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Tiens Biotech Group (USA) Reports Record Twelve-Month Results
Date:3/31/2009

million in 2008 compared to $16.5 million in 2007, an increase of 50.5%. This increase was primarily due to the corresponding increase in sales revenue. Cost of sales increased at a higher rate than revenue because of increases in the costs of raw materials and packing materials, and an increase in the portion of the products we sold in 2008 bearing a higher cost of production, relative to our other products, than in 2007.

Gross profit increased by 36.5% to $52.4 million in 2008, compared to $38.4 million in 2007. The gross profit margin for 2008 was 67.8% compared to 69.9% in 2007. This decrease reflects an increase in the costs of raw materials and packing materials, and an increase in the portion of the products Tiens sold in 2008 bearing a higher cost of production, relative to other products, than in 2007.

Selling, general and administrative expenses were $18.6 million in 2008, compared to $14.9 million in 2007, an increase of 24.5%. The increase was primarily due to increases in salaries and insurance costs, allowance for bad debt, research and development, advertising expenses and house reserve funds. Selling and administrative expenses as a percentage of sales decreased to 24.1% in 2008 from 27.2% in 2007 because of the increase in sales.

In China, Tiens sells its products to Tianshi Engineering. In order to qualify for a direct selling license in China, Tianshi Engineering is required to produce a part of the products that it sells in China. As a result, in 2006, Tiens began to sell semi-finished products to Tianshi Engineering, which jointly shares licenses with Tiens to produce, manufacture and sell the products. The semi-finished products, which Tiens is now exclusively selling in China, have lower sales prices than the finished products Tiens had previously sold to Tianshi Engineering. The application of Tianshi Engineering for a direct selling license in China is still pending.


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SOURCE Tiens Biotech Group (USA), Inc.
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