Mr. Liu continued, "Since the third quarter of fiscal 2013, we have stopped low margin sales in our wholesale segment and are focusing on profitability over sales volume. As a result, our sales volume declined while gross profit margin increased significantly. Although this strategy may impact our ability to achieve first-tier distributor status, we believe that this approach is critical for our overall operations going forward."
"For the remaining of fiscal 2014, we are looking to stabilize 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 September 30, 2013, the Company had $6.3 million of cash, $70.3 million in total assets and $32.4 million in total liabilities.
Fiscal Year 2014 Second Quarter ResultsComparison of three months ended September 30, 2013 and 2012The following table summarizes our results of operations for the three months ended September 30, 2013 and 2012:
Three months ended September 30,20132012AmountPercentageof totalrevenueAmountPercentageof totalrevenueRevenue
2,102,6217.9%General and administrative expenses
1,310,3134.9%(Loss) income from operations
9,2630.0%Other income (expense), net
(90,332)(0.3)%Goodwill impairment loss
(1,473,606)(5.5)%Change in fair value of purchase option derivative
|SOURCE China Jo-Jo Drugstores, Inc.|
Copyright©2012 PR Newswire.
All rights reserved