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American Oriental Bioengineering Reports First Quarter 2011 Financial Results
Date:5/9/2011

E AND COMPREHENSIVE INCOME(UNAUDITED)THREE MONTHS ENDEDMARCH 3120112010Revenues$52,002,110

$53,749,768Cost of sales26,926,20025,513,047GROSS PROFIT25,075,91028,236,721Selling, general & administrative expenses11,239,24710,742,712Advertising costs3,821,1486,748,470Research and development costs2,701,2122,778,809Depreciation and amortization 1,770,7111,596,958Total operating expenses 19,532,31821,866,949INCOME FROM OPERATIONS5,543,5926,369,772Equity in (losses) earnings from unconsolidated entities(409,886)117,473Interest expense, net(1,513,585)(1,565,785)Other expenses, net425,88012,247INCOME BEFORE INCOME TAXES4,046,0014,933,707Income tax3,124,8551,815,930NET INCOME921,1463,117,777Net loss attributable to non-controlling interest3,0065,400NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST924,1523,123,177OTHER COMPREHENSIVE INCOME3,132,46692,849COMPREHENSIVE INCOME$4,056,618

$3,216,026EARNINGS PER COMMON SHAREBasic$0.01

$0.04Diluted$0.01

$0.04WEIGHTED AVERAGE SHARES OUTSTANDINGBasic74,987,37474,697,044Diluted76,018,56189,460,953AMERICAN ORIENTAL BIOENGINEERING, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(UNAUDITED)MARCH 31,DECEMBER 31,20112010CURRENT ASSETSCash and cash equivalents

$

111,432,776

$

94,568,520Restricted Cash875,318537,297Accounts and notes receivable, net46,865,37580,598,919Inventories, net25,138,00412,665,586Advances to suppliers and prepaid expenses16,715,34614,246,144Deferred tax assets440,174649,503Other current assets3,394,0632,986,005Total Current Assets204,861,056206,251,974LONG-TERM ASSETSProperty, plant and equipment, net108,907,254109,547,616Land use rights, net155,562,594155,433,311Other long term assets8,212,6458,167,880Construction in progress28,556,11722,516,044Other intangible assets, net14,144,11314,889,127Goodwill33,164,12133,164,121Investments in and advances to equity investments58,933,17259,068,491Deferred tax assets145,302147,024Unamortized financin
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SOURCE American Oriental Bioengineering, Inc.
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