NEW YORK, May 15 /PRNewswire-Asia/ -- Tiens Biotech Group (USA), Inc. (the "Company" or "Tiens", NYSE Amex: TBV), http://www.tiens-bio.com , today announced financial results for the first quarter ended March 31, 2009.
Revenue for the first quarter of 2009 increased 42% to $18.2 million, compared to $12.8 million for the first quarter of 2008, reflecting a significant increase in international sales.
Net income attributable to the Company for the quarter rose 138.1% to $8.6 million, or $0.12 per share, compared to net income of $3.6 million, or $0.05 per share, for the 2008 first quarter.
For the first quarter of 2009, international revenue increased to $15.5 million, or 130.7% over $6.7 million for the same period in 2008, mainly due to greater sales in Indonesia and Vietnam. Additionally, export restrictions have been reduced since China's Administration of Quality Supervision, Inspection and Quarantine ended in late 2008 its national campaign against unsafe food and substandard products, which began in August 2007.
For the first quarter of 2009, revenue in China was $2.7 million, a 55.1% decrease from $6.1 million for the same period in 2008. This decrease of domestic revenue was due to the decrease of orders for wellness products, which management believes was due to customers stocking up on certain products during the third quarter of 2008 as a result of the price increase announcement by, Tianjin Tianshi Biological Engineering Co., Ltd. ("Tianshi Engineering") the affiliated company which markets and sells Tiens' products in China, during that quarter.
Cost of sales for the first quarter of 2009 increased to $5.7 million, an
increase of 42% compared to $4.0 million for the same perio
|SOURCE Tiens Biotech Group (|
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