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

s as a percentage of revenue. The decrease in cost of sales as a percentage of revenue was primarily the result of improved purchase pricing management and more efficient production cost controls.

"Our products are of medical necessity and long-term control. Our goal is to improve health and quality of life. We are committed to increasing long term shareholders' value with our growth strategy of expanding geographically, building strong brands, bringing new drugs to the market, and reaching out new customers while adding value for our customers through the leverage of economies of scale." commented Dr. Zhongyi Liu, Chairman and CEO of Lotus. "We believe that the implementation of our cost reduction strategy and customer-centered strategy work have helped us to gain market share in sales units and improve managerial efficiency."

Total operating expenses for the first quarter 2009 were $2.4 million, a decrease of $9,974 from the first quarter of 2008. This decrease was principally a result of zero third party research and development expenses occurred, which was offset by the increase of selling expenses, general and administrative expenses.

Net income for the 2009 first quarter was $3.6 million, or $0.07 per diluted share, compared with $1.0 million, or $0.02 per diluted share, in the first quarter of 2008.

The Company's cash position at the end of the first quarter was $1.2 million.

Dr. Liu commented, "The majority of our wholesale customers pay us upfront and our business has no problem in generating cash quickly. Although we have historically funded our capital expenditures from our working capital, we are seeking financing for expansion needs.

"We believe that our growth will benefit from the Chinese government's $124.3 billion universal health plan package which we believe will generate increased demand for our products. We also believe we may benefit from
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SOURCE Lotus Pharmaceuticals, Inc.
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