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

cal formula sales fell to zero in the first quarter from 3% of total revenues in the year ago period due to stricter regulation by the State Food and Drug Administration (SFDA), which must approve every transfer of ownership of a medical formula in China and has increased the complexity of the approval process. However, the Company is confident that it can increase its gross margins in coming quarters by adjusting its portfolio to increase sales of pharmaceutical products with exclusive distribution rights as well as sales of self-branded products, which have higher margins.

Operating expenses in the first quarter of 2009 were $1.0 million, up 12.3% from $0.9 million in the first quarter of 2008. This increase was due to higher selling, general and administrative expenses related to the increase in expenses in the first quarter of 2009.

Operating expenses represented 10% of total revenues in the first quarter of 2009, decrease from 12.8% in the first quarter of 2008.

Operating income was $1.8 million in the first quarter of 2009, up 25.3% from $1.4 million in first quarter of 2008. Operating margin was 17.6%, as compared to 20% during the same period a year ago.

The Company's provision for income taxes was $0.5 million in the first quarter of 2009, compared to $0.3 million in the same period a year ago. The increase was subject to an effective income tax rate in China of 25% in 2009, versus a reduced rate of 16.5% in 2008, as tax exemptions enjoyed by the Company's Konzern subsidiary ended in 2008.

Net income for the first quarter of 2009 was $0.55 million, or $0.04 per diluted share, which included a $0.8 million non-cash expense related to a change in the fair value of warrants, compared to $1.2 million, or $0.08 per diluted share, in the first quarter of 2008. This is due to the adoption of a new accounting policy that became effective January 1, 2009, which requires ch
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SOURCE China Medicine Corporation
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