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China Medicine Announces Record Fourth Quarter and 2008 Results
Date:3/26/2009

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Operating income was $4.2 million in the fourth quarter of 2008, up 24.5% from $3.4 million in fourth quarter of 2007. Operating margin was 17%, as compared to 21% a year ago.

Net income for the fourth quarter of 2008 was $3.5 million, or $0.23 per diluted share, compared to $2.8 million, or $0.17 per diluted share in the fourth quarter of 2007.

Full Year 2008 Results

For the full year 2008, total revenues were $53.6 million, up 27.4% from $42.1 million in 2007. Approximately 97.5% of revenue came from product sales and 2.5% came from medical formula sales. Gross profit for the full year 2008 was $15.6 million, an increase of 25.6% from $12.4 million in 2007. Gross profit margin was 29% in 2008, the same as in 2007. Operating income was $10.9 million, up 29.9% from $8.4 million in 2007. Operating margin was 20%, the same as in 2007. Net income for 2008 was $9.1 million or $0.60 per diluted share, compared to $6.9 million or $0.50 per diluted share in 2007.

Financial Condition

As of December 31, 2008, China Medicine had $2.8 million in cash and cash equivalents, and approximately $32.58 million in working capital, an increase of 14.1% from $28.5 million in 2007. For the year ended December 31, 2008, China Medicine's cash flow from operations was $4.2 million. Stockholders' equity as of December 31, 2008 was $42.8 million, an increase of 38.5% over the $30.9 million recorded as of December 31, 2007.

During the fourth quarter, the Company spent $2.7 million on purchasing and installing equipment for the production of rADTZ. The Company also spent $2.9 million as the deposit on the purchase of the ownership of BCG (Bacillus Calmette-Guerin) vaccine for the prevention of infection in bladder cancer patients post surgery and $2.3 million on exclusive distribution rights for multivitamin food supplement products.

2009 Outlook


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SOURCE China Medicine Corporation
Copyright©2009 PR Newswire.
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