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Tianyin Reports Record Fiscal 2010 Financial Results
Date:9/29/2010

ngre Jiedu Oral Liquid (QRE): $3.6 million. The lead product revenues totaled $40.4 million, representing 63.0% of the FY2010 revenue.

Cost of revenue for the FY2010 was $30.6 million or 47.9% of the revenue compared to $21.5 million or 50.2% of the revenue of the FY2009.

Gross profit for the FY2010 was $33.3 million, at 52.2% gross margin, up from 49.8% gross margin for the FY2009. The improvement of the gross margins was the result of our portfolio optimization strategy that focused on higher margin products such as GMOL in the sales mix in addition to enhanced cost control measures that yielded greater efficiencies in manufacturing process.

Operating and R&D expenses were $19.0 million in FY2010 compared to $11.7 million in FY2009. The increase was primarily due to our recent sales and marketing expansion along with the compensation expenses to external service providers. We anticipate these costs may continue to increase but in line with our revenue growth.

Operating income delivered $14.7 million at 23.1% operating margin for the FY2010, up 51.8% yoy from $9.7 million at 22.7% operating margin for the FY2009.

Net income was $12.0 million for FY2010, as compared to the net income of $7.9 million for FY2009, an increase of $4.1 million or 51.9%. The net income gain was primarily the result of the revenue growth (49.0% yoy), improved gross margins (52.2% up from 49.8% in FY2009), and improved operating margins (23.1% up from 22.7% in FY2009).

Diluted earnings per share for FY2010 were $0.40, compared to $0.32 in FY2009, based on 30.1 million and 24.8 million shares for FY2010 and FY2009, respectively.

"For the fiscal year 2010, we have reached and exceeded our revenue and net income targets of $63.0 million and $11.0 million respectively. We thank our 1,365 employees whose diligence and persistence make possible Tianyin's successful operating performance not only for this yea
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SOURCE Tianyin Pharmaceutical Co., Inc.
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