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China-Biotics, Inc. Reports Third Quarter 2008 Financial Results

SHANGHAI, China, Feb. 13 /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 third quarter ended December 31, 2007, of its 2008 fiscal year.

Third Quarter 2008 Highlights

-- Net sales increased 36.2% year-over-year and 45.8% quarter-over-

quarter to $11.9 million

-- Gross profit increased 39.9% year-over-year and 46.3% quarter-over-

quarter to $8.7 million

-- Gross profit margin increased to 73.3% from 71.4% the prior year

-- Operating income increased 24.1% year-over-year and 93.4% quarter-

over-quarter to $5.7 million

-- Net income increased 12.3% year-over-year and 105.3% quarter-over-

quarter to $4.0 million, or $0.23 per diluted share, on a weighted-

average basis

-- Sales from Shining retail stores accounted for 8% of revenues, up from

4% a year ago

-- Opened five new Shining retail outlets during the quarter, bringing

the total number of stores to 27

-- Obtained government approval for the construction of a 150-metric-

ton-per-year probiotics production facility in Shanghai

-- Completed the private placement of $25 million in senior convertible


-- Signed two-year agreement with Shanghai Relax Xinqiao Food Co., Ltd.

to supply probiotics for Relax Xinqiao's baked products

Third Quarter 2008 Results

For the third quarter of the 2008 fiscal year, net revenues increased 36.2% to $11.9 million from $8.8 million in the same quarter a year ago. The growth was caused by increased sales volume and higher average sales price due to changes in the Company's sales mix. The Company's top-selling product, Shining Essence, accounted f

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