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China-Biotics, Inc. Reports Second Quarter 2009 Financial Results
Date:11/11/2008

rease was primarily related to $0.3 million of additional research costs to develop and launch new products and staff and administrative costs incurred in connection with the construction of the new manufacturing facility. As of September 30, 2008, the Company had 339 employees and operated 110 Shining- branded retail outlets, up from 266 employees and 22 Shining outlets on September 30, 2007.

Operating expenses during the quarter were $4.3 million, or 37.0% of sales, compared to $2.6 million, or 33.9% of sales, a year ago.

Operating income for the quarter was $3.8 million, compared to $3.0 million a year ago.

Other income of $2.0 million in the second quarter of 2009 consisted of a $1.9 million book gain related to the change in the fair value of the $25 million convertible notes issued in December 2007.

Net income for the second quarter was $4.5 million. Excluding the $1.9 million gain on the revaluation of the convertible notes, net income was $2.6 million, up 30.4% from $2.0 million during the same quarter a year ago.

Diluted earnings per share were $0.13, calculated on a weighted average basis, compared with $0.11 per diluted share in the second quarter of fiscal 2008. The calculation of diluted earnings per share for the second quarter of 2009 assumes full conversion of the convertible notes and thus excludes the gain from the change in fair value of the notes.

Six Month Results

Net sales for the first six months of fiscal 2009 were $22.9 million, up 31.9% from $17.3 million in the same period the prior year. Gross profit was $16.1 million, or 70.6% of sales, up 29.4% from gross profit of $12.5 million, or 72.0% of sales, in the first half of fiscal 2008. Operating income was $8.1 million, or 35.4% of sales, up 5.1% from operating income of $7.7 million, or 44.4% of sales, the prior year. Net income for the first six months of fiscal 2009 was $7.7 million, or $0.37 per diluted share, up from $5.5 million, or $0.
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SOURCE China-Biotics, Inc.
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