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China-Biotics, Inc. Reports Third Quarter 2008 Financial Results
Date:2/13/2008

or 48% of total sales compared with 64% a year ago, as the Company continued to diversify its product mix. Sales of Shining Signal, Shining Golden Shield and Shining Energy accounted for 13%, 13% and 11% of revenues, respectively, while sales of newer products accounted for 15% of sales, compared to a nominal percentage a year ago. These products included Shining Stomach Protection, Shining Beauty Essence, Shining Sicanel and Shining Bifidus Factor. Sales from the Company's retail stores accounted for 8% of revenues during the third quarter, compared to 4% a year ago.

"We again achieved strong growth during the third quarter and saw strong improvement in gross margin, as we continued to increase our base of retail stores," said Mr. Jinan Song, Chairman and Chief Executive Officer of China- Biotics. "We also began to see increased sales in our newer product offerings, which should help us to further diversify our revenues in the future. Meanwhile, we began construction of our new 150-ton-per-year bulk additives facility, which we expect to come online by September of this year."

Gross profit increased 39.9% to $8.7 million from $6.3 million a year ago. Gross margin improved to 73.3%, up from 71.4% in the third quarter of fiscal 2007, as the company generated more sales through its Shining retail stores, which enjoy a higher gross margin than sales through distributors. Gross margin also increased sequentially from 73.1% during the second quarter of fiscal 2008.

Total operating expenses during the third quarter increased to $3.0 million from $1.6 million during the same period a year ago. General and administrative expenses were $1.3 million, or 10.6% of sales, up from $0.6 million, or 6.7% of sales, a year ago. The increase was primarily the result of additional research costs related to the development and launch of new products. Selling expenses increased 67.8% to $1.8 million, or 14.7% of sales, due to the gradual rollout of new retail stores.
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SOURCE China-Biotics, Inc.
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