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China-Biotics, Inc. Reports Fourth Quarter and Full Year Fiscal 2009 Financial Results
Date:7/15/2009

SHANGHAI, July 15 /PRNewswire-Asia-FirstCall/ -- China-Biotics, Inc. (Nasdaq: 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, 2009.

    Fourth Quarter 2009 Highlights
    -- Net sales increased 18.9% year-over-year to $15.5 million
    -- Gross profit rose 21.0% to $10.6 million, with a gross margin of 68.5%
    -- Net income was $6.6 million, or $0.39 per basic and diluted share
    -- Excluding a $1 million gain related to the change in fair value of
       convertible notes, non-GAAP net income was $5.6 million, or $0.33 per
       basic and diluted share

    Fiscal Year 2009 Highlights
    -- Net sales increased 28.1% to $54.2 million
    -- Gross profit rose 26.6% to $38.0 million, with a gross margin of 70.1%
    -- Operating income increased 16.2% to $21.8 million
    -- Net income increased 13.8% to $20.0 million, or $1.17 per basic and
       diluted share
    -- Excluding a $3.1 million gain related to the change in fair value of
       convertible notes, non-GAAP net income was $16.9 million, or $0.99 per
       basic and diluted share
    -- Completed construction of a 150-metric-ton-per-year bulk additives
       manufacturing facility in Qingpu and expect to start trial production
       in Q2 FY2010
    -- Established 46 new Shining-branded retail outlets, bringing the total
       number of outlets to 106 in Shanghai and 12 other major cities in China
    -- Expanded number of bulk additive business customers to supply
       probiotics to dairy, food, pharmaceutical, and animal feed
       manufacturers
    -- Listed as CHBT on Nasdaq Global Market in October 2008

Fourth Q
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SOURCE China-Biotics, Inc.
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