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Tiens Biotech Group (USA) Reports Second Quarter and Six-Month Results
Date:8/19/2010

NSIVE INCOME FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2010 and 2009 (UNAUDITED) Three months ended June 30, Six months ended June 30, 2010 2009 2010 2009 REVENUE - RELATED PARTIES $8,167,849 $20,551,036 $19,571,212 $38,788,581 COST OF SALES - RELATED PARTIES 3,037,847 6,117,409 6,478,728 11,852,468 GROSS PROFIT 5,130,002 14,433,627 13,092,484 26,936,113 SELLING, GENERAL AND ADMINI- STRATIVE EXPENSES 4,069,097 4,014,591 7,566,644 7,145,527 INCOME FROM OPERATIONS 1,060,905 10,419,036 5,525,840 19,790,586 (Interest expense) -- (53,201) -- (105,817) Interest income 3,846 100,779 5,718 186,547 Other expense (418,260) (28,144) (671,970) (73,432) OTHER (EXPENSE) INCOME, NET (414,414) 19,434 (666,252) 7,298 INCOME BEFORE INCOME TAXES 646,491 10,438,470 4,859,588 19,797,884 INCOME TAXES 138,621 123,101 748,123 482,716 NET INCOME $507,870 10,315,369 4,111,465 19,315,168 LESS: Net income attributable to the noncontrolling interest (122,083) (139,071) (464,140) (546,045) NET INCOME ATTRIBUTABLE TO THE COMPANY 385,787 10,176,298 3,647,325 18,769,123 OTHER COMPREHENSIVE INCOME: Foreign currency translation adjustment 766,901 151,289 1,125,269 770,887 COMPREHENSIVE INCOME 1,152,688 10,327,587 4,772,594 19,540,010 COMPREHENSIVE INCOME ATTRI- BUTABLE TO THE NONCONTROLLING INTEREST 163,465 140,300 506,863 559,895 COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $989,223 $10,187,287 $4,265,731 $18,980,115 EARNINGS PER SHARE, BASIC AND DILUTED $0.01 $0.14 $0.05 $0.26 WEIGHTED AVERAGE NUMBER OF SHARES, BASIC AND DILUTED 71,333,586 71,333,586 71,333,586 71,333,586 TIENS BIOTECH GROUP (USA), INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2010 (UNAUDITED) AND DECEMBER 31, 2009 June 30, December 31, 2010 2009 (Unaudited) ASSETS CURRENT ASSETS: Cash $5,660,772 $1,848,328 Accounts receivable, trade - related parties, net of allowance for doubtful accounts of $1,307,687 and $1,419,178 as of June 30, 2010 and December 31, 2009, respectively 8,809,737 15,379,312 Inventories
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SOURCE Tiens Biotech Group (USA), Inc.
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