NEW YORK, May 15 /Xinhua-PRNewswire/ -- Tiens Biotech Group (USA), Inc. (the ''Company'' or ''Tiens''), (Amex: TBV), http://www.tiens-bio.com , announced financial results for the first quarter ended March 31, 2008.
Revenue for the first quarter of 2008 was $12.8 million compared to $16.2 million for the first quarter of 2007.
Net income for the first quarter of 2008 was $3.6 million, or $0.05 per share, compared to net income of $6.5 million, or $0.09 per share for the first quarter of 2007.
Revenue by Region
For the first quarter of 2008, revenue in China was $6.1 million compared to $7.2 million for the first quarter of 2007. Sales in China reflect the continued uncertainty regarding the effect of direct selling regulations and the timing of the direct selling license application process and approval. The application of Tianshi Engineering for a direct selling license in China is still pending and until the application is approved, Tianshi Engineering will continue to sell Tiens' products through its branches, affiliated companies and chain stores in China.
For the first quarter of 2008, international revenue was $6.7 million, compared to $9.0 million for the first quarter of 2007.
The change in international sales reflects China's General
Administration of Quality Supervision, Inspection and Quarantine's (AQSIQ)
ongoing national campaign in China against unsafe food and substandard
products. As a result of this campaign by the AQSIQ, there has been a
general slow-down and backlog of export clearances for Chinese food
products. As a result of these delays, Tiens' international affiliates were
not able to purchase sufficient quantities of its p
|SOURCE Tiens Biotech Group (USA), Inc.|
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