NEW YORK, Nov. 15, 2010, PRNewswire-Asia/ -- Tiens Biotech Group (USA), Inc. (the "Company" or "Tiens", NYSE AMEX: TBV), www.tiens-bio.com, today announced financial results for the third quarter and nine months ended September 30, 2010.
Revenue for the third quarter of 2010 was $10.4 million, compared to $9.4 million for the third quarter of 2009. Revenue for the nine months ended September 30, 2010 was $30.0 million, compared to $48.2 million for the first nine months of 2009.
Net income for the third quarter of 2010 was $1.9 million, or $0.02 per share, compared to net income of $2.9 million, or $0.03 per share, for the 2009 third quarter. For the nine months ended September 30, 2010, net income was $6.0 million, or $0.08 per share, compared to $22.2 million, or $0.29 per share for the first nine months of 2009.
The increase in revenue for the third quarter ended September 30, 2010 reflects an increase in domestic sales of 32%. The decrease in revenue for the nine months ended September 30, 2010 was mainly due to a decrease in international sales which reflects China's Administration of Quality Supervision, Inspection and Quarantine carrying out a national campaign against unsafe food and substandard products in 2008, which brought on a general slow-down and backlog of export clearances for Chinese food products. Upon the lifting of the regulations, overseas affiliated companies began to purchase more products, thereby increasing sales in the first three quarters of 2009. The decrease reflects no sales to Indonesian distributors during the first nine months of 2010 given they purchased more products in 2009 after the aforementioned 2008 product scarcity. The sales decline to Indonesia accounts for 57% of the total international revenue decrease for the nine months ended September 30, 2010.
|SOURCE Tiens Biotech Group (USA), Inc.|
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