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Tianyin Pharmaceutical Co., Inc. Reports Record Fiscal 2009 Financials With $7.9 Million in Net Income
Date:9/24/2009

08 sales of top three products were approximately $5.9 million which represented 63.4% of total revenue.

Cost of sales in the fourth quarter 2009 increased 41.6% to $6.8 million, from $4.8 million in the fourth quarter of 2008. Gross profit in the fourth quarter 2009 was $6.5 million, a 44.9% increase from $4.5 million in the fourth quarter of 2008.

Gross margins were 48.7% in the fourth quarter of 2009, compared to 48.9% in the third quarter of 2009 and 48.2% in the fourth quarter of 2008.

Operating expenses were $3.7 million and operating income was $2.8 million in the fourth quarter of 2009, representing a 45.2% increase from $1.9 million reported in the fourth quarter of 2008.

Net income for the quarter was $2.2 million, up 41.8% from net income of $1.5 million in the same period a year ago. Income taxes were approximately $0.5 million representing an effective tax rate of 18.5%.

Fully diluted earnings per share were $0.08 for the last quarter of 2009, compared to fully diluted earnings per share of $0.05 in the fourth quarter of 2008.

Tianyin incurred a one time impairment loss on intangible assets of $0.4 million related to Huganning Tablets, Qianbai Biyan Tablets and Xiaoyan Lidan Tablets. Without this charge net income would have been $2.6 million with diluted EPS of $0.10 based on 26.3 million shares.

Dr. Guoqing Jiang, Chief Executive Officer of Tianyin, commented, "We are very pleased with our financial results. Several factors contributed to our strong performance for the fiscal year as growth accelerated in the fourth quarter. These included our ability to achieve SFDA approvals and launch several new products, an expanded marketing strategy focused on branding key products, and our ability to gain market share by leveraging a large internal sales team with key distributors. We met a significant milestone by completing the constru
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SOURCE Tianyin Pharmaceutical Co., Inc.
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