Fourth Quarter 2008 Financial Results
Revenue in the fourth quarter of 2008 increased to $36.6 million from $9.2 million in the fourth quarter of 2007, reflecting increased demand for the Company's manufactured and licensed products, as well as the $21.2 million of revenue from Sunstone, which was acquired in February of 2008. Revenue from distribution increased 72% to $13.9 million in the fourth quarter of 2008 from $8.1 million in the prior year period, reflecting revenue from Rongheng, which was acquired in July 2008, and sales growth of Wanwei's major products. Revenue from licensed products increased to $1.5 million from $1.1 million in the prior year period, reflecting sales and marketing efforts of Propess, Anpo, Ferriprox and Galake compared to the prior year.
Gross profit in the fourth quarter of 2008 increased to $19.2 million from $1.5 million in the fourth quarter of 2007. Gross margin was 52.4% compared with 16.2% in the prior year period. Gross margin performance reflects increased sales of higher margin products and services from Sunstone and Beijing Medpharm.
Non-GAAP operating income was $3.5 million in the fourth quarter of 2008
compared to a loss of $4.7 million in the prior year period, primarily
reflecting the significant increase in revenues contributed from acquired
businesses in the year over year period. On a GAAP basis, the Company's
operating income i
|SOURCE BMP Sunstone Corporation|
Copyright©2009 PR Newswire.
All rights reserved