Operating expenses increased by 43.9% to $2.7 million, as compared to $1.9 million in the same period last year. Administrative expenses increased 64.9% to $1.6 million, as compared to $1.0 million in the same period of 2009, primarily due to an increase in staff compensation, including year-end bonuses, and rental expenditures. Administrative costs are expected to decline during the remainder of 2010. Selling expenses rose 19.5% to $1,026,519, compared to $858,686 in the same period of 2009, due to increased marketing activities to expand and gain additional market opportunities.
Operating income declined 11.5% to $6.2 million, or 18.2% of revenue, from $7.0 million, or 21.6% of revenue, in the first quarter of 2009.
GAAP net income fell to $4.2 million, or $0.11 per diluted share, as compared to $5.0 million, or $0.16 per diluted share, in the first quarter of 2009. Adjusted net income, excluding the $0.3 million non-cash expense related to change in the fair value of warrant liabilities, was $4.5 million, or $0.12 per diluted share. There were no comparable adjustments to net income in the first quarter of 2009.
As of March 31, 2010, BCT had $13.0 million in cash and cash equi
|SOURCE China BCT Pharmacy Group, Inc.|
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