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Lotus Pharmaceuticals, Inc. Reports Second Quarter 2009 Financial Results

BEIJING, Aug. 14 /PRNewswire-Asia-FirstCall/ -- Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS) ("Lotus" or the "Company"), a growing developer and producer of prescription drugs and licensed national seller of pharmaceutical products in the People's Republic China, today reported its financial results for the quarter and six months ended June 30, 2009.

    Second Quarter ("Q2") 2009 Highlights and Developments:

    -- Q2 diluted EPS of $0.10
    -- Q2 net income increased 120% to $4.8 million
    -- Q2 gross margin of 57.9% compared to 50.0% in Q2 of 2008
    -- Participated in the April 2009 61st PHARMCHINA in Zhengzhou, China, one
       of the largest exhibitions in Chinese pharmaceutical industry with a
       history of over 30 years, and entered sales agreements with five new
       distributors which the Company believes may increase the Company's
       market share
    -- Exhibited at the June 26-28 2009 International Conference for
       Bioeconomy/the 44th New Drugs Expo and increased its wholesale
       portfolio with three new drugs
    -- Started and completed building foundation of Inner Mongolia new
       facility, which the Company believes accounts for approximately 5% of
       the total build-out
    -- Awarded with Good Supply Practices Certification
    -- Two investors of preferred shares from the 2008 private placement
       financing opted to convert 172,413 shares of preferred stock to 172,413
       shares of common stock of the Company under Rule 144

Revenues for the second quarter of 2009 decreased 30% to $13.6 million from $19.4 million of the same period of 2008. Wholesale revenues, one of the revenue segments, accounting for 78% of total revenues, decreased 25% due to the Company's 2009 product pricing policy(1). Average unit wholesale selling price decreased 43% in the second quarter of 2009 over the same period of 2008, while 26% increase in wholes

SOURCE Lotus Pharmaceuticals, Inc.
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