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Genesis Pharmaceuticals Reports Results for the Second Quarter of its Fiscal Year 2009
Date:2/17/2009

ember 31, 2008 primarily due to an increase in commissions as a percentage of sales paid to sales representatives and increased sales volume.

Income from operations was $11.4 million for the three months ended December 31, 2008, a 34.7% increase from $8.5 million for the three months ended December 31, 2007.

Net income for the three months ended December 31, 2008 was $5.4 million, $0.11 diluted earnings per share, compared to $5.2 million, $0.02 diluted earnings per share, for the three months ended December 31, 2007.

While the Company had a $2.9 million increase in income from operations, other expenses increased by $2.9 million. The increase in net other expenses was primarily due to increases in realized and unrealized losses of $1.3 million on security investments, an increase in interest expense and amortization of debt discounts related to financings in November 2007 and May 2008 of $2.7 million, and accounting for expenses acquired from discontinued operations associated with the Company's reverse merger on October 1, 2007. Excluding an unrealized net loss on security investments of $422,652, and a non-cash charge for amortization of debt discount and issuance costs, and interest expense related to convertible debentures of $1.7 million, non-GAAP adjusted net income for the three months ended December 31, 2008 was $7.0 million, or $0.71 per share, a 28.7% increase from non-GAAP net income of $5.4 million, or $0.56 per share, for the three month period ended December 31, 2007.

Six Month Operating Highlights

Total revenue for the six month period ended December 31, 2008 was $60.5 million, up 40.2% from $43.2 million for the six month period ended December 31, 2007.

Gross profit for the six month period ended December 31, 2008 totaled $47.6 million, up 49.9% from $31.8 million for the six month period ended December 31, 2007. Gross profit margin was 78.7%
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SOURCE Genesis Pharmaceuticals Enterprises, Inc.
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