BEIJING and CLAREMONT, Calif., Nov. 12, 2009 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announced results for the third quarter and for the first nine months of 2009.
Revenues for the third quarter of 2009 were $1,374,561 a decrease of 40.9% from revenues of $2,327,315 in the third quarter of 2008. This decrease was in part due to deliberate reduction in sales of low margin bio-fertilizer and bio-feed products. In addition, the Company's efforts in boosting sales revenue were partially offset by requests to customers of cash payment at the time of purchase.
During the three months ended September 30, 2009, cost of sales was $1,351,838, representing a decrease of $919,934 or 40.5%, compared with $2,271,772 for the same period of 2008. The sharp decrease of cost of sales was mainly attributable to reduction of revenue.
Net loss, attributable to Kiwa shareholders, for the third quarter of 2009 was $516,933 compared to a net loss, attributable to Kiwa shareholders, of $567,770 in the same period of 2008.
Revenues for the first nine months of 2009 were $2,864,253 compared to $7,539,083 in the first nine months of 2008. During the nine months ended September 30, 2009, net loss attributable to Kiwa's shareholders was $1,962,356, an increase of $77,370 or 4.1%, compared with $1,884,986 for the same period of 2008.
Please refer to documents filed with the Securities and Exchange Commission for additional information on the results for the third quarter and first nine months of 2009.
Mr. Wei Li, Chairman and CEO of Kiwa, noted, "We remain focused on strengthening manufacturing and marketing resources to develop our various business segments and product lines. The Company also continues to seek to secure financing that will provide flexibility in building our business and improve the balance sheet."
ABOUT KIWA BIO-TECH PRODUCTS GROUP CORPORATION
The Company develops, manufactures, distributes and markets innovative, cost-effective, and environmentally safe bio-technological products for agricultural and natural resources and environmental conservation. The Company's products are designed to enhance the quality of human life by increasing the value, quality and productivity of crops and decreasing the negative environmental impact of chemicals and other wastes. For more information about the Company, please review documents filed with the SEC (www.sec.gov) or visit the Company's website, www.kiwabiotech.com.
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described by the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.