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

ion in first half of 2007. Gross profit increased 58.1% to $6.5 million in the first six months of 2008, versus $4.1 million in the first six month of 2007. Gross margin was 34.6% in the first half of 2008 compared to 30.6% during the first half of 2007. Operating income in the first half of 2008 grew 84.3% to $4.4 million compared to $2.4 million in the first half 2007. Net income for the first six months of 2008 was $3.6 million or $0.23 per diluted share, up 92.6% from $1.9 million, or $0.15 per diluted share in the first half of 2007.

Financial Condition

As of June 30, 2008, China Medicine had approximately $34.2 million in working capital, an increase of 20% from $28.5 million as of December 31, 2007. Also as of June 30, 2008, China Medicine had $2.8 million in cash and cash equivalents, a decrease of 51.7% from $5.8 million as of December 31, 2007. For the six months ended June 30, 2008, cash used in operating activities was $2.99 million, compared to $3.1 million for the six months ended 2007. Cash used in operating activities is largely related to the Company's account receivable and advance payments to suppliers. Stockholders' equity as of June 30, 2008 was $37.0 million, an increase of 20% over the $30.9 million recorded as of December 31, 2007.

Business Outlook

China Medicine is actively expanding its product portfolio to include higher margin products in order to increase profitability. In the first half of 2008, the Company maintained distribution rights, through the Guangdong Sunshine Medicine Public Internet Bidding System, to sell all pharmaceutical products included in its current catalogue. This enables the Company to increase gross margin since it reduces expenses tied to introducing new products into the market.

During the quarter, China Medicine also achieved a major milestone in obtaining a patent for recombinant aflatoxin-detoxifizyme (rADTZ) in Australia that is valid through January 13, 2025. This is in add
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SOURCE China Medicine Corporation
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