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China Shenghuo Announces Restated Results For Full Year 2007 & First Quarter 2008, Reports Results For Second & Third Quarter 2008
Date:11/20/2008

ase in gross margin percentage was primarily due to the sales of other branded OTC products, which carry lower profit margins. Sales of these products were terminated at the end of the second quarter.

Net loss for the second quarter of 2008 was $1.54 million compared with net income of $1.32 million for the same period last year. Second quarter 2008 loss per diluted share was $0.08 compared to earnings per diluted share of $0.07 for the same period last year.

Third Quarter 2008 Financial Results

Revenues for the third quarter ended September 30, 2008 were $7.28 million, representing an increase of 73% compared to $4.20 million for the third quarter of 2007. The increase in sales was driven mainly by increased sales of the Company's main product, Xuesaitong Soft Capsules, augmented by increased sales of the OTC products, cosmetic products and increased export of products.

Third quarter 2008 gross profit was $5.31 million, an increase of 68% over $3.16 million for the same period in 2007. Gross margin for the third quarter of 2008 was 72.9%, compared with 75.3% for the third quarter of 2007. The decrease in gross margin percentage was driven largely by the increase in the cost of the raw material used in the Company's primary product.

Sales and marketing expenses for the third quarter of 2008 increased 93% to $2.99 million over $1.55 million in the third quarter of 2007, primarily due to the increase in commission paid to sales representatives due to increased sales of the Company's primary product and the increase in marketing expenses for the Company's cosmetic products. General and administrative expenses for the third quarter of 2008 increased to $1.82 million compared to $341,372 for the same quarter in 2007, primarily due to the increase in expenses related to the Company's status as a public company with its securities traded on a U.S. national exchange (including
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SOURCE China Shenghuo Pharmaceutical Holdings, Inc.
Copyright©2008 PR Newswire.
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