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China Medicine Announces First Quarter 2009 Results
Date:5/13/2009

GUANGZHOU, China, May 13 /PRNewswire-Asia/ -- China Medicine Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a developer and a leading distributor of prescription and over the counter pharmaceuticals, traditional Chinese medicines (TCM), nutritional and dietary supplements, and medical devices and medical formulations, today announced its first quarter 2009 results.

    First Quarter 2009 Highlights:
    -- Revenues increased 43% from Q1 of 2008 to $10.1 million
    -- Gross profit increased 20.2% from Q1 of 2008 to $2.8 million
    -- Operating income increased 25.3% from Q1 of 2008 to $1.8 million
    -- Adjusted net income, which excluded a non-cash expense related to
       change in fair value of warrants for the first quarter of 2009, was
       $1.3 million, or $0.09 per diluted share
    -- Net income was $0.5 million, or $0.04 per diluted share
    -- Added 11 new customers
    -- Granted manufacturing licenses for its facility to produce certain feed
       additives, making the Company eligible to develop a new rADTZ feed
       additives
    -- Received provincial exclusive distribution rights for Nianlianping-
       medical macrogol berberine solution

"We are pleased with our top line growth during the first quarter. Normally, pharmaceutical companies and hospitals place purchase orders to stock up their inventories in the first quarter of the year prior to the Chinese New Year holidays. However, due to the early Chinese New Year celebration in January 2009, a large portion of these sales recorded in the fourth quarter of 2008. Despite this, we achieved double digit growth in our pharmaceutical product sales," said Mr. Senshan Yang, Chairman and CEO of the China Medicine Corporation. "While our gross margin was down from the same period last year due to changes in our product mix adopted to maintain our market share, gross margin increased from the fou
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SOURCE China Medicine Corporation
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