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China Medicine Announces Record Fourth Quarter and Fiscal Year 2007 Results
Date:3/27/2008

-- FY 07 revenues grow 75% to $42.1 million -- FY 07 earnings up 43% to $6.9 million or 50 cents per diluted share

GUANGZHOU, China, March 27 /Xinhua-PRNewswire/ -- China Medicine Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a leading distributor and developer of prescription and over the counter pharmaceuticals, traditional Chinese medicines (TCM), nutritional and dietary- supplements, medical devices, and medical formulations in the PRC, today reported record financial results for the fourth quarter and fiscal year ended December 31, 2007.

Fourth Quarter 2007 Highlights

-- Revenues increased 89% from Q4 of 2006, to $16.2 million

-- Gross profit increased 30% from Q4 of 2006, to $4.5 million

-- Operating income increased 15% from Q4 of 2006, to $3.4 million

-- Net Income increased 15% from Q4 of 2006, to $2.8 million

Full Year 2007 Highlights

-- Total revenues increased 75% to $42.1 million

-- Gross profit increased 38% to $12.4 million

-- Operating income increased 36% to $8.4 million

-- Net income increased 43% to $6.9 million, or $0.50 per diluted share

-- Obtained regional distribution rights to 774 new products in

Guangdong Province

-- Received RMB 800,000 in grants for aflatoxin detoxifizyme ("ADTZ")

project from Education Department of Guangdong Province

"This was a very successful year for China Medicine, both in terms of financial performance and the execution of our business strategy. Our very strong revenue growth was driven by an expanded number of pharmaceutical products provided by our suppliers, as well as increased sales of our self- developed medical formulations and other intellectual property relating to pharmaceutical product development," said Mr. Senshan Yang, China Medicine's Chairman and CEO.

"In 2007, we expanded our distribution network to cover both municipal and rural
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SOURCE China Medicine Corporation
Copyright©2008 PR Newswire.
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