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China Yongxin Pharmaceuticals Projects Higher Net Income and EPS on Reduced Revenue for Full-Year 2009
Date:12/31/2009

ist (EDL) which included over 300 commonly used pharmaceuticals that will be subsidized by the government to provide easier access to all citizens. We are pleased that China Yongxin is a retailer or distributor of 295 of the products on that list. We are further encouraged by the increasing momentum toward healthcare reform and the government's efforts to boost domestic spending. During 2009, we also added 12 high margin pharmaceutical products with exclusive distribution rights in Jilin province and we expect this to drive market share gains and growth during the coming year," Mr. Liu said.

The cost of goods sold for the year is projected to be approximately $31.3 million, a significant reduction compared to $47.2 million in the prior year. This would represent an improvement in the Company's 2009 gross profit to $15.2 million and gross margin to 32.6%, compared to $11.9 million in gross profit and a gross margin of 20.1% for 2008. The projected increase in gross margins primarily was due to higher margin retail and medical facilities sales.

Operating expenses for 2009 are projected to be approximately $6.8 million, compared to $6.1 million in 2008. Selling expenses for the year are projected to decrease slightly from the prior year to $3.4 million. The Company prudently managed utilities usage, transportation costs and sales people to effectively reduce selling expense and maintain gross profit. General and administrative expenses for 2009 are projected to increase approximately 30.8% to $3.4 million, compared to $2.6 million in 2008. The majority of the increase is related to litigation expenses and consulting service expenses.

Income from operations projected for 2009 is approximately $8.3 million, a 43% increase from the $5.8 million for 2008. Operating margins are expected to be 18% and 9.8% for 2009 and 2008, respectively.

Business Development

On March 9, China Yongxin formally l
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SOURCE China Yongxin Pharmaceuticals, Inc.
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