Net income was approximately $2.3 million for the first quarter of 2010, a 23.7% increase compared to $1.8 million for the first quarter of 2009. Diluted earnings per share were $0.08 for the first quarter of 2010 compared to $0.08 for the first quarter of 2009, based upon 27.3 million and 23.5 million diluted common shares outstanding, respectively. Adjusted Non-GAAP net income for the first quarter was $2.4 million, or $0.09 per diluted common share based on 27.3 million diluted common shares outstanding for the first quarter of 2010. The Company's effective tax rate was at 27.6% for the first quarter of 2010.
"We are pleased to report another quarter of strong revenue growth, as Biostar gains further brand recognition and awareness for our Xin Aoxing Capsules. With momentum in several key markets, we are confident that this flagship product is becoming known as one of the major medical treatments for Hepatitis B in China," commented Ronghua Wang, Chairman and Chief Executive Officer of Biostar. "We are optimistic that with our continued expansion into new markets, supported by comprehensive marketing and distribution strategies, including direct sales, we are in position to leverage our product portfolio for optimal growth." Wang concluded.
Balance Sheet and Cash Flow
Cash and cash equivalents totaled $
SOURCE Biostar Pharmaceuticals, Inc.
Copyright©2010 PR Newswire.
All rights reserved
Related biology technology :
1. Biostar Pharmaceuticals, Inc. to Launch Xin Aoxing Oleanolic Acid Capsules in Beijing and Shanghai
2. Biostar Pharmaceuticals, Inc. Announces Second Quarter 2009 Financial Results
3. Biostar Pharmaceuticals, Inc. to Host Fiscal Year 2009 Second Quarter Earnings Conference Call on Friday, August 14, 2009 at 10:30 a.m. EDT
4. Biostar Pharmaceuticals, Inc. Retains HC International, Inc. to Implement Investor Relations Program
5. Biostar Pharmaceuticals, Inc. Reports Continued Revenues and Earnings Growth in First Quarter of 2009
6. Biostar Pharmaceuticals, Inc. Reports Record Revenues and Earnings for 2008
7. Inverness Medical Innovations to Close Cholestech, HemoSense and BioStar Facilities
8. Astellas Pharma Inc. to Acquire OSI Pharmaceuticals, Inc.
9. Angiotech Pharmaceuticals, Inc. announces financial results for the fourth quarter ended December 31, 2009
10. Poniard Pharmaceuticals, Inc. to Present Additional Cancer Treatment Data Found Significant by TapeBeat.Com Investors
11. Lotus Pharmaceuticals, Inc. Appoints OTC Division Head