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China Medicine Announces Strong Second Quarter 2008 Results
Date:8/13/2008

Sales of Western-style prescription and over-the-counter products accounted for 66.1% of total revenues for the second quarter. Sales of TCM prescription and over-the-counter products accounted for 26.9% of total revenues. Medical formula sales, which totaled $0.57 million, accounted for 4.9% of total revenues, representing an increase of 14% over the second quarter of 2007.

Gross profit in the second quarter of 2008 was $4.2 million, an increase of 72.8% over the second quarter of 2007. Gross margin increased significantly in the second quarter to 35.7% versus 29.1% for the same period in 2007, and 33.7% in the first quarter or 2008. The increase in gross margin was attributable to the Company's strategy of restructuring its product portfolio mix, which includes higher-margin prescription pharmaceutical products and less over-the-counter generic pharmaceutical products.

Operating expenses in the second quarter of 2008 were $1.2 million, up 21.5% from $0.96 million in the second quarter of 2007. The increase was due to higher selling, general and administrative expenses, but was less than the increase in revenues for the quarter. Operating expenses represented 10.0% of total revenues in the second quarter of 2008, down from 11.6% in the second quarter of 2007.

Operating income was $3.0 million in the second quarter of 2008, up 107% from $1.4 million in second quarter of 2007. Operating margin for the second quarter of 2008 was 25.7% compared to 17.5% for the second quarter of 2007.

Net income for the second quarter of 2008 was $2.5 million or $0.16 per diluted share, up 118.8% from $1.1 million, or $0.08 per diluted share in the second quarter of 2007. Earnings per share reflect an increase of 1.4 million diluted average shares compared to the second quarter of 2007, primarily due to the exercise of warrants and options.

Six Month Results

For the first half of 2008, revenues increased to $18.7 million, up 40% from $13.4 mill
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SOURCE China Medicine Corporation
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