Tiens Biotech Group (USA) Reports Second Quarter and Six-Mon...(2008 were affected by a 15%decrease in r...)

Date:8/14/2008

2008 were affected by a 15% decrease in revenue in China during the first quarter of 2008. During the first quarter of 2008, we believe that sales in China were negatively impacted by continued uncertainty in China regarding the impact of direct selling regulations and uncertainty regarding the timing of the direct selling license application process and approval which has been submitted by Tianjin Tianshi Biological Engineering Co., Ltd. ("Tianshi Engineering"), an affiliated Chinese company.

Revenue by Region

As stated above, revenue in China for the second quarter of 2008 increased 65.6% to $8.5 million, compared to $5.1 million for the second quarter of 2007. International revenue for the second quarter of 2008 increased 21.4% to $11.1 million, compared to $9.2 million for the second quarter of 2007. For the six months ended June 30, 2008, revenue in China was $14.6 million, an 18.4% increase compared to $12.3 million for the same period in 2007. For the six months ended June 30, 2008, international revenue was $17.9 million, a decrease of 1.9% compared to $18.2 million for the same period in 2007. This decrease in international revenue reflects the impact of the export restrictions which were introduced in third quarter of 2007 and impacted results for subsequent quarters, including the first quarter of 2008. The increase in international revenue in the second quarter of 2008 reflects a reduction on the export restrictions in that period.

Background

In August 2007, AQSIQ announced an ongoing national campaign in China against unsafe food and substandard products. As a result of this campaign by the AQSIQ, there has been a general slow-down and backlog of export clearances for Chinese food products, and, from August 2007 through the first quarter of 2008, we experienced significant delays in obtaining export clearance for all of the products which we sell to our international affiliates. Beginning in the second quarter of 2008, these
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SOURCE Tiens Biotech Group (USA), Inc. Copyright©2008 PR Newswire. All rights reserved

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