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China-Biotics, Inc. Reports Fourth Quarter and Full Year Fiscal 2008 Financial Results
Date:7/10/2008

Full year revenues increased 38% to $42.3 million

Full year non-GAAP net income rose 30% to $14.2 million

SHANGHAI, China, July 10 /Xinhua-PRNewswire-FirstCall/ -- China-Biotics, Inc. (OTC Bulletin Board: CHBT) ("China-Biotics", "the Company"), a leading Chinese firm specializing in the manufacture, research, development, marketing and distribution of probiotics products, today announced its financial results for the fourth quarter and fiscal year ended March 31, 2008.

Fourth Quarter 2008 Highlights

-- Net sales increased 51.5% year-over-year to $12.7 million

-- Gross profit increased 40.7% year-over-year to $8.4 million

-- Operating income increased 26.3% year-over-year to $4.9 million

-- Net income increased 180.7% year-over-year to $8.0 million

-- Excluding a $3.4 million gain related to the change in fair value of convertible notes, net income increased 62.4% year-over-year to $4.6 million

-- Basic earnings per share increased to $0.47 from $0.17 a year ago

-- Diluted earnings per share increased to $0.26 from $0.17 a year ago

Fiscal Year 2008 Highlights

-- Net sales increased 38.3% to $42.3 million

-- Gross profit rose 38.3% to $30.0 million

-- Gross margin was 70.9%

-- Operating income increased 22.7% to $18.3 million

-- Net income increased 60.9% to $17.5 million

-- Excluding a $3.4 million gain related to the change in fair value of convertible notes, net income increased 30.0% to $14.2 million

-- Basic earnings per share increased to $1.03 from $0.64 the prior year

-- Diluted earnings per share increased to $0.80 from $0.64 the prior year

-- Received government approval and began construction of a 150-metric- ton-per-year bulk additives manufacturing facility

-- Completed $25 million financing

-- Opened 51 new Shining-branded retail outlets, bringing the total number
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SOURCE China-Biotics, Inc.
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