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Dragon Pharma reports 2010 first quarter financial results
Date:5/17/2010

total sales of the Company for the first quarter of 2010. This was mainly due to the market price of 7-ACA rose 27% during the first quarter of 2010 as compared to the same period of 2009, since the price then was depressed due to the financial crisis. The production level of 7-ACA remained same since it was running at full capacity. During the quarter, the Company continued to use more of its 7-ACA production for in-house downstream applications. As a result, the sales volume of 7-ACA reduced 21% from 135 tons to 107 tons while the sales of Cephalosporin crude bulk APIs and formulation drugs increased 348% and 9% respectively as compared to the same quarter of 2009.

Cost of sales for the quarter ended March 31, 2010 was $36.96 million compared to $30.55 million for the same period in 2009. The increase in the cost of sales was mainly due to the increase in production output and sales of products from both Penicillin and Cephalosporin Divisions. Gross profit and gross margin for the quarter ended March 31, 2010 were $12.09 million and 24.7% compared to $6.41 million and 17.4% for the same period of 2009. The increase in overall gross margin was mainly due to the margin improvements for Clavulanic Acid as well as 7-ACA for the first quarter of 2010.

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.

For further information, please refer to the Company's 10-Q, which has been filed with the U.S. Securities and Exchange Commission and
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SOURCE Dragon Pharmaceutical Inc.
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