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China-Biotics, Inc. Reports Second Quarter 2009 Financial Results

SHANGHAI, China, Nov. 11 /Xinhua-PRNewswire-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 second quarter of its 2009 fiscal year, ended September 30, 2008.

Second Quarter 2009 Highlights

-- Net sales increased 47.0% year-over-year to $11.5 million

-- Gross profit increased 43.1% year-over-year to $8.0 million

-- Gross margin was 69.9%

-- Net income was $4.5 million

-- Excluding a $1.9 million gain related to the change in fair value of

convertible notes, net income increased 30.4% year over year to $2.6


-- Diluted earnings per share was $0.13, compared to $0.11 the prior year

-- Opened 27 retail outlets during the quarter, bringing the total number

of outlets to 110 in 13 cities in China

-- Signed agreement with Henan Square Pharmaceutical Co., Ltd to supply

probiotics for its probiotics-based medicines

-- Began installing equipment for its new manufacturing facility in Qing

Pu Industrial Park in Shanghai

-- Began trading on the Nasdaq Global Market in October

Second Quarter 2009 Results

During the second quarter of the 2009 fiscal year, net sales increased 47.0% to $11.5 million from $7.8 million the prior year, as a result of growth in the sales volume of new products and increases in the sales price of selected products. Sales also benefited from an increase in the number of the Company's Shining retail outlets to 110 from 22 the prior year. New products, including Shining Essence Stomach

SOURCE China-Biotics, Inc.
Copyright©2008 PR Newswire.
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