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Benda Pharmaceutical Reports Third Quarter 2008 Financial Results
Date:11/18/2008

proved to $4.7 million, or $0.05 per diluted share, from a net loss of $7.3 million, or $0.06 per diluted share, in the first nine months of 2007. Net loss in the first nine months of 2008 includes the impact of approximately $3.3 million in interest expenses related to the Company's outstanding convertible notes and the $1.4 million payment to investors related to the timing of the effectiveness of its registration statement on Form S-1. The Company was granted effectiveness on the S-1 filing and does not anticipate further penalty payments related to this S-1 filing going forward.

Three Months Ended September 30, 2008

Revenue in the third quarter of 2008 decreased 12.2% to $6.6 million from $7.6 million in the third quarter of 2007, primarily reflecting increased sales at Benda Ebei, offset by sales declines at SiBiono related to the Company's reorganization of personnel in the department. Benda management concluded the reorganization during the third quarter of 2008, and SiBiono has resumed production and sales. In the third quarter of 2008, the Company sold 3,021 vials of Gendicine, a sequential increase from sales of 1,087 vials sold in the first quarter of 2008 and 2,439 vials sold in the second quarter of 2008.

Gross profit in the third quarter of 2008 was $2.4 million, a decrease of 36.1% from $3.8 million in the third quarter of 2007. Gross margin was 36.5%, compared with 50.1% in the same period of 2007. The decline in gross margin was primarily due to a re-engineering of SiBiono's production department, which affected the sales of Gendicine. However, management believes that the re-engineering will lead to revenue growth in the coming quarters.

Operating income in the third quarter of 2008 decreased to $0.6 million from $1.7 million in the third quarter of 2007. Operating expense in the third quarter was approximately $1.8 million, compared with $2.1 million in the thi
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SOURCE Benda Pharmaceutical, Inc.
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