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

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Second Quarter 2008 Results

Lotus Pharmaceutical's net revenue was $19.4 million in the second quarter of 2008, an increase of 51.4% from $12.8 million in the second quarter of 2007. Wholesale distribution and manufacturing revenue was $18.4 million in the second quarter of 2008, 94.8% of total revenues, an increase of 55.2% from the second quarter of 2007. This increase was because of increased sales of third- party pharmaceuticals and increased sales of the Company's Brimonidine Tartrate Eyes Drops (sold under the brand name "Mu Xin") used in the treatment of glaucoma. Retail revenue was $903,404 in the second quarter of 2008, a 28.8% increase from $701,421 in the second quarter of 2007. The Company increased its sales of pharmaceutical products through its ten retail pharmacies. Other revenues were $99,876 in the second quarter of 2008 compared to $258,487 in the second quarter of 2007 which was attributable to a decrease in research and development services.

Gross profit in the second quarter of 2008 was $9.7 million, an increase of 76.4% compared to the second quarter of 2007. Gross margin was 50.0%, up from 42.9% in the second quarter of 2007 and up from 33.7% in the first quarter of 2008. Gross margin in the year ago period benefited from the collection of $1.8 million in previously reserved allowance for sales return that lowered cost of sales and increased gross margin by 9.3%.

Operating expenses were $6.9 million in the second quarter of 2008, a 264.6% increase from $1.9 million in the second quarter of 2007. Most of the increase was because of an increase in selling expenses, which were $5.9 million in the second quarter of 2008 compared to $791,784 in the second quarter of 2007. Selling expenses increased because of a short term sales incentive program that provided higher sales commissions to sales representatives and bonuses paid to improve collections of accounts receivable. Research and development expenses were $471,24
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SOURCE Lotus Pharmaceuticals, Inc.
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