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China-Biotics, Inc. Reports Third Quarter Fiscal 2010 Financial Results

SHANGHAI, Feb. 10 /PRNewswire-Asia-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 third quarter of its 2010 fiscal year, ended December 31, 2009.

    Third Quarter 2010 Highlights
    -- Net sales increased 47% to $23.3 million from $15.8 million a year ago
    -- Gross profit rose 47% to $16.5 million from $11.2 million a year ago
    -- Gross margin was 71%, unchanged from a year ago
    -- Operating income increased 56% to $10.1 million, with an operating
       margin of 43%
    -- Excluding a book gain of $2.7 million related to the revaluation of
       convertible notes, adjusted net income was $7.8 million
    -- Earnings Per Share is $0.32 per diluted share up from $0.22 a year ago
    -- Eight new bulk additive customers and opened four new retail stores

"Our robust fiscal third quarter revenue and earnings growth reflect the Company's continued expansion of our bulk and retail customer bases," said Mr. Jinan Song, Chairman and Chief Executive Officer of China-Biotics. "Commercial production at our Qingpu production plant is scheduled to begin by the end of February and we continue to expect to reach approximately 50% capacity utilization by the end of calendar year 2010. With rising demand from the dairy and animal feed manufacturers, and movement by the government to encourage the use of probiotics, China continues to be a very favorable environment to grow our bulk and retail probiotics business in 20

SOURCE China-Biotics, Inc.
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