Zhongpin (NASDAQ:HOGS)

1st QUARTER 2009 vs. 2008 FINANCIAL SNAPSHOT ENDED MARCH

	1st Quarter 2009	1st Quarter 2008	Period Change
GAAP Revenue	$153.8 million	$108.7 million	41.5%
GAAP EPS	$0.33	$0.24	38.5%
Geo Supplied Non-GAAP EPS a	$0.33	$0.25	41.7%
Tax Rate	6.9%	6.7%	3.0%
Fully Tax-Adjusted GAAP EPS b	$0.23	$0.17	35.3%
Fully Tax-Adjusted Geo Supplied Non-GAAP EPS b	$0.24	$0.17	41.2%
Fully Diluted Shares	29,609,028	30,748,961	3.7%

Source: See Release

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FULL YEAR 2008 vs.2007 FINANCIAL SNAPSHOT ENDED DECEMBER

	Full Year 2008	Full Year 2007	Period Change
GAAP Revenue	$539.8 million	$291.4 million	85.2%
GAAP EPS	$1.05	$0.90	16.7%
Company Supplied Non-GAAP EPS	$1.18	$0.90	31.1%
Geo Supplied Non-GAAP EPSa	$1.17	$0.90	30.0%
Tax Rate	7.3%	7.2%	1.4%
Fully Tax-Adjusted GAAP EPS b	$0.75	$0.64	17.2%
Fully Tax-Adjusted Company Supplied Non-GAAP EPS b	$0.88	$0.64	31.3%
Fully Tax-Adjusted Geo Supplied Non-GAAP EPS b	$0.87	$0.64	29.7%
Fully Diluted Shares	29,834,513	23,077,864	29.3%

Source: See Release  

^a Non-GAAP EPS Figures exclude certain non-operating gains and losses as well as certain non-cash items. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information . For a more complete explanation of the company's definition of non-GAAP please refer to the referenced financial press releases. The GeoTeam® non-GAAP figures may, from time to time,  differ from company supplied figures.

^b For valuation purposes, The GeoTeam® prefers to adjust EPS to reflect a standard United States tax rate of 36%

2007 Financial Notes:

* Revenues doubled year-over-year to a record $291.4 million

* Non-GAAP net income grew 41.2% to a record $20.8 million

* Non-GAAP fully diluted EPS increased 25 % to $0.90

* 2007 Tax Rate was 6.4% up from 3.7%.

* Outstanding shares increased 44% to 29.7 million.

Adjusting financials for a standard tax rate:

* Non-GAAP net income of $14.6 million compared to $9.9 million

* Non-GAAP fully diluted EPS increased 29% to $.63

* Return On Equity of 10%

( Source 2007 10 K )

2008 First Quarter Financials:

* Revenues grew 94.9% to a record $108.7 million

* Net income increased 81.8% year-over-year to a record $7.3 million

* 26% rise in fully diluted EPS to $0.24

* Period Tax Rate was 6.7% up from 5.1%

* Outstanding shares were 47% higher at 30.7 million.

Adjusting financials for a standard tax rate:

* Net income of $5.2 million

* Fully diluted EPS increased 29% to $.17

* Return On Equity of 3%. ( Equates to a 13% annualized rate )

( Source 2008 First Quarter 2008 10 Q )