PLYMOUTH MEETING, Pa., Jan. 5 /PRNewswire-Asia-FirstCall/ -- BMP Sunstone Corporation (Nasdaq: BJGP) ("BMP Sunstone" or the "Company"), today announced that Sunstone (Tangshan) Pharmaceutical Co., Ltd., has been granted high tech status in China's Hebei province. High tech status is awarded by the PRC to recognize companies that consistently invest in new product development and have substantial revenues generated by their own proprietary patented or innovative products. With this designation, BMP Sunstone is entitled to receive preferential tax treatment in 2008, including a tax refund of approximately $1.0 to $1.5 million to be recognized in the fourth quarter of 2008, as well as a preferential tax rate at 15 percent in 2009 and 2010. The preferential tax rate is notably lower than the Company's existing tax rate at 25 percent.
BMP Sunstone increased its non-GAAP net income guidance for the full year 2008 in order to account for the anticipated tax refund, and now expects non-GAAP net income to reach $6.0 to $7.0 million in 2008. This is an increase from prior full year 2008 expectations of $5.0 to $6.0 million. The Company continues to expect 2008 revenue in the range of $110 to $120 million.
David Gao, Chief Executive Officer of BMP Sunstone, stated "We are very glad to have our high tech status recognized because we'll realize a sizeable refund this year and lower our tax rate substantially to 15 percent for each of the next two years. As always, we will continue R&D investment to expand our product offering in addition to our product acquisition efforts so that we maintain extraordinary revenue and profit growth in the long-run."
Non-GAAP net income excludes stock based compensation, amortization related to acquisitions and other non-cash expenses.
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