GUANGZHOU, China, May 12 /Xinhua-PRNewswire/ -- China Medicine
Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"),
a leading distributor and developer of prescription and over-the-counter
pharmaceuticals, traditional Chinese medicines ("TCM"), nutritional and
dietary-supplements, medical devices, and medical formulations in the
People's Republic of China ("PRC"), today reported solid financial results
for the first quarter ended March 31, 2008.
First Quarter 2008 Highlights
-- Revenues increased 38.6% from Q1 of 2007, to $7.1 million
-- Gross profit increased 37.2% from Q1 of 2007, to $2.3 million
-- Operating income increased 49.5% from Q1 of 2007, to $1.4 million
-- Net income increased 54.0% from Q1 of 2007, to $1.2 million
"During the first quarter, we saw double digit growth in our pharmaceutical product sales compared to the same quarter last year," said Mr. Senshan Yang, Chairman and CEO of the Company. "We are very pleased with the healthy performance of our sales of prescription and over-the-counter medicines as well as our traditional Chinese medicines. This increase in revenues was attributed to the expansion of our distribution network to rural areas in Guangdong Province and the increase in provincial distribution rights through the online bidding system last quarter."
China Medicine usually experiences seasonality in its business such that sales are usually strongest during the last three months of each calendar year, as most pharmaceutical companies and hospitals place purchase orders to stock up their inventory prior to the Chinese New Year holidays. Therefore, sales in the first calendar quarter of each year are typically the lowest.
First Quarter 2008 Results
China Medicine's total revenues in the first quarter were $7.1 million,
an increase of 38.6% over the first quarter of 2007. This was attributed to
a 40.3% increase in product sales driven by an in
|SOURCE China Medicine Corporation|
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