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China-Biotics, Inc. Reports Third Quarter 2009 Financial Results
Date:2/16/2009

SHANGHAI, Feb. 16 /PRNewswire-Asia-FirstCall/ -- China-Biotics, Inc. (Nasdaq: CHBT) ("China-Biotics", "the Company"), a leading Chinese firm specializing in the manufacture, research, development, marketing and distribution of probiotics products, today announced its financial results for the third quarter of its 2009 fiscal year, ended December 31, 2008.

    Third Quarter 2009 Highlights

    -- Net sales increased 32.5% year-over-year to $15.8 million
    -- Gross profit increased 28.3% year-over-year to $11.2 million, with
       gross margin of 71%
    -- Net income increased 40.2% year-over-year $5.7 million
    -- Excluding a $1.4 million gain related to the change in fair value of
       convertible notes, net income increased 5.4% year-over-year to $4.3
       million
    -- Diluted earnings per share were $0.22, compared to $0.23 the prior year
    -- Signed agreements with six additional business customers to supply
       probiotics as bulk additives for dairy products

Third Quarter 2009 Results

During the third quarter of the 2009 fiscal year, net sales increased 32.5% to $15.8 million from $11.9 million the prior year. Growth in revenues stemmed from increased sales volume of new products and changes in the Company's sales mix, as China-Biotics reaped the benefits of ongoing, targeted price increases on selected products. Compared to the prior year, sales also benefitted from an increase in the number of the Company's Shining retail outlets to 107 from 27 in the fiscal third quarter a year ago. Newer products, including Shining Essence Stomach Protection Capsules and Shining Probiotics Protein Powder, accounted for 19.6% of total sales during the quarter, up from a combined 13.1% of sales a year ago. Sales of bulk additives to commercial customers totaled $1.1 million, or 7.1%
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SOURCE China-Biotics, Inc.
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