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China Shenghuo Reports Year 2008 Financial Results
Date:4/1/2009

illion in revenue from our 12Ways cosmetic products; (iv) fluctuations in foreign exchange rates and other retail sales of $0.5 million. Xuesaitong Soft Capsule accounted for approximately 87% of the total net revenues in 2008. It is expected that revenues from the 12Ways cosmetics products will contribute a bigger portion of the total revenue going forward.

Our costs of products sold for the year ended December 31, 2008 was approximately $7.69 million, an increase of approximately $2.65 million from approximately $5.04 million for the year ended December 31, 2007. The increase in the cost of products sold is due to the increase in sales of our products and a slight increase in production costs per unit in 2008 compared to 2007, because of the increase in the price of our main raw material and other ingredients.

Gross profit for 2008 was $20.99 million, an increase of 40.6% from the $14.94 million a year ago. Gross profit margin was 73.2%, a slight decline from 74.8% for the 2007 year. The gross margin decline was mainly due to higher production costs as the price of raw materials increased during the year.

Selling expenses for the year ended December 31, 2008 were $13.27 million, an increase of $6.43 million when compared with 2007. Selling expenses accounted for 46.3% of total revenue in 2008, as compared to 34.2% of total revenue in 2007. The primary reasons for the increase are (i) an increase of $4.20 million of commissions that we paid to sales representatives and sales offices in an effort to stimulate the sales in existing and new markets; (ii) an increase of $1.80 million in advertising of new products, particularly in our cosmetics line; and (iii) the impact of the fluctuation in foreign exchange rate and other expenses of $0.40 million.

General and administrative ("G&A") expenses for 2008 were $10.86 million, an increase of $4.98 million, when compared with $5.88 million fo
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SOURCE China Shenghuo Pharmaceutical Holdings, Inc.
Copyright©2009 PR Newswire.
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