China Shenghuo Announces Restated Results For Full Year 2007 & First Quarter 2008, Reports Results For Second & Third Qu...(accounting and legalexpenses in connecti...),Health
accounting and legal expenses in connection with the restatement), and the increase in expenses related to business expansion of cosmetic products.
Third quarter 2008 operating income decreased to $432,408 compared to $1.27 million for the third quarter of 2007.
Third quarter 2008 net income decreased to $154,286, or $0.01 earnings per diluted share. This compares to net income of $867,641 or $0.04 earnings per diluted share for the same quarter in 2007.
Nine-Month Results
Revenues for the first nine months of 2008 increased 43% to $21.35 million compared to $14.88 million for the first nine months of 2007. The increase was primarily due to increased sales of the Company's main product, Xuesaitong Soft Capsules, OTC products and cosmetic products, and the increased export of products.
Gross profit for the first nine months of 2008 increased 29% to $14.30 million over $11.12 million for the same period in 2007. Gross margin for the first nine months of 2008 was 66.9%, compared with 74.7% for the first nine months of 2007. The decrease in gross margin percentage was primarily due to the fact that, in the first and second quarter of 2008, there were sales of other brand's products which have a higher purchasing price and thus generate a smaller profit margin.
Sales and marketing expenses rose 67% to $8.67 million in the first nine
months of 2008 over $5.18 million in the same period of 2007, primarily due to
the increase in marketing and advertising of the Company's cosmetic products
and the increase in commission paid to sales representatives. General and
administrative expenses increased to $7.00 million in the first nine months of
2008 compared to $2.70 million for the same period in 2007, primarily due to
the increase of the expenses related to the Company's status as a public
company with its securities traded on a U.S. national exchange (including
acco
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| SOURCE China Shenghuo Pharmaceutical Holdings, Inc. Copyright©2008 PR Newswire. All rights reserved |
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