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China Medicine Announces Solid First Quarter 2008 Results
Date:5/12/2008

GROSS PROFIT 2,312,020 1,687,578

OPERATING EXPENSES

Research and development 88,392 100,112

Selling, general and administrative 812,508 643,846

Total operating expenses 900,900 743,958

INCOME FROM OPERATIONS 1,411,120 943,620

OTHER INCOME (EXPENSE), NET 5,983 (2,972)

INCOME BEFORE INCOME TAXES 1,417,103 940,648

AND MINORITY INTEREST

PROVISION FOR INCOME TAXES 268,767 199,959

INCOME BEFORE MINORITY INTEREST 1,148,336 740,689

MINORITY INTEREST 27,477 23,032

NET INCOME 1,175,813 763,721

OTHER COMPREHENSIVE INCOME

Foreign currency translation adjustment 1,327,166 256,489

COMPREHENSIVE INCOME $ 2,502,979 $ 1,020,210

EARNINGS PER SHARE

Basic $ 0.08 $ 0.08

Diluted $ 0.08 $ 0.06

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic 15,029,865 9,152,458

Diluted 15,339,834 12,808,226

CHINA MEDICINE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2008 AND DECEMBER 31, 2007

ASSETS

2008 2007

Unaudited

CURRENT ASSETS

Cash $5,177,061 $5,767,774

Accounts receivable, trade, net of'/>"/>

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

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