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Lotus Pharmaceuticals, Inc. Announces Fourth Quarter and Fiscal Year 2007 Results
Date:4/17/2008

y of penetrating the direct sales channels into agencies and hospitals and enhancing our production capacity. We also focused on our best selling products, including our hypertension medication VALSARTAN Capsules, and began distributing higher-margin, third-party pharmaceutical products through our existing network,'' said Mr. Zhongyi Liu, Chairman and CEO of Lotus Pharmaceuticals, Inc. ''We will continue to maintain this strategy in the year ahead and plan to explore new markets.''

Fourth Quarter 2007 Results

Lotus Pharmaceutical's total revenue in the fourth quarter was $19.2 million, an increase of 73% on year-over-year basis. This was primarily the result of strong performance associated with the Company's continued efforts to develop its sales distribution channels. Wholesale revenue increased 143% year-over-year to $15.9 million, or 83% of total revenue, and includes the effect of the recording of a $2.2 million sales return allowance in 2006, which reduced 2006 revenues. Other revenue decreased 24% year-over-year to $3.1 million, or 16% of revenue in the fourth quarter of 2007, mainly due to a decrease in third-party manufacturing. Retail revenue was $0.2 million in the fourth quarter of 2007, due to the Company's strategy to sell its traditional Chinese medicines at reduced prices through its retail channel due to quality control concerns.

Gross profit in the fourth quarter of 2007 was $8.3 million, an increase of 234% on year-over-year basis. Gross margin was 43.1%, up from 22.3% in the fourth quarter of 2006, primarily due to production efficiencies as well as the recording of a sales allowance in the fourth quarter of 2006, which decreased revenue by $2.2 million.

Operating expenses in the fourth quarter of 2007 were $4.8 million, up 85% from $2.6 million in the fourth quarter of 2006. This increase was primarily the result of higher selling expenses associated with the Company's sales growth. Research and development expenses
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SOURCE Lotus Pharmaceuticals, Inc.
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