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Tianyin Pharmaceutical Co., Inc. Announces Record Second Quarter 2010 Financial Results
Date:2/8/2010

CHENGDU, China, Feb. 8 /PRNewswire-Asia-FirstCall/ -- Tianyin Pharmaceutical Co., Inc., (NYSE Alternext: TPI), a manufacturer and supplier of modernized traditional Chinese medicine ("TCM") based in Chengdu, China, today announced fiscal results for its second quarter ended December 31, 2009.

    -- Q2 2010 Revenue Increased 47.9% to $14.9 Million, Net Income Increased
       24.8% to $2.6 Million with adjusted EPS of $0.11 on a diluted basis
    -- Cash and Equivalents of $19.9 Million on December 31, 2009
    -- First-half 2010 Cash Flow from Operations Increased 24.5% to
       $4.9 million
    -- Tianyin secured SFDA approvals for four new products during the second
       quarter addressing multiple indications, bringing total number of
       products in the portfolio to 48


    Q2 FY2010 Results
                                           Q2 FY2010    Q2 FY2009    CHANGE (%)
    Net Sales                           $14.9 million $10.1 million       +48%
    Gross Profit                         $7.8 million  $5.2 million       +50%
    GAAP Net Income                      $2.6 million  $2.1 million       +25%
    Adjusted Net Income*                 $3.4 million  $2.1 million       +62%
    GAAP EPS (Diluted)                        $0.08         $0.13         -38%
    Adjusted EPS (Diluted)                    $0.11         $0.13         -15%
    Weighted Shares Outstanding          30.4 million  15.7 million       +94%

    Six Months FY2010 Results
                                          Six Months    Six Months      CHANGE
                                            FY2010       FY2009           (%)
    Net Sales                           $28.3 million  $19.7 million      +44%
    Gross Profit                        $14.8 million  $10.0 million      +48%
    GAAP Net Income                      $4.8 million   $3.8 million      +24%
    Adjusted Net Income                  $5.5 million   $3.8 million      +48%
    GAAP EPS (Diluted)                        $0.17         $0.16          +6%
    Adjusted EPS (Diluted)                    $0.19         $0.16         +19%
    Weighted Shares Outstanding          28.5 million   24.7 million      +15%

Second Quarter Ending December 31, 2009 Financial Results

Revenue for the second quarter of fiscal 2010 was approximately $14.9 million, an increase of 47.9% compared to $10.1 million for the second quarter of fiscal 2009. The increase was attributable to higher sales of both existing and new products, channel expansion efforts that increased market penetration, and increased utilization of the Company's expanded production facility. Revenues from the top three selling products, Ginkgo Mihuan Oral Liquid, Arpu Shuangxin Oral Liquid and Azithromycin Dispersible Tablets, were $7.6 million and represented approximately 51% of total revenues collectively for the quarter.

Cost of goods sold for the three months ended December 31, 2009 was approximately $7.2 million or 48.1% of revenue as compared to $4.9 million or 49.0% of revenue for the three months ended December 31, 2008, yielding a gross profit of $7.8 million and gross margins of 51.9%, compared to $5.2 million in gross profit and gross margins of 51.0% during the second quarter of fiscal 2009. Gross margins improved as a result of an increase in higher margin products in the sales mix along with greater efficiencies in our production and manufacturing processes.

Operating expenses for the three months ended December 31, 2009 were approximately $4.6 million, up 72.0% compared to the same period in 2008. Selling, general and administration expenses for the period increased to approximately $4.4 million from $2.6 million in the second quarter of fiscal 2009 as a result of the implementation of Tianyin's sales and marketing strategy, including increased sales payrolls and direct marketing expenses, in addition to non-cash stock compensation expense of $0.9 million. Research and development expenses for the three months ended December 31, 2009 increased 134.4% to $0.2 million compared to the second quarter of fiscal 2009.

Operating income for the second quarter of fiscal 2010 totaled approximately $3.2 million, a 27.2% increase from the $2.5 million reported for the second quarter of fiscal 2009. Operating margins were 21.1% and 24.5% for the second quarter of fiscal 2010 and fiscal 2009, respectively as the Company continued to spend aggressively on sales and marketing initiatives to generate incremental and future product sales.

GAAP net income was approximately $2.6 million in the second quarter of fiscal 2010, a 24.8% increase, compared to $2.1 million for the second quarter of fiscal 2009. The company had an effective tax rate of 18.2% and 16.6%, for the second quarter of fiscal 2010 and 2009, respectively. Diluted earnings per share were $0.08 compared to $0.13 for the second quarter of fiscal 2010 and fiscal 2009 respectively, based upon 30.4 million and 15.7 million shares. Adjusted net income, which adds back the non-cash equity compensation charge of $0.9 million, was $3.4 million, representing 62.0% year-over year growth with earnings of $0.11 per diluted share. The divergence in the share count relates to the preferred shares which have been and are convertible into common, in addition to common shares issued in October 2009 private placement, and warrants both exercised and outstanding.

"Our strong performance in the second quarter and first half of fiscal year 2010 was driven by continued execution of our growth strategy, including the expansion of our sales force and distribution channels, increased sales and marketing activities to support market share gains for our expanding portfolio of products, in addition to rapid utilization of our newly added manufacturing capacity," stated Dr. Guoqing Jiang, Tianyin's Chief Executive Officer. "To facilitate our future growth strategy and to diversify our product offering, we formalized a joint venture named Sichuan Jiangchuan Pharmaceutical Co., Ltd. to produce macrolide antibiotics, which addresses a large and rapidly growing market in China. We have secured the property and commenced construction for our new production facility and expect this to be a key contributor to growth during fiscal 2011. In addition, we received SFDA approval for four new generic products, which complement our portfolio and address established billion dollar plus markets that cover multiple indications. We currently have 40 drug candidates under SFDA review and believe the Chinese stimulus plan, favorable health care policies, increased consumer disposable income, and favorable demographic trends will continue driving overall growth in demand for the pharmaceutical market."

Six Months Ending December 31, 2009 Financial Results

For the six months ended December 31, 2009, revenues increased 44.1% to $28.3 million from $19.7 million reported for the prior year period. Ginkgo Mihuan, one of Tianyin's flagship products, contributed approximately $9.2 million or 33% of total revenues for the first six months of fiscal 2010, representing 102% year-over-year growth. Revenues generated from the Arpu Shuangxin Oral Liquid were $2.9 million, or 16% of total revenues, a 2% increase from fiscal 2009. Tianyin's top 5 selling products generated revenue of $14.7 million and represented 53% of total revenue.

Cost of goods sold for the first six months of fiscal year 2010 was approximately $13.5 million, yielding a gross profit of $14.8 million and gross margins of 52.3%, compared to $10.0 million in gross profit and a gross margin of 51.0% for the same period in fiscal year 2009.

Operating expenses for the first six months of fiscal year 2010 were $8.9 million, compared to $5.4 million in the same period in fiscal 2009. Selling, general and administration expenses for the period increased to approximately $8.5 million from $5.2 million, which included the previously disclosed non-cash equity compensation expense.

Operating income totaled approximately $5.9 million, a 27.1% increase from the $4.6 million reported for the first half of fiscal 2009. Operating margins were 20.8% and 23.6% for the first half of fiscal year 2010 and 2009, respectively, and were impacted by a non recurring $0.9 million equity compensation expense for consulting.

For the six months ended December 31, 2009, net income was approximately $4.8 million, a 23.6% increase from $3.8 million recorded for the same period in fiscal 2009. Diluted earnings per share were $0.17, compared to $0.16 in the same period 2009, based on 28.5 million and 24.7 million shares for 2010 and 2009, respectively. Adjusted net income, which adds back the non-cash equity compensation charge of $0.9 million, was $5.5 million, representing 44.7% year-over year growth with earnings of $0.20 per diluted share.

The provision for income taxes was $1.1 million and $0.8 million for the first half of fiscal 2010 and 2009 with an effective tax rate of 18.5% and 16.6%, respectively.

Balance Sheet and Cash Flow

Cash and cash equivalents and restricted cash totaled $19.9 million on December 31, 2009 compared to $12.4 million on June 30, 2009, which was the result of cash flow from operations, a $4.5 million net equity raise completed in October, 2009, and proceeds from exercised warrants. Net cash used in investing activities for the six months ended December 31, 2009 was $4.3 million for the acquisition of intangible drug, and property and equipment. The Company had a current ratio of 6.8 to 1 and total stockholders' equity of $54.0 million, with total assets of $58.8 million versus total liabilities of $4.8 million on December 31, 2009. For the first six months of fiscal 2010, the Company generated $4.9 million in cash from operations versus $3.9 million for the same period in fiscal 2009.

    Business Development & Outlook
    -- On October 29, 2009, Tianyin announced the Sichuan Jiangchuan
       Pharmaceutical Co., Ltd. ("Jiangchuan") joint venture, which will focus
       on production of macrolide antibiotics, such as Azithromycin, one of
       the world's best-selling antibiotics. Jiangchuan holds a license from
       Chinese State Food and Drug Administration (SFDA) to produce macrolide
       antibiotics and a related business license from the Industry and
       Commerce Bureau and Tax department. Tianyin owns 77% of Jiangchuan and
       will utilize this as the foundation for a broader, longer term strategy
       to build a significant presence in the rapidly growing Chinese
       macrolide antibiotics market, while diversifying its revenue base of
       western pharmaceuticals. Construction on a new production facility in
       Xinjin Industry Development Area commenced January 8, 2010, with Phase
       I expected to operational by July, 2010 and Phase II to be operational
       by the second half of 2010, with total anticipated capital expenditures
       of $20 million. The Company anticipates significant revenue and
       earnings contributions from this initiative during fiscal 2011.
    -- On December 1, 2009, Tianyin received SFDA approvals to produce two
       generic products, including a Pediatric Fever and Cough Oral Liquid and
       an Antibacterial/Anti-inflammatory Capsule. The Pediatric Fever and
       Cough Oral Liquid is a generic prescription TCM that is used for
       respiratory tract infections and influenza in children to effectively
       reduce symptoms such as fever, shakes, cough, shortness of breath, and
       sore throat. According to Tianyin's market research and estimation,
       annual sales of this type of products are approximately $1.1 billion in
       China. The Antibacterial/Anti-inflammatory Capsules are a generic OTC
       TCM used as natural antibiotics to treat bacterial infection and
       inflammation with minimal side effects as compared to western
       antibiotics. Tianyin estimates that total annual sales of associated
       with products in this category are approximately $1.5 billion in China.
    -- Tianyin announced that 23 of its medicine compounds were included in
       the 2009 Edition of the National Basic Medical Insurance, Industrial
       Injury Insurance and Maternity Insurance Medicine Directory, which
       lists a total of 2,151 medicines and became effective on December 1,
       2009. The 23 medicines treat a variety of common indications and
       diseases and make up approximately 70% of Tianyin's total revenues for
       the fiscal year 2009.
    -- On January 11, 2010, Tianyin declared a quarterly cash dividend of 2.5
       cents to be paid to its common stock shareholders for the fiscal second
       quarter of 2010 on March 10, 2010.
    -- On January 13, 2010, Tianyin received approvals from the Chinese State
       Food and Drug Administration (SFDA) to produce two generic antibiotics,
       Ofloxacin Tablets and Fleroxacin Tablets, which target new indications
       for the Company. Ofloxacin addresses several indications including
       staph, strep throat (Streptococcus), pneumonia, E. Coli, and several
       sexually transmitted bacterial diseases. Fleroxacin addresses several
       indications including chronic and acute bronchitis and pneumonia,
       salmonella, multiple gastrointestinal and abdominal infections, and
       skin/soft tissue infections. Both drugs are included in China's
       Essential Drug List (EDL), which is increasing demand for these
       products throughout the PRC.

Fiscal 2010 and 2011 Guidance

On October 29, 2009 management increased fiscal 2010 guidance for the year which ends June 30, 2010 and expects to report revenues of more than $63.6 million and net income of at least $11.3 million, representing 48.3% and 43.0% year-over-year growth respectively.

On December 3, 2009 management announced financial guidance for fiscal year ending June 30 2011. The Company forecasted revenues of $113.3 million for fiscal 2011, representing a 78.1% increase over projected fiscal year 2010 revenues of $63.6 million, with net income of $19.6 million, representing 73.5% over projected net income of $11.3 million for fiscal 2010.

Conference Call

The Company will host a conference call to discuss the 2010 second quarter financial results on Monday, February 8, 2010 at 4:30 p.m. ET. Interested participants should call +1-877-941-8418 within the United States, or US +1-480-629-9809 if calling internationally. The conference ID is 4207607. It is advisable to dial in approximately 5-10 minutes prior to 4:30 p.m. EDT. If you are unable to participate in the call at the scheduled time, a playback will be available through February 22, 2010. To listen to the playback, please call +1-800-406-7325 from within the United States, or US +1-303-590-3030 internationally. Please use passcode 4207607 for the replay.

This call is being web cast by ViaVid Broadcasting and can be accessed at ViaVid's website at the following link http://viavid.net/dce.aspx?sid=00007061 To access the web cast, you will need to have the Windows Media Player on your desktop. For the free download of the Media Player please visit: http://www.microsoft.com/windows/windowsmedia/en/download/default.asp

About Tianyin Pharmaceuticals

Tianyin is a manufacturer and supplier of modernized Traditional Chinese Medicine ("TCM") in China. It was established in 1994 and acquired by the current management team in August 2003. It has a comprehensive product portfolio of 39 products, 22 of which are listed in the highly selective National Medicine Catalog of the National Medical Insurance program. Tianyin owns and operates two GMP manufacturing facilities and an R&D platform supported by leading Chinese academic institutions. The Company has a pipeline of 17 pharmaceutical products pending approval. Tianyin has an extensive nationwide distribution network throughout China with a sales force of 720 salespeople. Tianyin is headquartered in Chengdu, Sichuan Province with two manufacturing facilities and a total of 1,365 employees. For more information about Tianyin, please visit http://www.tianyinpharma.com .

Safe Harbor Statement

The Statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.

This press release utilizes Non GAAP financial measures, such as adjusted net income and earnings per share. Management believes that adjustments reflecting certain non cash charges are more representative of the Company's operating results. Investors should not rely on such measures in making decisions

    For more information, please contact:

    For the Company:
     Allen Tang, Ph.D., MBA, Assistant to the CEO
     Tel:   +86-158-2122-5642
     Email: Allen.y.tang@gmail.com

    Investors:
     Mr. Matthew Hayden, HC International
     Tel:   +1-561-245-5155
     Email: matt.hayden@hcinternational.net
     Web:   http://www.hcinternational.net



                     Consolidated Balance Sheets (Unaudited)
                                                December 31,        June 30,
                                                   2009              2009
                                                (Unaudited)
    Assets
    Current assets:
    Cash and cash equivalents                  $19,866,573       $12,352,223
    Accounts receivable, net of allowance
     for doubtful accounts of $172,182
     and $171,947 at December 31, 2009
     and June 30, 2009, respectively             8,642,875         5,620,519
    Inventory                                    3,220,937         3,808,289
    Advance payments                               381,420         1,188,115
    Loan receivable                                293,400                --
    Other receivables                              201,321           601,912
    Other current assets                            43,811            81,277
    Total current assets                        32,650,337        23,652,335

    Property and equipment, net                 10,646,495         9,642,526

    Intangibles, net                            15,470,215        12,037,483

    Total assets                               $58,767,047       $45,332,344

    Liabilities
    Current liabilities:
    Accounts payable and accrued expenses       $1,650,451        $1,392,639
    Short-term bank loans                        1,400,985         1,399,075
    VAT taxes payable                              542,629           458,930
    Income taxes payable                           571,885           490,514
    Other taxes payable                             15,696            11,890
    Dividends payable                               98,538           325,417
    Other current liabilities                      501,851           307,934
    Total current liabilities                    4,782,035         4,386,399

    Total liabilities                            4,782,035         4,386,399

    Equity
    Stockholders' equity:
     Common stock, $0.001 par value,
      50,000,000 shares authorized,
      25,795,902 and 17,908,912 shares
      issued and outstanding at  December
      31, 2009 and June 30, 2009,
      respectively                                  25,796            17,909


    Series A convertible preferred stock,
     $0.001 par value, 10,000,000 shares
     authorized, 2,322,750 and 7,146,500
     shares issued and outstanding at
     December 31, 2009 and June 30, 2009,
     respectively                                    2,323             7,147
    Additional paid-in capital                  28,337,810        19,694,514
    Statutory reserve                            2,299,807         2,299,807
    Treasury stock                                (111,587)         (111,587)
    Retained earnings                           20,393,640        16,486,775
    Accumulated other comprehensive
     income                                      2,598,164         2,551,380
    Total stockholders' equity                  53,545,953        40,945,945

    Noncontrolling interest                        439,059                --

    Total equity                                53,985,012        40,945,945

    Total liabilities and equity               $58,767,047       $45,332,344



    Consolidated Statements of Operations and Comprehensive Income (Unaudited)

                         For the Three Months Ended  For the Six Months Ended
                                 December 31,              December 31,
                              2009         2008         2009         2008

    Sales                  $14,936,378  $10,101,869  $28,341,581  $19,663,809

    Cost of sales            7,177,503    4,944,980   13,526,730    9,627,603

    Gross profit             7,758,875    5,156,889   14,814,851   10,036,206

    Operating expenses:
    Selling, general and
     administrative          4,409,735    2,595,311    8,527,501    5,228,672
    Research and
     development               197,380       84,220      389,870      166,858
    Total operating
     expenses                4,607,115    2,679,531    8,917,371    5,395,530

    Income from operations   3,151,760    2,477,358    5,897,480    4,640,676

    Other income
     (expenses):
    Interest income
     (expense), net            (10,443)      15,564      (19,995)      29,808
    Other expenses                  --      (26,975)     (39,510)     (54,695)
    Total other expenses       (10,443)     (11,411)     (59,505)     (24,887)

    Income before
     provision for income
     tax                     3,141,317    2,465,947    5,837,975    4,615,789

    Provision for income
     tax                       571,756      408,827    1,081,691      767,677

    Net income               2,569,561    2,057,120    4,756,284    3,848,112

    Less: Net income
     attributable to
     noncontrolling
     interest                    1,485           --       (1,040)          --

    Net income
     attributable to
     Tianyin                 2,568,076    2,057,120    4,757,324    3,848,112

    Other comprehensive
     income
    Foreign currency
     translation
     adjustment                 10,927      256,933       46,784      346,367

    Comprehensive income    $2,579,003   $2,314,053   $4,804,108   $4,194,479

    Basic earnings per
     share                       $0.10        $0.11        $0.20        $0.20
    Diluted earnings per
     share                       $0.08        $0.13        $0.17        $0.16

    Weighted average
     number of common
     shares outstanding
    Basic                   24,906,965   15,691,495   22,323,116   15,637,623
    Diluted                 30,439,912   15,691,495   28,521,127   24,697,018




                Consolidated Statements of Cash Flows (Unaudited)
                                                 For the Six Months Ended
                                                       December 31,
                                                  2009              2008
    Cash flows from operating activities:
    Net Income                                  $4,757,324        $3,848,112
    Adjustments to reconcile net income
     to net cash provided by (used in)
     operating activities:
    Depreciation and amortization                  393,575           237,619
    Noncontrolling interest                         (1,040)               --
    Share-based payments                         1,055,395                --
    Loss on disposal of fixed assets                39,510                --
    Changes in current assets and current
     liabilities:
    Accounts receivable                         (3,013,450)          132,660
    Inventory                                      592,309        (1,117,856)
    Other receivables                              401,237           608,042
    Other current assets                            37,500           227,140
    Accounts payable and accrued expenses          256,055          (119,588)
    VAT taxes payable                               83,038            71,402
    Income tax payable                              80,668            66,275
    Other taxes payable                              3,788           (35,705)
    Other current liabilities                      193,483               732
    Total adjustments                              122,068            70,721

    Net cash provided by operating
     activities                                  4,879,392         3,918,833

    Cash flows from investing activities:
    Additions to property and equipment         (1,288,234)         (570,491)
    Additions to intangible assets - drug       (2,742,168)         (130,323)
    Advance payments for research and
     development                                        --        (2,155,450)
    Loan receivable                               (293,280)               --

    Net cash used in investing activities       (4,323,682)       (2,856,264)

    Cash flows from financing activities:
    Repayment of bank loans                             --          (512,505)
    Additional paid-in capital                   7,590,962                --
    Proceeds from minority shareholders            439,920                --
    Payment of dividends                        (1,077,335)               --

    Net cash provided by (used in)
     financing activities                        6,953,547          (512,505)

    Effect of foreign currency
     translation on cash                             5,093            66,124

    Net increase in cash and cash
     equivalents                                 7,514,350           616,188

    Cash and cash equivalents - beginning       12,352,223        12,057,150

    Cash and cash equivalents - ending         $19,866,573       $12,673,338

    Supplemental schedule of non cash
     activities
    Advance payments exchanged for
     intangible assets - drug                     $807,986               $--


Non-GAAP Financial Measures and Reconciliations

As used herein, "GAAP" refers to generally accepted accounting principals in the United States. We use various numerical measures in conference calls, investor meetings and other forums, which are or may be considered "Non-GAAP financial measures" under the SEC's Regulation G. We have provided below for your reference supplemental financial disclosure for these measures, including the most directly comparable GAAP measure and an associated reconciliation.



      Preliminary and Non-audited Second Quarter and Year to Date Fiscal 2010
                            Earnings Reconciliation

                                  Three Months  Ended      Six Months Ended
                                    December 31, 2009     December 31, 2009

    Net Income  (GAAP)                     $2,568,076            $4,756,324
    Stock Compensation Charges (a)           $900,000              $900,000
    Less: Tax Adjustment                     $163,800              $166,500
    Adjusted Net Income                    $3,304,276            $5,489,824

                                   Three Months Ended      Six Months Ended
                                    December 31, 2009     December 31, 2009

    Earnings Per Share - Diluted
     (GAAP)                                    $0.08                  $0.17
    Stock Compensation Charges (a)             $0.03                  $0.03
    Adjusted Earnings Per Share
     - Diluted                                 $0.11                  $0.20


    (a) Net Income and diluted earnings per share for the second quarter and
        first six months of fiscal year 2010 includes a non-cash Stock
        Compensation Charge of $900,000 or approximately $0.03 in Earnings Per
        Share for the Three Months Ended December 31, 2009 in connection with
        consulting services. The company has not previously incurred on a
        regular basis a charge of this nature.

Note: To supplement our consolidated financial statements presented in accordance with GAAP, Tianyin Pharmaceutical Corp. uses non-GAAP measures, such as Adjusted Net Income and Adjusted Diluted Earnings per share, which exclude certain non cash expenses. This non-GAAP adjustment is provided to enhance the user's overall understanding of our historical and current financial performance and our prospects for the future. We believe the non- GAAP results provide useful information to both management and investors by excluding certain expenses we believe are not indicative of our core operating results.

SOURCE Tianyin Pharmaceutical Co., Inc.

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