NEW YORK, March 31 /PRNewswire-Asia/ -- Tiens Biotech Group (USA), Inc. (the "Company" or "Tiens", NYSE AlternextUS: TBV), http://www.tiens-bio.com , today announced record financial results for the twelve months ended December 31, 2008.
For the twelve months ended December 31, 2008, revenue was $77.2 million, an increase of 40.7% compared to $54.9 million for the twelve months ended December 31, 2007.
Net income for the twelve months ended December 31, 2008 was $27.7 million, or $0.39 per share, compared to $17.9 million, or $0.25 per share for the twelve months ended December 31, 2007.
The increase in revenue for 2008, compared to 2007, reflects an increase in sales for both China and internationally. Tiens' strong sales growth in China was due to increased marketing efforts during 2008. In addition, during the third quarter of 2008, Tianshi Engineering, the affiliated company which markets and sells Tiens' products in China, announced plans to increase the prices of its products beginning in October 2008. Tiens believes this announcement prompted customers to stock up on certain products. The price increase of Tianshi Engineering products will not affect the price at which Tiens sells its products to Tianshi Engineering.
For the twelve months ended December 31, 2008, revenue in China was $33.7 million, a 50% increase compared to $22.5 million for the same period in 2007.
Tiens' increase in international sales reflects a sharp increase in sales to Russia and Indonesia during 2008. In addition, beginning in the second quarter of 2008, certain export restrictions imposed in 2007 by the Administration for Quality Supervision, Inspection and Quarantine (AQSIQ) of the Chinese government were reduced, and the campaign ended at the end of 2008.
Cost of sales were $24.9
|SOURCE Tiens Biotech Group (|
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