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

ction of our new production facility which greatly improves our capacity to support growth during fiscal 2010 and beyond. While the past year was challenging for the global marketplace, we took decisive corporate actions which included issuing a cash dividend and buying back stock to reward our loyal shareholders."

Year Ending June 30, 2009 Financial Results

For the fiscal year ended June 30, 2009, revenues increased 28.2% to $42.9 million from $33.5 million reported for the prior year period. Expanded sales efforts helped create strong demand for the Company's branded and generic drugs including the introduction of 9 new drugs. Ginkgo Mihuan, one of Tianyin's flagship products, contributed approximately $11.6 million or 27.1% to total revenues for the fiscal year 2009, representing 28% year-over-year growth. Revenues generated from the Arpu Shuangxin Oral Liquid were $10.4 million, or 24.2% of total revenues, a 54.3% increase from fiscal 2008. Tianyin's top 5 selling products generated revenue of $29.3 million and represented 68.3% of total revenue.

Cost of goods sold for fiscal year 2009 was approximately $21.5 million, yielding a gross profit of $21.4 million and gross margins of 49.8%, compared to $14.7 million in gross profit and a gross margin of 43.8% for fiscal year of 2008. The 600 basis point improvement in gross margins was primarily attributable to the growth in revenue, product mix optimization, enhanced cost control and focus on higher margin products in the Company's portfolio such as Ginkgo Mihuan Oral Liquid and Arpu Shuangxin Oral Liquid.

Operating expenses for fiscal year 2009 were $11.7 million, up 64.5% compared to the same period in 2008. Selling, general and administration expenses for the period increased to approximately $7.8 million from $4.7 million. The increase was primarily due to enhanced marketing efforts including increased sales payrolls and dire
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SOURCE Tianyin Pharmaceutical Co., Inc.
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