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

r but for the past almost a decade of growth. In addition, we exceeded our revenue target of $22.0 million for Gingko Mihuan Oral Liquid through our continuous effort in sales expansion and market penetration," stated Dr. Jiang, Guoqing, Tianyin's Chief Executive Officer. "In addition to our 10 late-stage pipeline drugs pending approval that target various high-incidence medical indications in China, the future lays ahead with our initiative in the growing pharmaceutical raw material space. We expect our Jiangchuan macrolide facility to contribute to our revenue growth in the fiscal year 2011."

Balance sheet and cash flow

As of June 30, 2010, we had cash and cash equivalents of $27.0 million. Net cash generated from operating activities was $15.4 million for FY2010 ended June 30, 2010 as compared to $8.3 million for FY2009.

The strong cash flow was primarily the result of net income growth and further improved accounts receivable $8.2 million 12.8% of the FY2010 revenue versus $5.6 million or 13.1% of the FY2009 revenue.

We believe that Tianyin is adequately funded to meet all of our working capital and capital expenditure needs for the FY 2011.

Net cash used in investing activities for FY2010 and FY2009 totaled $8.8 million and $7.8 million respectively. The increase was mainly due to the construction of Jiangchuan facility and the new drug development.

Business Development & Outlook

Jiangchuan macrolide facility progress update:

Jiangchuan holds a license from China's SFDA to produce macrolide antibiotics such as Azithromycin, one of the world's best-selling antibiotics. Tianyin's goal is to utilize Jiangchuan as the foundation of a broader, longer-term strategy to build a significant presence in the rapidly growing macrolide antibiotics market. Construction of the new production facility at Xinjin Industrial Development Area commenced on January 8, 2010 with Phase I
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SOURCE Tianyin Pharmaceutical Co., Inc.
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