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Benda Pharmaceutical Reports Fourth Quarter and Full Year 2007 Financial Results
Date:3/31/2008

HUBEI PROVINCE, China, March 31 /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 fourth quarter and fiscal year ended December 31, 2007. The Company plans to file its Annual Report with the SEC today.

Full Year Ended December 31, 2007

Revenue in the fiscal year 2007 increased 66% to $26.4 million from $15.9 million in 2006. Revenue performance reflects increased sales from Benda's subsidiaries, Benda Ebei and Jiangling Benda, and approximately $5.8 million in revenue from Gendicine since Benda's acquisition of SiBiono in April 2007.

Gross profit during this period increased 97% to $12.5 million from $6.3 million in 2006. Gross margin increased 770 basis points to 47.3% from 39.6% in the same period of 2006, reflecting the higher margin revenue contribution from Gendicine sales.

The Company's general and administrative expenses in 2007 were $13.9 million compared to $2.5 million in 2006. The $11.4 million increase in 2007 was driven by $9.4 million in non-recurring costs, including $8.4 million in non-cash stock compensation expense for consulting services related to the acquisition of SiBiono and a $1.0 million cash penalty recorded in 2007 because of the late submission of the effective registration statement. For additional information regarding these items, please refer to the Company's Annual Report. Excluding these non-recurring expenses, operating income for the year 2007 would have been $5.8 million, up 92% from $3.0 million in 2006.

In 2007, Benda recognized $2.9 million in interest expense, related to the Company's convertible note issued in March 2007.

Mr. Charles Wan, Chief Executive Officer of Benda Pharmaceutical, commented, "We realized signi
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SOURCE Benda Pharmaceutical, Inc.
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