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Lotus Pharmaceuticals, Inc. Reports First Quarter 2009 Financial Results
Date:5/18/2009

BEIJING, May 18 /PRNewswire-Asia-FirstCall/ -- Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS) ("Lotus" or the "Company") a company that controls and operates pharmaceutical companies in the People's Republic of China ("PRC"), today reported its financial results for the first quarter ended March 31, 2009.

    First Quarter 2009 Highlights and Recent Developments:

    -- Diluted EPS of $0.07
    -- Net income of $3.6 million, up 258% from first quarter 2008
    -- Improved cash flows from operating activities of $7.0 million, up
       $10.6 million from first quarter 2008
    -- Submitted application and received formal notice from the Chinese
       State Food and Drug Administration ("SFDA") that it has started
       pre-clinical evaluation of Gliclazide-Controlled Release Tablets
       (antidiabetic agent)
    -- Participated in the April 2009 61st PHARMCHINA in Zhengzhou, the
       largest exhibition in Chinese pharmaceutical industry with a history
       of over 30 years, and entered sales agreements with 5 new
       distributors which the Company believes may increase the Company's
       market share
    -- Completed integration of Yipubishan-Octreotide Acetate Injection's
       distribution channels
    -- Appointed Ms. Yan Zeng as fulltime CFO and Bagell, Josephs, Levine &
       Company, L.L.C. as new independent auditor

Revenues for the first quarter of 2009 increased 1% to $11.8 million, up from $11.7 million in the first quarter of 2008. Both wholesale revenues (76% of total net revenues for the first quarter of 2009) and retail revenues (18% of total net revenues for the first quarter of 2009) increased 6%, but other revenues (6% of total revenues for the first quarter of 2009) decreased 41% for the first quarter of 2009 as compared to the first quarter of 2008. The increase in wholesale revenues was mainly attributed to strong sales in Valsartan Capsules, Brim
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SOURCE Lotus Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
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