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China Nepstar Chain Drugstore Reports Second Quarter 2009 Financial Results
Date:8/24/2009

SHENZHEN, China, Aug. 24 /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 quarter ended June 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 been taken place in the beginning of the relevant period.

    For the quarter ended June 30, 2009:
    -- Revenue was RMB534 million (US$78 million) reflecting a 7.5% increase
       compared to revenue of RMB497 million in the second quarter of 2008 on
       a pro forma basis
    -- Operating margin improved to 4.1%, compared to 2.6% for the first
       quarter of 2009
    -- Net income was RMB30 million (US$4 million)
    -- Net cash flow from operations was RMB78 million (US$11 million)

"We remain focused on balancing revenue growth and margin improvement as this is our theme of this rather challenging year 2009," commented Mr. Ian Wade, Chief Executive Officer of Nepstar. "Our efforts to adjust product mix and pricing to reflect the changing ne
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SOURCE China Nepstar Chain Drugstore Ltd.
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