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

for the six month period ended December 31, 2008, compared to 73.6% for the corresponding period in 2007.

Operating income for the six month period ended December 31, 2008 totaled $18.8 million, a 39.9% increase from $13.4 million in the corresponding period in 2007. The Company's operating margin kept stable at around 31.0%.

Net income for the six month period ended December 31, 2008 was $8.5 million, $0.41 diluted earnings per share, compared to $8.4 million, $0.53 diluted earnings per share, for the corresponding period in 2007.

Excluding an unrealized net loss on security investments of $1.5 million, and a non-cash charge for amortization of debt discount and issuance costs related to convertible debentures of $2.0 million, non-GAAP adjusted net income for the six months ended December 31, 2008 was $12.0 million, or $1.23 per share, a 38.4% increase from non-GAAP net income of $8.7 million, or $1.46 per share, for the six month period ended December 31, 2007.

Financial Condition

As of December 31, 2008, the Company had $83.0 million in cash and restricted cash. Working capital was $83.7 million, up from $72.5 million as of June 30, 2008. Current liabilities were $33.7 million and long-term debt consisted of $4.0 million in convertible debt. Shareholders' equity was $102.9 million. Future contractual obligations within a one year period include $8.8 million in bank debt and $4.4 million in research and development contractual agreements.

The Company generated $26.4 million in cash flow from operating activities in the first half of the fiscal year 2009, compared to $2.9 million for the first six months of 2007. The Company believes it has enough cash to meet its future cash needs and successfully implement its growth strategies.

Recent Events

In January, the Company announced that it has retained KPMG Huazhen to help the Compan
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SOURCE Genesis Pharmaceuticals Enterprises, Inc.
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