Yue Yuen Industrial Ltd., a subsidiary of manufacturing powerhouse Pou Chen Corp., saw its revenues rise 31% to $611.5 million in its fiscal first quarter, pointing to acquisitions as a driver of revenue growth.

YY acquired 67 materials companies from its Taiwan-based parent in October of 2002.

The U.S. market accounted for 47% of revenue, down from 51% last year. Sales to Europe rose to 33% of revenue for the year, up from 28% in 2002.

Sales to Asian, Canadian, South American and other markets together accounted for 21% of revenue, down 100 basis points.

Total shoe production and shipments in the first quarter jumped 25% to 38.7 million pairs, from 30.9 million pairs a year earlier.

The company, which makes shoes for Nike, Timberland, adidas and Reebok, among others, said net profit in the three months ended December 31, 2002 rose 32% to $69.1 million.