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Lotus Pharmaceuticals Announces Second Quarter 2008 Results
Date:8/18/2008

BEIJING, Aug. 18 /Xinhua-PRNewswire-FirstCall/ -- Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS) ("Lotus" or the "Company"), a pharmaceutical company in the People's Republic of China ("PRC"), today announced financial results for the quarter and six months ended June 30, 2008.

Second Quarter 2008 Highlights

-- Total revenues increased to $19.4 million, up 51.4% from the second

quarter of 2007

-- Gross profit was $9.7 million, up 76.4% from the second quarter of 2007,

and gross margin was 50.0% compared to 42.9% in the second quarter of

2007

-- Net income was $2.2 million, or $0.05 per diluted share, compared to

$3.0 million, or $0.07 per diluted share, in the second quarter of 2007

-- Excluding non-cash financing costs, adjusted net income was $2.5

million, or $0.06 per fully diluted share, compared to adjusted net

income of $3.4 million, or $0.08 per fully diluted share, in the second

quarter of 2007

-- Obtained the patent and the exclusive production rights for

Laevo-Bambutero, an asthma drug

-- Placed a down payment for land rights in Inner Mongolia and plan to

build a new manufacturing facility

"We are pleased with our revenue and gross margin results in the second quarter and first six months of 2008. Wholesale distribution was strong throughout the first half of 2008 for products which we produce and pharmaceutical products which we distribute that are produced by third-party manufacturer. Much of our revenue growth last quarter was the result of a sales incentive program that temporarily offered our sales people higher than usual sales commissions," said Dr. Zhongyi Liu, Chairman and CEO of Lotus Pharmaceuticals, Inc. "We continued to develop and acquire new pharmaceutical products throughout the second quarter and first six months of 2008 while supporting our current products and growing distribution network
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SOURCE Lotus Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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