crease in sales of
pharmaceutical products with exclusive distribution rights in Guangdong
Province. Product sales totaled $6.9 million and accounted for 97% of total
net revenues. Sales of prescription products and over-the-counter products
accounted for 58% of total revenues, and TCM accounted for 38% of total
revenues for the quarter. Medical formula sales accounted for the remaining
3% of total revenues, totaling $0.2 million. This represented a decrease of
0.1% from the same quarter of 2007.
Gross profit in the first quarter of 2008 was $2.3 million, an increase
of 37% over the first quarter of 2007. Gross margin remained the same at
33% of total revenues for the quarters ended March 31, 2007 and 2008. Gross
margin improved from 29.4% in the fourth quarter of 2007 due to a decrease
in sales of lower margin over-the-counter products.
Operating expenses in the first quarter of 2008 were $0.9 million, up
21.1% from $0.7 million in the first quarter of 2007. This increase was due
to higher selling, general and administrative expenses, in line with the
increase in revenues in the first quarter of 2008.
Operating expenses represented 12.8% of total revenues in the first
quarter of 2008, down from 14.6% in the first quarter of 2007.
Operating income was $1.4 million in the first quarter of 2008, up 50%
from $0.94 million in first quarter of 2007. Operating margin was 20.0%, as
compared to 19% during the same period a year ago.
Net income for the first quarter of 2008 was $1.2 million, or $0.08 per
diluted share, up 54.0% from $0.8 million, or $0.06 per diluted share in
the first quarter of 2007. Earnings per share reflect an increase of 2.5
million diluted average shares compared to the first quarter of 2007,
primarily due to the exercise of warrants and options.
As of March 31, 2008, China Medicine had approximately $31.5 million in
working capital, an increase of 10.5% from $28.5 million as of Dece
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|SOURCE China Medicine Corporation|
Copyright©2008 PR Newswire.
All rights reserved
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