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Jiangbo Pharmaceuticals Reports Results for the Third Quarter of its Fiscal Year 2009
Date:5/18/2009

LAIYANG, China, May 18 /PRNewswire-Asia-FirstCall/ -- Jiangbo Pharmaceuticals, Inc. (OTC Bulletin Board: JGBO) (''Jiangbo'' 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 third quarter ended March 31, 2009 of its fiscal year 2009.

    Third Quarter of Fiscal Year 2009 Highlights
    -- Total revenue, which reflects newly associated expense restructuring,
       was $25.7 million, compared to $28.1 million in the corresponding
       quarter of 2008
    -- Gross profit was $18.9 million, compared to $21.8 million in the
       corresponding quarter of 2008, and gross margin was 73.4% compared to
       77.4% in the corresponding quarter of 2008
    -- Operating income was $13.3 million, a 53.6% increase from $8.7 million
       for the three months ended March 31, 2008
    -- Net income was $8.9 million, or $0.44 per fully diluted share, up from
       $4.5 million, or $0.46 per fully diluted share, for the three months
       ended March 31, 2008
    -- Non-GAAP adjusted net income was $10.0 million, or $0.97 per weighted
       average share for the three months ended March 31, 2009, up 66.5% from
       non-GAAP adjusted net income of $6.0 million, or $0.61 per weighted
       average number of shares, for the quarter ended March 31, 2008
    -- Acquired Shandong Hongrui Pharmaceutical Factory ("Hongrui") for
       approximately $11.2 million consisting of RMB58.6 million in cash
       (approximately $8.6 million) and 643,651 shares of Jiangbo's common
       stock amounting to approximately $2.6 million
    -- Obtained the legal rights to manufacture and distribute Hongrui's 22
       Traditional Chinese Medicines
    -- Restructured its sales network to distribute products through 28 large
       regional distributors
    -- Changed the corporate name from Genesis Pharmaceuticals Enterprises,
 
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SOURCE Jiangbo Pharmaceuticals, Inc
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