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Tianyin Pharmaceutical Co., Inc. Announces First Quarter 2009 Financial Results
Date:11/11/2008

eneral and administration expenses for the period increased to approximately $2.6 million from $1 million in the first quarter of 2008. The increase in SG&A expenses was mainly the result of the Company's efforts to strengthen the marketing and sales activities to increase revenue, including increasing advertisement and promotion, and hiring more sales people. For the three months ended September 30, 2008, the number of employees in Tianyin's sales department increased by 206 employees, compared to the same period one year ago, resulting in a total of 720 sales people. Research and development expenses were $82,638 in the three months ended September 30, 2008, versus $27,451.

Operating income for the first quarter of 2009 totaled approximately $2.2 million, a 19.4% increase from the $1.8 million reported for the first quarter of 2008. Operating margins were 22.6% and 25.3% for the first quarter of 2009 and 2008, respectively. The decrease in the operating margin was due to increased spending on R&D and marketing to expand Tianyin's market presence.

For the first quarter of 2009, net income was $1.8 million, a 10.9% increase, compared to $1.5 million for the first quarter of 2008. Fully diluted earnings per share were $0.07 compared to $0.12 for the first quarter of 2009 and 2008 respectively, based up on 24.6 million and 12.8 million shares. The increase in net income was primarily due to increased sales with higher gross margin.

"We continued to experience strong year-over-year revenue and earning growth from our current portfolio of products combined with enhanced gross profit margins. We believe the results validate the plan management has been implementing to focus on products with high gross margins and increased sales and marketing efforts. We expect the benefits of these will continue into the future as well," Dr. Guoqing Jiang, Chief Executive Officer of Tianyin, commented.

Balance Sheet and Cash Flow

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SOURCE Tianyin Pharmaceutical Co., Inc.
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