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BEFUT Announces 109% Increase in Revenue and 93% Increase in Net Income for the Second Quarter of Fiscal 2011

DALIAN China Feb. 15, 2011 China December 31, 2010

Financial Highlights (year-over-year):

  • $14.9 million $30.8 million December 31, 2010
  • December 31, 2010
  • $1.9 million $0.07 $4.2 million $0.14 December 31, 2010

Hongbo Cao China $14.9 million $1.9 million China Dalian

July 2010 China

China

December 31, 2010 $14.9 million $7.1 million December 31, 2009 $3.9 million December 31, 2010 $1.9 million December 31, 2009 $2.7 million December 31, 2010 $1.4 million December 31, 2009 December 31, 2010 $1.9 million $0.07 $1.0 million $0.03

December 31, 2010 $30.8 million $12.6 million December 31, 2009 $8.2 million December 31, 2010 $3.5 million December 31, 2009 $5.9 million December 31, 2010 $2.4 million December 31, 2009 December 31, 2010 $4.2 million $0.14 $1.7 million $0.06

About BEFUT International Co. , Ltd.

China

Safe Harbor Statement

This press release contains forward-looking statements concerning the Company’s business, products and financial results. The Company’s actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company’s control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company’s reports filed with the SEC.  BEFUT undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulation.

(tables follow)

Consolidated Balance Sheets

December 31,

June 30,

2010

2010

Assets

(Unaudited)

Current assets:

Cash and cash equivalents

$    761,460

$  1,319,173

Restricted cash

3,494,084

1,181,095

Accounts receivable, net of allowance for doubtful accounts of $85,783

17,292,392

9,292,310

 and $83,295 at December 31, 2010, and June 30, 2010, respectively

Inventory

5,234,237

2,543,789

Loans to unrelated parties

1,888,835

1,054,090

Bank loan security deposits

1,089,206

1,031,100

Advance payments

1,929,467

693,473

Due from related party

472,838

Other current assets

1,227,666

521,739

Total current assets

32,917,347

18,109,607

Property and equipment, net

32,394,534

31,618,074

Other assets:

Intangibles, net

15,485,194

15,669,375

Advance payments – Research & Development

2,151,106

2,088,714

Total other assets

17,636,300

17,758,089

Total assets

$82,948,181

$67,485,770

Liabilities

Current liabilities:

Accounts payable and accrued expenses

$ 2,770,621

$  3,119,646

Trade notes payable

3,034,000

Short-term bank loans

9,086,830

6,039,300

Current portion of long-term bank loans

758,500

294,600

Loans from unrelated parties

2,220,740

370,000

Advances from customers

1,007,947

533,806

Income taxes payable

3,120,515

1,655,747

Other current liabilities

1,334,564

969,787

Total current liabilities

23,333,717

12,982,886

Long-term bank loan

14,108,100

14,435,400

Total liabilities

37,441,817

27,418,286

Equity

Stockholders equity:

Preferred stock, $0.001 par value, 10,000,000 shares authorized,

 no shares issued or outstanding

Common stock, $0.001 par value, 200,000,000 shares authorized,

29,716

29,716

 29,715,640 and 29,715,666 shares issued and outstanding at

        December 31, 2010 and June 30, 2010, respectively

Additional paid-in capital

21,838,047

21,838,047

Statutory reserves

1,181,189

1,181,189

Retained earnings

17,994,979

13,810,157

Accumulated other comprehensive income

3,447,965

2,166,533

Total stockholders equity

44,491,896

39,025,642

`

Noncontrolling interest

1,014,468

1,041,842

Total equity

45,506,364

40,067,484

Total liabilities and equity

$82,948,181

$67,485,770

Consolidated Statements of Operations and Other Comprehensive Income

(Unaudited)

For the Three Months Ended

For the Six Months Ended

December 31,

December 31,

2010

200 9

20 10

200 9

S ales

$ 14,871,164

$  7,126,044

$30,801,975

$12,609,703

C ost of sales

10,954,272

5,235,323

22,625,032

9,098,097

G ross profit

3,916,892

1,890,721

8,176,943

3,511,606

Operating expenses:

Selling expenses

149,643

14,828

188,250

36,701

G eneral and administrative expenses

1,032,259

442,264

2,043,879

1,030,549

Total operating e xpense s

1,181,902

457,092

2,232,129

1,067,250

I ncome from operations

2,734,990

1,433,629

5,944,814

2,444,356

O ther income (expenses):

Government subsidy

180,155

304,704

316,642

354,658

Interest expense , net

(493,390)

(5,195)

(879,788)

(137,504)

Other income (expenses)

107,024

(403,138)

138,145

(397,441)

Total o ther i ncome ( e xpense s )

(206,211)

(103,629)

(425,001)

(180,287)

I ncome before provision for income tax

2,528,779

1,330,000

5,519,813

2,264,069

Provision for income tax

614,895

336,819

1,422,030

585,723

Net income

1,913,884

993,181

4,097,783

1,678,346

Less: Net loss attributable to n oncontrolling

(22,681)

(963)

(87,038)

(6,121)

  interest

N et income attributable to BEFUT

1,936,565

994,144

4,184,821

1,684,467

 International Co., Ltd.

O ther comprehensive income

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