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Genesis Pharmaceuticals Announces Results for The First Quarter of Fiscal Year 2008
Date:11/19/2007

LAIYANG, China, Nov. 19 /Xinhua-PRNewswire-FirstCall/ -- Genesis Pharmaceuticals Enterprises, Inc. (OTC Bulletin Board: GTEC) ("Genesis" or the "Company"), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced its financial results for the quarter ended September 30, 2007, the Company's first quarter of Fiscal Year 2008.

First Quarter of Fiscal Year 2008 Results

Revenues and profits declined slightly due to a scheduled facility maintenance project that resulted in a manufacturing stoppage for five weeks during the quarter. Adjusting for the impact of the stoppage, revenues would have grown approximately 15% as compared to the same period last year.

-- First quarter revenue was $16.6 million, down 7.7% from Q1 FY 2007

-- Gross profit totaled $12.0 million, down 7.0% from Q1 FY 2007

-- Net income was $3.2 million, down 7.6% from Q1 FY 2007

"Our revenues declined slightly in the first quarter of Fiscal Year 2008 due to a previously scheduled maintenance project implemented by management according to Chinese drug production industry standards. This was the biggest facility maintenance project undertaken by us during the last three years, and critical for maintaining product quality and improving the productivity of our entire production facility. We are pleased to report that the maintenance project was successfully completed, and we achieved record revenues of approximately $8 million in the month of October," said Mr. Cao Wubo, Chairman and CEO of Genesis Pharmaceuticals Enterprises, Inc.

"We are very encouraged about the pipeline of new drugs that we plan to bring to market. We started sales of Baobaole chewable tablets this month, in November. We have four new drugs for which we expect to get approval from China's State Food and Drug Administration by the end of 2007. We contracted to purchase a very promising Chinese Class 1 drug called Ligustrazine Ferulic
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SOURCE Genesis Pharmaceuticals Enterprises, Inc.
Copyright©2007 PR Newswire.
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