Lotus Pharmaceuticals, Inc. Reports Strong 2008 Financi...( BEIJING April 22 Asia-FirstCall/ --...),Health

    BEIJING, April 22 /PRNewswire-Asia-FirstCall/ --

    -- Revenues of $73.8 million
    -- Gross Profit of $33.4 million
    -- Net income of $12.8 million or $0.27 per diluted share

Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS, "Lotus" or the "Company") today reported its strong 2008 results with total net revenues increasing to $73.8 million, up 30% from 2007 total net revenues; gross profit increasing to $33.4 million, up 44% over 2007 gross profit of $23.2 million; net income $12.8 million or $0.27 diluted earnings per share, compared to net income of $11.2 million, or diluted earnings per share of $0.26, in 2007.

"We achieved substantially all of our goals for 2008. We exceeded the 'make good' net income and remain on track to meet the 2009 full-year goal," stated Dr. Zhongyi Liu, Chairman and CEO of Lotus. "We've also focused our expansion into Inner Mongolia with plans of new revenue lines, and as we establish these lines through 2009 till 2011 we are positioning ourselves for ambitious growth starting from 2011 and beyond, while maintaining steady growth from 2009 to 2011.

"Gross profit growth has been strong and we believe has proven our business model's resilience in the current global and local economic climate. We believe our business model can weather market and economic storms as it is supported by the diversification in revenues generated from prescription drugs ranging from self-produced and self-branded to third party manufactured, from retail sales of OTC drugs and from manufacturing and R&D for third party customers; Additionally, we believe we continuously make our operation more efficient and position Lotus to benefit from preferential tax policies offered in Inner Mongolia. Once our plant in Inner Mongolia begins to run at full production capacity, which we believe will be in 2013, we could save at least $15.5 million from significantly reduced taxes
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