Selling, general and administrative expenses were $5.1 million for the second quarter of 2008, an increase of 50.2% compared to $3.4 million for the same period in 2007. The selling and administrative expenses as a percentage of sales were 25.9% for the second quarter of 2008 compared to 23.7% for the same period in 2007. For the six months ended June 30, 2008, selling, general and administrative expenses were $8.3 million, an increase of 25.3% compared to $6.7 million in the same period in 2007. For the six months ended June 30, 2008, selling, general and administrative expenses as a percentage of sales was 25.7%, compared to 21.8% for the same period in 2007. This increase was primarily due to increases in general administration costs related to the construction of the Life Resources project, salary and insurance expenses, advertising, research and development expenses and the appreciation of the renminbi.
Tiens continues to strive to expand its market share in China through the branches, chain stores, and Chinese affiliated companies of Tianshi Engineering. To enhance its position in this competitive market, Tianshi Engineering continues to increase its marketing activities in China, including opening additional branches across China, developing a nation-wide advertising campaign, encouraging media coverage and strengthening the Tiens brand.
As of June 30, 2008, Tiens had $86.9 million of retained earnings and total shareholders' equity of $128.3 million.
Jinyuan Li, Chairman, President and CEO of Tiens, said, "We are pleased
with the increase in both domestic and international revenues over last
year's second quarter and our sequential growth compared to the first
|SOURCE Tiens Biotech Group (USA), Inc.|
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