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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