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BMP Sunstone Reports First Quarter 2010 Financial Results
Date:5/10/2010

to successful sales and marketing efforts for Propess, Anpo and Ferriprox. Revenue from distribution was $11.9 million, down 11.4% on a year over year basis, reflecting management's decision to proactively cease distribution of certain low margin wholesale products during the quarter. In addition, hospital bidding in Beijing has been delayed until the second quarter of 2010. Our effort of reducing low margin products impacted revenue performance but ultimately should improve gross margin in the division. Additionally, as of the first quarter of 2010, financial contributions from Sunstone Shengda Zhangjiakou Pharmaceutical Co., Ltd., were consolidated in the Company's manufacturing division.

Gross profit in the first quarter of 2010 was relatively flat at $21.0 million, compared to $20.7 million in the first quarter of 2009. Gross margin was 53.8%, compared to 52.6% in the prior year period. Gross margin performance was driven by sales of manufactured and licensed products, which carried gross margins of 74.7% and 63.1% respectively. This gross margin performance is in line with management's plan to enhance profitability through revenue mix shift over time, as higher margin revenue from manufacturing and licensed products contributed to a greater portion of total revenue in the first quarter of 2010 versus the year ago period.

The Company's operating income was $3.0 million in the first quarter of 2010, compared to $3.2 million in the first quarter of 2009. Operating expenses include approximately $1.2 million of additional general and administrative expenses compared to the prior year period, which reflect non-recurring charges related to compensation expenses, stock compensation char
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