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China Medicine Announces Second Quarter 2009 Results
Date:8/13/2009

escription and over-the-counter products accounted for 22.8% of total revenues. Sales of dietary supplements and medical equipment accounted for 3.1% of revenues. Sales of rADTZ accounted for 0.2% of total revenue.

Gross profit in the second quarter of 2009 was $3.5 million, a decrease of 15.1% over the second quarter of 2008. Gross margin was 23.4% of total revenues for the second quarter, compared to 35.7% in the second quarter of 2008, and 27.5% in the first quarter of 2009. The decrease in gross profit was attributable to overall lower selling prices in the second quarter of 2009 due to increased sales of lower margin regional distribution products and an increase in the cost of some of our pharmaceutical products imposed by our suppliers. In addition, to respond to a trend of lower consumer spending tied to the global economic slowdown affecting the pharmaceutical industry, the Company increased its advertising efforts and spent more on promotional campaigns to increase sales.

Operating expenses in the second quarter of 2009 were $1.8 million, up 49.9% from $1.2 million in the second quarter of 2008. The increase was due to higher selling, general and administrative expenses related to depreciation of assets and an increase in advertising fees, as well as higher transportation costs that resulted from increased sales during the quarter. Operating expenses represented 11.6% of total revenues in the second quarter of 2009, increase from 10.0% in the second quarter of 2008.

Operating income was $1.8 million in the second quarter of 2009, down 40.5% from $3.0 million in second quarter of 2008. Operating margin was 11.8%, as compared to 25.7% during the same period a year ago.

The Company's provision for income taxes was $570,014 for the three months ended June 30, 2009 compared to $572,176 for the comparable period of 2008. The decrease was due to the decrease in operating income. The
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SOURCE China Medicine Corporation
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