VANCOUVER, May 17 /PRNewswire-FirstCall/ - Dragon Pharmaceutical Inc. ("Dragon Pharma" or the "Company" TSX: DDD; OTCBB: DRUG), an international manufacturer of antibiotics, today announced its financial results for the first quarter ended March 31, 2010.
Results for the Quarter Ended March 31, 2010
The Company recorded $49.06 million of revenues for the quarter ended March 31, 2010, representing 33% growth from $36.96 million for the same period of 2009. Net income was $1.58 million, representing 9% increase from $1.45 million for the same period of 2009. Earnings per share (basic and diluted) were $0.02 compared to $0.02 for the same period of 2009.
Sales from the Penicillin Division increased 17% from the same period of 2009 to $14.69 million, accounting for 30% of the Company's total revenues for the first quarter of 2010. The Company expanded its production capacity of Clavulanic Acid in the fourth quarter of 2009 to 135 tons, therefore during the first quarter ended March 31, 2010, sales volume increased 42% to 31 tons from 22 tons for the same period of 2009. Sales from Cefalexin and Cefadrozil, two other main products in the division, decreased 3% from the same period of 2009 mainly due to lower selling prices resulting from oversupply of such products in the Chinese market.
Sales from the Cephalosporin Division increased 41% from the same period of 2009 to $34.37 million, accounting for 70% of the
|SOURCE Dragon Pharmaceutical Inc.|
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