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

ranslates to a 71.1% increase in net income for the third quarter of 2009 compared to the same period last year.

Nine Month Results

For the first nine months of 2009, total revenues increased to $44.3 million, up 51.7% from $29.2 million in first nine months of 2008. Gross profit increased 24.8% to $12.1 million in the first nine months of 2009, versus $9.7 million in the first nine month of 2008. Gross margin was 27.4% in the first nine months of 2009 compared to 33.3% during the first nine months of 2008. Operating income in the first nine months of 2009 increased 20.1% to $8.1 million compared to $6.7 million in the first nine months of 2008. Net income for the first nine months of 2009 was $3.8 million or $0.25 per diluted share, compared to $5.6 million, or $0.36 per diluted share in the first nine months of 2008. Adjusted net income, excluding expenses related to $2.1 million fair value of warrants, was $5.9 million in first nine months of 2009, or $0.39 per diluted share, which translates to a 5.7% increase in net income for the first nine months of 2009 compared to the same period last year.

Financial Condition

As of September 30, 2009, China Medicine had $2.2 million in cash and cash equivalents. Working capital was approximately $32.1 million. Accounts receivable stood at $14.9 million as of September 30, 2009, down from $19.2 million as of December 31, 2008, reflecting increased customer collections. China Medicine Corporation Stockholders' equity as of September 30, 2009 was $46.4 million compared to $42.8 million recorded as of December 31, 2008. For the nine months ended September 30, 2009, cash from operating activities was $3.5 million. Cash flow used in investing activities was $7.1 million for the nine months ended September 30, 2009, versus $3.0 million for the nine months ended September 30, 2008. The increase is attributable to the purchase of equipment used to expand the Company
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SOURCE China Medicine Corporation
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