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Dragon Achieved Solid Increase in Sales and Profits from Continuing Operations for Q3
Date:11/14/2007

VANCOUVER, Nov. 14 /PRNewswire-FirstCall/ - Dragon Pharmaceutical Inc. (TSX: DDD; OTC BB: DRUG; BBSE: DRP) today announced its financial results for the three and nine months ended September 30, 2007, showing strong growth in sales and profits for its core antibiotic business. Meanwhile, the Company also announced the sale of its EPO operation to an unaffiliated party through a separate press release.

Highlights for the three and nine months ended September 30, 2007

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- Sales for the third quarter increased 102% to $23.10 million from

$11.41 million for the same period of 2006. Sales for the first nine

months reached $59.98 million, with an increase of 60% as compared to

the same period of 2006;

- Gross profit and gross margin for the third quarter were

$4.31 million and 18.66% compared to $0.73 million and 6.38% for the

same period of 2006;

- Operating income increased 347% to $1.31 million for this quarter

from a net loss of $0.53 million for same period of 2006;

- Net cash inflow generated from operating activities for the quarter

was $2.08 million, as compared to a net cash outflow of $1.23 million

for same period of 2006;

- Net income from continuing operations for the third quarter amounted

to $0.97 million, up 200% from a net loss of $0.97 million for the

same period of 2006;

- A net loss of $2.57 million was shown from discontinuing operations,

which was due to the impact of a $2.64 million non-cash impairment

charge of intangible assets and goodwill related to EPO disposal.

As the result of the EPO disposal, the Company will be focusing on core antibiotic business with vertical product lines covering intermediates, active pharmaceutical ingredients and formulation drugs, which all grew strongly over
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SOURCE Dragon Pharmaceutical Inc.
Copyright©2007 PR Newswire.
All rights reserved

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