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

or 2.5% of revenue, in the same period of 2009, primarily due to an increase in staff compensation and rental expense for newly opened stores and incremental public company professional fees. Selling expenses rose 31.6% to $1.1 million, compared to $0.8 million in the same period of 2009, due to the Company's increased sales and marketing activities.

Operating income increased 49.6% to $10.3 million, or 21.6% of revenue, from $6.9 million, or 20.6% of revenue, in the second quarter of 2009.

GAAP net income increased 35.3% to $7.1 million, or $0.19 per diluted share, as compared to $5.3 million, or $0.16 per diluted share, in the second quarter of 2009. Diluted earnings per share were calculated using weighted average shares of 38,471,274 and 32,000,000 for the quarters ended June 30, 2010 and June 30, 2009, respectively.

Adjusted net income, excluding the $0.4 million non-cash expense related to change in the fair value of warrant liabilities, was $7.6 million, or $0.20 per diluted share. There were no comparable adjustments to net income in the second quarter of 2009.

Six Months 2010 Results

Net revenue was $81.5 million in the first half of 2010, up 24.3% from $65.6 million in the first half of 2009. In terms of revenue mix, pharmacy distribution remained the Company's largest segment in first half 2010 at 69.4% of total sales, compared to 72.8% in the same period last year. Retail pharmacy represented 25.2% of total Company sales in first half 2010, up from 21.0% in the same period last year. Pharmacy manufacturing accounted for 5.4% of total sales during first half 2010, compared to 6.2% in the first half of last year.

Gross profit was $21.5 million, or 26.4% of revenue, up 23.7% from $17.4 million, or 26.5% of revenue, in the first half of 2009. Operating income was $16.5 million, or 20.2% of revenue, up 18.8% from $13.9 million, or 21.1% of revenue, in t
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SOURCE China BCT Pharmacy Group, Inc.
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