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BMP Sunstone Reports First Quarter 2008 Financial Results
Date:5/19/2008

rst quarter of 2008 was $18.1 million, as compared to $5.7 million in the first quarter of 2007. OTC sales, which reflect Sunstone revenues, were included in the period from February 18, 2008 to the end of the quarter, and contributed $9.5 million. Revenue from licensed products was $1.2 million in the first quarter of 2008 as compared to $406,000 in the first quarter of 2007. Revenue from distribution was $7.4 million in the first quarter of 2008 compared to $5.3 million in the comparable period of 2007.

Gross profit increased to $7.7 million from $654,000 in the first quarter of 2007. This reflects a gross margin of 42.7%, which is a substantial increase year over year from 11.5% in the first quarter of 2007. The increase in gross margins was due to Sunstone revenue contributions as well as increased licensed products sales, both of which carry a higher gross margin than distribution revenue. Gross profit includes a one time non-cash adjustment of $609,000 related to amortization on the fair value inventory for the Sunstone acquisition. Excluding this adjustment, gross profit margin would have been 46.1%.

Loss from operations improved to $1.4 million from $1.8 million in the first quarter of 2007. Operating expense increases included Sunstone-related general and administrative expenses, as well as costs related to additional senior management, administrative and corporate staff in China. General and administration expenses increased 70% to $3.2 million in the first quarter of 2008 from $1.9 million in the first quarter of 2007. Excluding the $609,000 purchase accounting adjustment in cost of sales, described above, the loss from operations improved to $787,000 from a loss of $1.8 million in the prior year period.

Adjusted EBITDA in the first quarter of 2008 was $1,523,000, which excludes the impact of $563,000 of stock compensation expense, $977,000 of amortization debt discount and issuance costs, $802,000 of interest expense, $609,000 of amo
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SOURCE BMP Sunstone Corporation
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