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Biostar Pharmaceuticals, Inc. Announces Record Third Quarter 2009 Financial Results
Date:11/12/2009

2009. Biostar's focus on growing its rural distribution network also contributed to revenue growth in the third quarter. Up to September 2009, Biostar more than doubled its rural network retail locations to 3,500 outlets from 1,300 reported in the second quarter of 2009. Another Biostar's state approved drug, Tianqin Dysmenorrhea Capsule, contributed $1.1 million in revenue in the third quarter, an increase of 17.3% compared to $0.9 million in the third quarter of 2008.

Cost of goods sold for the three months ended September 30, 2009 was approximately $3.6 million or 23.0% of revenues as compared to $3.8 million or 49.8% of revenues for the three months ended September 30, 2008, Gross profits for the quarter were $12.0 million with gross margins of 77.0%, compared to $3.8 million in gross profit and gross margins of 50.2% during the third quarter of 2008. The decrease in cost of goods sold was a result of lower raw material prices from the Sichuan province as production fully resumed after the 2008 earthquake. Gross profits surged by 216.3% for the three months ended September 30, 2009.

Operating expenses for the three months ended September 30, 2009 were approximately $7.9 million, an increase of 151.3% compared to the same period in 2008. The increase was primarily due to increase in promotional and advertising expenditures of $2.4 million in support of the Biostar's product and brand awareness marketing strategy. Biostar also expensed $0.5 million on research and development in the quarter as part of new product development strategy.

Operating income for the third quarter of 2009 totaled approximately $4.1 million, a 524.9% increase from the $0.7 million reported for the third quarter of 2008. Operating margins were 26.4% and 8.7% for the third quarter of 2009 and 2008, respectively.

Net income was approximately $3.1 million in the third quarter of 2009, a 459.1% increase compared to $0.6 mill
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SOURCE Biostar Pharmaceuticals, Inc.
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