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China-Biotics, Inc. Reports Record Quarterly and Annual Revenue Growth for Fiscal Year 2010
Date:6/13/2010

SHANGHAI, China, June 11 /PRNewswire-Asia-FirstCall/ -- China-Biotics, Inc. (Nasdaq: CHBT) ("China-Biotics" or "the Company"), a leading developer, manufacturer and distributor of probiotics products in China, today reported its financial results for the fourth quarter and the fiscal year ended March 31, 2010.

    4Q10 Financial Highlights
    -- Revenues were a quarterly record $25.5 million for a 64.4%
       year-over-year increase;
    -- Gross margin was 69.4% versus 68.5% in 4Q09;
    -- Excluding the non-cash losses from change in fair value of convertible
       bonds, non-GAAP net income for Q4 was $8.8 million, or non-GAAP diluted
       EPS $0.36;
    -- GAAP net income was $2.9 million, or $0.13 per diluted share;
    -- Cash and cash equivalents were $155.6 million.

    Fiscal Year 2010 Highlights
    -- Annual net revenue increased 50% year-over-year to an annual record
       $81.4 million;
    -- Gross margin was 70.4%;
    -- Operating income rose 62% to $35.3 million from $21.8 million in 2009;
    -- Excluding the non-cash losses from changes in fair value of convertible
       bonds, non-GAAP net income for the fiscal year 2010 was $27.8 million,
       or non-GAAP diluted EPS $1.28;
    -- GAAP net income was $15.6 million, or $0.80 diluted per share.
    -- Free cash flow $14.4 million.

Mr. Jinan Song, China-Biotics' Chairman and CEO commented, "We are pleased with our fourth quarter results and delivery of annual top line growth exceeding our 50% guidance. In fiscal year 2010, our retail business continued its steady growth, as 'Shining Essence' remained one of the most popular products in
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SOURCE China-Biotics, Inc.
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