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China BCT Reports Strong Second Quarter 2010 Results
Date:8/16/2010

nge of pharmaceutical products were distributed compared to second quarter 2009.

Net sales from the Company's retail pharmacy segment grew 68.8% year-over-year to $11.6 million, or 24.5% of total revenue, in the second quarter of 2010. Approximately $3.4 million of incremental sales from 59 new stores added after June 30, 2009, drove this quarter's increase in retail pharmacy revenue. Retail pharmacy same store sales grew 19.3% year-over-year to $8.2 million from $6.8 million in the second quarter of 2009.

Manufacturing pharmacy net sales were $2.5 million, or 5.3% of total revenue, up 20.2% from $2.1 million, or 6.3% of total revenue, for the three months ended June 30, 2009. This growth reflects the Company's increased marketing efforts to achieve greater sales penetration among its existing distributors.

Gross profit grew 48.1% year-over-year to $12.6 million, up from $8.5 million for the same period of 2009. Gross margin expanded 1.0 percentage point to 26.6%, as compared to 25.6% in the comparable period last year. The increase in gross margin in the second quarter of 2010 mainly reflects a greater proportion of sales of higher margin products, such as private label products, from the Company's retail pharmacy segment. Retail pharmacy gross margin rose from 28.4% in second quarter 2009 to 32.1% this quarter. Pharmacy distribution gross margin held relatively steady at 21.8% in second quarter 2010, compared to 22.3% in the same period last year. Pharmacy manufacturing gross margin increased 1.9 percentage points from 63.3% in the second quarter of 2009 to 65.2% this quarter, primarily due to a favorable year-over-year change in product mix within the segment.

Operating expenses increased by 41.9% to $2.4 million, compared to $1.7 million in the same period last year. Administrative expenses increased 61.6% to $1.3 million, or 2.8% of revenue, as compared to $0.8 million,
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SOURCE China BCT Pharmacy Group, Inc.
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