Restatement Impact on Full-Year 2007 and First Quarter 2008
The summarized restated results for 2007 and first quarter 2008 are as follows: Full Year 2007 As Previously Reported As Restated Net Income (Loss) $4,016,640 $1,720,387 Net Income (Loss) Per Diluted Share 0.21 0.09 First Quarter 2008 As Previously Reported As Restated Net Income (Loss) ($338,341) ($852,660) Net Income (Loss) Per Diluted Share (0.02) (0.04)
More detail regarding these amounts and the restatements can be obtained from the Company's amended Annual Report on Form 10-KSB/A for the year ended December 31, 2007, and its amended Quarterly Report on Form 10-Q/A for the first quarter ended March 31, 2008, which were filed with the U.S. Securities and Exchange Commission on Friday November 14, 2008.
Second Quarter 2008 Financial Highlights
Revenues for the second quarter of 2008 were $8.59 million, up 35% year- over-year compared with $6.36 million reported in the second quarter of 2007. The increase in sales was driven mainly by the increase in sales of the Company's main product, Xuesaitong Soft Capsules, as well as the Company's non-prescription ("OTC") pharmaceutical products.
Gross profit for the three months ended June 30, 2008 was $5.60 million
compared with $4.77 million in the same period last year. Gross margin was
65.2%, a decline from 75.1% in the second quarter of 2007. The decre
|SOURCE China Shenghuo Pharmaceutical Holdings, Inc.|
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