LAIYANG, China, May 15 /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 March 31, 2008, the Company's third quarter of its
fiscal year ended June 30, 2008. A 10QSB Form was filed for the quarter
with the U.S. Securities Exchange Commission that is available through the
Company's website and from the SEC.
Third Quarter 2008 Highlights:
-- Revenue totaled $28.1 million, up 48.5% year-over-year
-- Gross profit totaled $21.8 million, up 60.7% year-over-year
-- Gross margin was 77.4%, compared to 71.5% a year ago
-- Net income rose to $4.5 million, up 138.46% from the quarter ended
March 31, 2007, $0.01 per basic and diluted share
-- Engaged Moore Stephens Wurth Frazer & Torbet, LLP as independent
"We are pleased to report financial results that confirm the growing popularity of our products. Our best selling products continue to be Clarithromycin sustained-release tablets and Itopride Hydrochloride granules. Sales for Baobaole chewable tablets, our first Chinese herbal over the counter drug product, have grown rapidly since we introduced it at the end of 2007," said Mr. Cao Wubo, Chairman and CEO of Genesis Pharmaceuticals Enterprises, Inc. "We have several new drugs that are still in various stages of approval from China's State Food and Drug Administration, and we believe that we will be able to introduce four new drugs in the near future."
Third Quarter of Fiscal Year 2008 Results
Total revenue in the third quarter ended March 31, 2008 was $28.1
million, up 48.5% from $18.9 million in the prior year's period. This
increase in revenue was mostly due to increased sales of the Company's two
most popular products, Clarithromycin sustained-rel
|SOURCE Genesis Pharmaceuticals Enterprises, Inc.|
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