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

es and promote digestion. The Company expects revenue from Baobaole chewable tablets in the second quarter of fiscal year 2008 to exceed $1.8 million.

The increase in selling, general and administrative expenses was also caused by the Company hiring 70 additional sales executives to sell products to the rapidly growing Over-The-Counter pharmaceutical market in China.

Operating income for the first quarter of Fiscal Year 2008 totaled $4.9 million, an 8.7% decrease from $5.4 million in the first quarter of Fiscal Year 2007. The Company's operating margins decreased to 29.7% from 31.0% for the same periods.

Net income for the first quarter of Fiscal Year 2008 totaled $3.2 million, down 7.6% from net income of $3.5 million in the first quarter of Fiscal Year 2007.

Financial Condition

As of September 30, 2007, the Company had $4.6 million in cash and cash equivalents, $19.6 million in working capital and a current ratio of 2.1:1. The Company used $3.2 million in cash flow from operations in the first quarter of Fiscal Year 2008, partly due to a $3.9 million payment to raw material suppliers, hedging against anticipated rising prices for raw materials. As of September 30, 2007, the Company had $10.8 million of bank debt and bank notes, and $30.9 million of shareholders' equity.

Business Outlook

Genesis Pharmaceuticals Enterprises, Inc. is well positioned in the Chinese pharmaceutical industry with four drugs currently approved by the Chinese State Food and Drug Administration. The product launch of Baobaole chewable tablets is expected to add immediately to revenues and quickly develop significant market share. The Company is developing new products, some of which are awaiting government approvals.

The company has contracted to purchase the patent for Ligustrazine Ferulic Acid Acetate ("LFAA"), a Chinese Class 1 drug. LFAA is undergoing testing as a cardiac cerebral vascular medicine that is designed to help reduce blood clo
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SOURCE Genesis Pharmaceuticals Enterprises, Inc.
Copyright©2007 PR Newswire.
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