China Medicine Announces Solid First Quarter 20...(crease in sales ofpharmaceutical product...)

Date:5/12/2008

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.

Financial Condition

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
'/>"/>

SOURCE China Medicine Corporation Copyright©2008 PR Newswire. All rights reserved

0 GOOD

Page: 1 2 3 4 5 6 7 8 9 10
Related biology technology :

1. Tianyin Pharmaceutical to Present at the Brean Murray All-Cap All-China Conference in New York City on May 20, 2008 at 10:15 a.m. EDT
2. China-Biotics, Inc. Completes Foundation for Its New Plant
3. Amnis and Gene Company, Ltd. Announce Agreement to Market ImageStream Technology in China
4. Sinovac to Present at the Brean Murray, Carret & Co. All-Cap All-China Conference and the Roth China Discovery Tour 2008
5. China Pharma Holdings, Inc. Announces First Quarter 2008 Financial Results
6. China Biologic Products Announces SFDA Approval for the Production of Cryoprecipitate and for the Clinical Trial of Human Prothrombin Complex
7. DuPont Partnering with China to Increase Farm Productivity
8. China Yingxia International, Inc. Acquires Grocery Chain and Online Distribution Network
9. China Sky One Medical, Inc. Acquires Heilongjiang Haina Pharmaceutical Inc.
10. Syngenta To Build Major Global Biotech Research Center in Beijing, China
11. American Oriental Bioengineering and China Aoxing Pharmaceutical Enter Into Strategic Alliance