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Sinobiopharma Reports a 141% Increase in Revenues From Unaudited Financial Results for the 9 Month Period Ended February 28, 2009
Date:4/24/2009

NANTONG CITY, China, April 24 /PRNewswire-FirstCall/ -- Sinobiopharma, Inc. (OTC Bulletin Board: SNBP) ("Sinobiopharma" or, the "Company") is pleased to report financial highlights from the unaudited financial results for the nine month period ended February 28, 2009.

Financial highlights include:

  • Sales revenue increased to US $2,715,702 for the nine months ended February 28, 2009, from US $1,170,677 in the corresponding period ended February 29, 2008.
  • Gross profit increased to US $1,815,491, representing 67% of sales revenue, for the nine months ended February 28, 2009, from US $435,666, representing 37% of revenue, in the corresponding period ended February 29, 2008.
  • Net profit of the Company's wholly owned operating subsidiary, Dong Ying (Jiangsu) Pharmaceutical Co., Ltd., increased to US $851,324, representing 27% of sales revenue, for the nine months ended February 28, 2009, from - US $ 96,335 in the corresponding period ended February 29, 2008. However, the Company's overall net loss increased to US $1,622,692 for the nine months ended February 28, 2009, from US $444,672 for the nine months ended February 29, 2008, of which one of the main expenses affecting the results of operations was the stock-based compensation expense of US $1,944,750 reflecting the vesting of stock options granted by the Company having an exercise price of $1.80 per share.
  • Increase in sales volume and the improvement in gross profit percentage are both due to growth in sales of Cisatracurium Besylate, a skeletal muscle relaxant. Sales of this product increased to US $2,511,752 in the nine months ended February 28, 2009, from US $765,615 in the nine months ended February 29, 2008. At the same time, as volume has increased, cost of manufacturing Cisatracurium Besylate has decreased to 30% of its price for the nine months ended February 28, 2009, from 64% of its price f
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SOURCE Sinobiopharma, Inc.
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