Genesis Pharmaceuticals Reports Results for the Second Quarter of its Fiscal...( LAIYANG China Feb. 17 Asia-FirstC...)

LAIYANG, China, Feb. 17 /PRNewswire-Asia-FirstCall/ -- Genesis Pharmaceuticals Enterprises, Inc. (OTC Bulletin Board: GNPH) ("Genesis" or the "Company"), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced its financial results for the second quarter of its fiscal year 2009 ended December 31, 2008.

    Second Quarter of Fiscal Year 2009 Highlights

    -- Revenue was $32.9 million, up 24.1% from the corresponding quarter
       ended December 31, 2007
    -- Gross profit was $25.8 million, up 30.8% from the corresponding
       quarter ended December 31, 2007, and gross margin was 78.3%,
       compared to 74.3% in the corresponding quarter ended December 31,
       2007
    -- Operating income was $11.4 million, up 34.7% from the corresponding
       quarter ended December 31, 2007
    -- Net income was $5.4 million, or $0.11 per fully diluted share, up
       from $5.2 million, or $0.02 per fully diluted share, a year ago
    -- Non-GAAP adjusted net income was $7.0 million, or $0.71 per weighted
       average share, up 28.8% from non-GAAP adjusted net income of $5.4
       million, or $0.56 per fully diluted share, for the quarter ended
       December 31, 2007
    -- The board of directors approved a $2 million share buyback program
    -- An Assets Transfer Contract was signed in January to acquire
       Shandong Hongrui Pharmaceutical Factory ("Hongrui")
    -- A new website was launched: http://www.genesispharmaceuticals.com/

"We are pleased to report that Genesis Pharmaceuticals continued to show solid financial performance in the second quarter of our fiscal year 2009. Increased sales of Itopride Hydrochloride Granules and Baobaole Chewable Tablets led to strong revenue and operations income growth," said Mr. Wubo Cao, Chairman and CEO of Genesis. "And, sales o
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