China Nepstar Chain Drugstore Reports 92.1% Year-on-Year Increase in Operating Income for Third Qu... ( SHENZHEN China Dec...)

China Nepstar Chain Drugstore Reports 92.1% Year-on-Year Increase in Operating Income for Third Quarter 2009

Date:12/1/2009

SHENZHEN, China, Dec. 1 /PRNewswire-Asia-FirstCall/ -- China Nepstar Chain Drugstore Ltd. (NYSE: NPD) ("Nepstar" or "the Company"), the largest retail drugstore chain in China based on the number of directly operated stores, today announced its unaudited financial results for the third quarter ended September 30, 2009.

Financial Highlights

In January 2009, Nepstar terminated a voting rights assignment agreement, which assigned 30% of the total voting rights of Yunnan JianZhiJia Chain Drugstore Co. Ltd. ("JZJ") to Nepstar. As of December 31, 2008, JZJ had 355 drugstore outlets, all located in the Yunnan province. As a result, Nepstar no longer consolidated JZJ's financials beginning in the first quarter of 2009, and the financial results of JZJ were accounted for under the equity method.

To facilitate comparability of figures between periods presented, pro forma financial information is presented to show the accounting impact of the termination of the voting rights assignment agreement as if that had taken place in the beginning of the relevant period.

    For the quarter ended September 30, 2009:
    -- Revenue increased 8.0% to RMB556 million (US$81 million) compared to
       RMB515 million in the third quarter of 2008 on a pro forma basis
    -- Operating income rose 92.1% to RMB34 million (US$5 million) compared to
       RMB18 million in the third quarter of 2008 on a pro forma basis
    -- Net income was RMB37 million (US$5 million)
    -- Net cash flow from operations was RMB93 million (US$14 million)

"Our continuous efforts to improve store merchandise offerings and grow foot traffic have started to show encouraging results," commented Mr. Ian Wade, Chief Executive Officer of Nepstar. "As the Chinese economy continues to recover, we are encoura
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SOURCE China Nepstar Chain Drugstore Ltd.
Copyright©2009 PR Newswire.
All rights reserved

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