HUBEI PROVINCE, China, May 21 /Xinhua-PRNewswire-FirstCall/ -- Benda Pharmaceutical, Inc. (OTC Bulletin Board: BPMA), a China-based pharmaceutical company producing both Gendicine(R), a commercialized gene therapy medicine for the treatment of cancer, and traditional Chinese and conventional medicines, today announced financial results for the quarter ended March 31, 2008. The Company filed its Form 10Q with the SEC on May 20, 2008.
Three Months Ended March 31, 2008
Revenue in the first quarter of 2008 increased 96.3% to $5.9 million from $3.0 million in the first quarter of 2007, primarily reflecting increased sales at Benda Ebei.
Gross profit in the first quarter of 2008 increased 89.5% to $2.0 million from $1.1 million in the first quarter of 2007. Gross margin was 33.8%, compared with 35.0% in the same period of 2007.
Charles Wan, Chief Executive Officer of Benda Pharmaceutical, stated, "We are very pleased with the net revenue from Benda Ebei, which increased 136% year over year to $5.9 million. We believe the market opportunity for our products is extremely compelling and we look forward to further increasing our long-term revenue growth and profitability."
Operating expenses in the first quarter were approximately $3.1 million, compared with $0.6 million in the first quarter of 2007. The increase in operating expense is primarily due to increased administrative expenses including a penalty payment paid to investors, a bad debt provision and increased consulting and professional fees.
Wan continued, "We remain very focused on enhancing our revenue performance at SiBiono as well as our gross margin performance across the organization."
Operating loss in the first quarter 2008 was $1.1 million, compared with an operating income of $0.5 million in the first quarter of 2007. This loss was primarily due to a significant increase in general and administrative expenses.
In the first quarter of 2008, Benda
|SOURCE Benda Pharmaceutical, Inc.|
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