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China Medicine Announces Strong Third Quarter 2009 Results
Date:11/16/2009

arget='_blank' title=' crocker.coulson@ccgir.com'> crocker.coulson@ccgir.com Web: http://www.ccgirasia.com -- FINANCIAL TABLES FOLLOW -- CHINA MEDICINE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (Unaudited) Three months ended Nine months ended September 30, September 30, 2009 2008 2009 2008 REVENUES: Product sales $18,789,470 $9,963,571 $43,942,953 $27,882,029 Medical formula sales 366,475 553,221 366,475 1,333,341 Total revenues 19,155,945 10,516,792 44,309,428 29,215,370 COST OF GOODS SOLD 13,322,614 7,255,635 32,167,242 19,485,824 GROSS PROFIT 5,833,331 3,261,157 12,142,186 9,729,546 OPERATING EXPENSES: Research and development 213,883 288,353 684,019 484,569 Selling, general and administrative 1,082,234 642,919 3,375,078 2,515,509 Total operating expenses 1,296,117 931,272 4,059,097 3,000,078 INCOME FROM OPERATIONS 4,537,214 2,329,885 8,083,089 6,729,468 OTHER INCOME (EXPENSE): Other income (expense), net (47,965) 7,368 (68,812) 45,455 Change in fair value of warrant liabilities (141,682) -- (2,113,589) -- INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS 4,347,567 2,337,253 5,900,688 6,774,923 PROVISION FOR INCOME TAXES 1,215,957 411,890 2,331,457 1,252,833 NET INCO
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SOURCE China Medicine Corporation
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