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China Jo-Jo Drugstores, Inc. Reports Fiscal Year 2014 First Quarter Earnings Results and Schedules Conference Call for August 19, 2013

and grow our revenue primarily through our retail operation, and we will continue our wholesale operations with an eye on bottom line results," concluded Mr. Liu.

Balance Sheet HighlightsAs of June 30, 2013, the Company had $2.7 million of cash, $69.6 million in total assets and $31.5 million in total liabilities.

Fiscal Year 2014 First Quarter ResultsComparison of the three months ended June 30, 2013 and 2012The following table summarizes our results of operations for the three months ended June 30, 2013 and 2012:Three months ended June 30,20132012AmountPercentageof totalrevenueAmountPercentageof totalrevenueRevenue$


32,847,330100.0%Gross profit$


5,144,77715.7%Selling expenses$


1,858,2255.7%General and administrative expenses$


2,846,5788.7%(Loss) income from operations$


439,9741.3%Other (expense) income, net$


98,6980.3%Change in fair value of purchase option derivative liability$


(158)(0.0)%Income tax expense$


3,8820.0%Net income attributable to controlling interest$


534,8871.6%Net loss attributable to noncontrolling interest$


Our revenue decreased by $17,510,811 or 53.3% period over period, primarily due to the decrease in our wholesale business and herb farming business, offset by an increase in our retail business:


Retail sales, which accounted for approximately 71.2% of total revenue for the three months ended June 30, 2013, increased by $1,957,934 or 21.9% to $10,912,390. Performance of many of our older stores have improved from concerted efforts to improve customer experience, such as hiring more physicians to increase availability of in-store consultation,

SOURCE China Jo-Jo Drugstores, Inc.
Copyright©2012 PR Newswire.
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