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HAIKOU, China, April 1 /PRNewswire-Asia-FirstCall/ -- Kun Run Biotechnology, Inc., (OTC Bulletin Board: KURU) a leading bio-pharmaceutical company in China that focuses on manufacture and sales of peptides and peptide-based drugs, today announced its financial results for the year ended December 31, 2008.
Revenues for the year ended December 31, 2008 were $11.6 million, an increase of $4.1 million, or 56% over revenues for the same period of 2007.
The gross margin for the year ended December 31, 2008 was 71%, increasing from 58% for the same period of 2007. Selling expenses were $687,949 or 6% of the total sales, for the year ended December 31, 2008, decreasing 51% from $1,416,469 for 2007. The drop was mainly due to the Company's increased marketing budget in 2007 in order to enlarge sales and market share. These expenditures fell back to a more normal level in 2008 as our brands reached a more mature position and extra promotions were not as necessary. Research and development expenses were $271,476 in 2008, equivalent to $276,138 in 2007.
Income from operations increased 262% to $4.8 million in 2008 from $1.7 million for the year ended December 31, 2007. The sharp increase in income from operations was in part due to strong marketing and sales efforts and efficient cost control systems.
Net income increased 378% to approximately $6.0 million for the year ended
December 31, 2008. This was an improvement of approximately $4.8 million, from
approximately $1.2 million for the same period of 2007. Comprehensive income
was $6.8 million compared to $1.4 million in 2007. This increase was in line
with the revenue growth and margin improvement and reflects income from
disposing property that contributed an additional $2.4 million. Earnings per
share for the year ended December 31, 2008 were $0.24 per share (both basic
and diluted), compared with $0.05 per share (both basic and diluted
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