiction
of Incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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294 Powerbilt Avenue,
Las Vegas, Nevada
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89148
|
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(Address of Principal Executive Offices)
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(Zip Code)
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Not Applicable
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(Former name or former address if changed since last report.)
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Item 2.02 Results of Operations and Financial Condition. |
Item 9.01 Financial Statements and Exhibits |
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99.1 |
Press release issued by Yew Bio-Pharm Group, Inc. on August 13, 2013.
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YEW BIO-PHARM GROUP, INC.
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||
Date: August 14, 2013
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By: /s/ Adam Wasserman
|
|
Adam Wasserman
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||
Chief Financial Officer
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Exhibit
Number
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Description of Exhibit
|
|
99.1
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Press release issued by Yew Bio-Pharm Group, Inc. on August 13, 2013.
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Company Contacts:
Yew Bio-Pharm Group, Inc.
Ms. Sha Jin
Tel: (702) 487-4683
E-mail: hdsusasj@gmail.com
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Investor Relations Contacts:
CCG Investor Relations
Mr. John Harmon, CFA, Sr. Account Manager
Tel: +86 (10) 8573 1014 (Beijing)
E-mail: john.harmon@ccgir.com
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·
|
Total revenues were $2.1 million, a 10.5% increase from $1.9 million in the year-ago quarter
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·
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Revenue from the sale of yew trees was $0.8 million, an increase of 18.3% from the year-ago quarter
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·
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Gross profit was $1.6 million, in line with the year-ago quarter. The gross margin was 76.0%, as compared with 84.4% in the year-ago quarter
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·
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Operating profit was $1.3 million, as compared to $1.5 million in the year-ago quarter
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·
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Net income was $1.3 million, or $0.03 per diluted share, as compared to $1.5 million, or $0.03 per diluted share, in the year-ago quarter
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Three Months Ended June 30,
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Six Months Ended June 30,
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|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Revenues:
|
||||||||||||||||
TCM Raw Materials
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$ | 1,270,330 | $ | 1,225,360 | $ | 2,166,491 | $ | 1,966,643 | ||||||||
Yew Trees
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796,653 | 673,565 | 1,653,607 | 1,457,088 | ||||||||||||
Handicrafts
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39,383 | 6,496 | 85,208 | 36,035 | ||||||||||||
Total Revenues
|
$ | 2,106,366 | $ | 1,905,421 | $ | 3,905,306 | $ | 3,459,766 |
June 30, 2013
|
December 31,
|
|||||||
(Unaudited)
|
2012
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash
|
$ | 30,021 | $ | 386,821 | ||||
Accounts receivable
|
1,767,073 | 722,598 | ||||||
Accounts receivable - related party
|
1,486,700 | 284,986 | ||||||
Inventories
|
1,247,219 | 991,234 | ||||||
Prepaid expenses and other assets
|
24,465 | 150 | ||||||
Prepaid expenses - related parties
|
47,556 | 60,245 | ||||||
Total Current Assets
|
4,603,034 | 2,446,034 | ||||||
LONG-TERM ASSETS:
|
||||||||
Inventories, net of current portion
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9,755,424 | 9,382,164 | ||||||
Property and equipment, net
|
801,397 | 885,969 | ||||||
Land use rights and yew forest assets, net
|
15,736,290 | 15,328,318 | ||||||
Total Long-term Assets
|
26,293,111 | 25,596,451 | ||||||
Total Assets
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30,896,145 | 28,042,485 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
3,996 | 990 | ||||||
Accrued expenses and other payables
|
187,423 | 199,098 | ||||||
Taxes payable
|
2,997 | 5,722 | ||||||
Due to related parties
|
50,387 | 47,876 | ||||||
Total Current Liabilities
|
244,803 | 253,686 | ||||||
Total Liabilities
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244,803 | 253,686 | ||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Preferred stock ($0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively)
|
– | – | ||||||
Common stock ($0.001 par value; 140,000,000 shares authorized; 50,000,000 issued and outstanding at June 30, 2013 and December 31, 2012, respectively)
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50,000 | 50,000 | ||||||
Additional paid-in capital
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10,396,377 | 10,396,377 | ||||||
Retained earnings
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15,199,568 | 13,182,032 | ||||||
Statutory reserves
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2,426,978 | 2,179,494 | ||||||
Accumulated other comprehensive income - foreign currency translation adjustment
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2,578,419 | 1,980,896 | ||||||
Total Shareholders' Equity
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30,651,342 | 27,788,799 | ||||||
Total Liabilities and Shareholders' Equity
|
30,896,145 | 28,042,485 |
For the Three Months Ended
June 30,
|
For the Six Months Ended
June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
REVENUES:
|
||||||||||||||||
Revenues
|
$ | 1,143,880 | $ | 1,905,421 | $ | 2,584,871 | $ | 3,300,074 | ||||||||
Revenues - related party
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962,486 | – | 1,320,435 | 159,692 | ||||||||||||
Total Revenues
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2,106,366 | 1,905,421 | 3,905,306 | 3,459,766 | ||||||||||||
COST OF REVENUES:
|
||||||||||||||||
Cost of revenues
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206,310 | 297,744 | 701,969 | 580,548 | ||||||||||||
Cost of revenues - related party
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299,212 | – | 382,222 | 25,224 | ||||||||||||
Total Cost of Revenues
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505,522 | 297,744 | 1,084,191 | 605,772 | ||||||||||||
GROSS PROFIT
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1,600,844 | 1,607,677 | 2,821,115 | 2,853,994 | ||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Selling
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6,079 | 5,350 | 11,693 | 11,237 | ||||||||||||
General and administrative
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271,908 | 150,062 | 543,869 | 363,773 | ||||||||||||
Total Operating Expenses
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277,987 | 155,412 | 555,562 | 375,010 | ||||||||||||
INCOME FROM OPERATIONS
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1,322,857 | 1,452,265 | 2,265,553 | 2,478,984 | ||||||||||||
OTHER INCOME (EXPENSES):
|
||||||||||||||||
Interest income
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42 | 1,509 | 84 | 1,588 | ||||||||||||
Other income (expense)
|
(200 | ) | (361 | ) | (617 | ) | (361 | ) | ||||||||
Total Other Income (Expenses)
|
(158 | ) | 1,148 | (533 | ) | 1,227 | ||||||||||
NET INCOME
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1,322,699 | 1,453,413 | 2,265,020 | 2,480,211 | ||||||||||||
COMPREHENSIVE INCOME:
|
||||||||||||||||
NET INCOME
|
1,322,699 | 1,453,413 | 2,265,020 | 2,480,211 | ||||||||||||
OTHER COMPREHENSIVE INCOME:
|
||||||||||||||||
Foreign currency translation adjustment
|
442,871 | 21,762 | 597,523 | 167,667 | ||||||||||||
COMPREHENSIVE INCOME
|
1,765,570 | 1,475,175 | 2,862,543 | 2,647,878 | ||||||||||||
NET INCOME PER COMMON SHARE:
|
||||||||||||||||
Basic
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$ | 0.03 | $ | 0.03 | $ | 0.05 | $ | 0.05 | ||||||||
Diluted
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$ | 0.03 | $ | 0.03 | $ | 0.05 | $ | 0.05 | ||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
|
||||||||||||||||
Basic
|
50,000,000 | 50,000,000 | 50,000,000 | 45,563,187 | ||||||||||||
Diluted
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50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
For the Six Months Ended
June 30,
|
||||||||
2013
|
2012
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 2,265,020 | $ | 2,480,211 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation
|
102,954 | 103,200 | ||||||
Amortization of land use rights and yew forest assets
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178,817 | 172,171 | ||||||
Loss on disposal of fixed assets
|
420 | – | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(1,019,696 | ) | (316,181 | ) | ||||
Accounts receivable - related party
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(1,184,390 | ) | – | |||||
Prepaid expenses and other assets
|
(24,082 | ) | (1,739 | ) | ||||
Prepaid expenses - related parties
|
13,801 | (70,625 | ) | |||||
Inventories
|
(186,105 | ) | (40,286 | ) | ||||
Accounts payable
|
2,957 | (1,306,617 | ) | |||||
Accrued expenses and other payables
|
(14,358 | ) | (40,191 | ) | ||||
Due to related parties
|
2,448 | 22,473 | ||||||
Taxes payable
|
(2,824 | ) | 655 | |||||
Advances from customers
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– | 232,077 | ||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
134,962 | 1,235,148 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of property and equipment
|
(3,084 | ) | (46,305 | ) | ||||
Payments for yew forest assets
|
(493,878 | ) | – | |||||
Deposit on land use right
|
– | (995,969 | ) | |||||
NET CASH USED IN INVESTING ACTIVITIES
|
(496,962 | ) | (1,042,274 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Repayments for related parties advances
|
– | (236,595 | ) | |||||
NET CASH USED IN FINANCING ACTIVITIES
|
– | (236,595 | ) | |||||
EFFECT OF EXCHANGE RATE ON CASH
|
5,200 | 5,258 | ||||||
NET DECREASE IN CASH
|
(356,800 | ) | (38,463 | ) | ||||
CASH - beginning of period
|
386,821 | 732,371 | ||||||
CASH - end of period
|
30,021 | 693,908 |