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American Oriental Bioengineering Reports Third Quarter 2009 Financial Results
Date:11/16/2009

environment related to healthcare reform. We continue to drive revenue growth and consistently generate cash despite the uncertain regulatory environment, and we appreciate the hard work and contributions by our entire team."

Restatement of Certain Historical Results

During the review of its third quarter 2009 operating results, the Company identified historical accounting errors in: (i) the calculation of stock based compensation, (ii) the recognition of deferred tax liabilities of certain acquired assets and (iii) the provision of deferred tax liabilities on undistributed earnings of foreign subsidiaries. The accounting errors have resulted in the misstatement of certain balance sheet and income statement items and the cumulative net earnings since 2006. The errors did not result from any fraud or intentional misconduct and the Company undertook a review to determine the total amount of the errors and the accounting periods in which the errors occurred. As a result, the Company chose to restate its previously reported financial statements.

The Company has restated its consolidated balance sheets and the related consolidated statements of income, statements of shareholders' equity and statements of cash flows as of and for the years ended December 31, 2008, 2007 and 2006 as reported in its amended annual report on Form 10K/A for the fiscal year ended December 31, 2008. The restated financial information for each of the three interim quarterly periods for 2008 and 2007 were also included in the amended annual report on Form 10-K/A for the fiscal year ended December 31, 2008.

The effects of the restatement on selected income statement line items for the years ended December 31, 2008 and 2007 are as follows:


    Increase/(Decrease) in income
     statement line items                          2008               2007

    General and administrative                   $838,190           $466,954

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SOURCE American Oriental Bioengineering, Inc.
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