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China Medicine Reports Third Quarter 2010 Financial Results
Date:11/10/2010

GUANGZHOU, China, Nov. 10, 2010 /PRNewswire-Asia-FirstCall/ -- China Medicine Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a leading manufacturer, developer and distributor of Western pharmaceuticals, traditional Chinese medicines ("TCM"), and other health products, today announced financial results for the third quarter ended September 30, 2010.

Third Quarter 2010 Financial Performance

  • Revenue decreased 8.4% to $17.6 million from $19.2 million in the prior year period.
  • Gross margin was 33.1%, compared to 30.5% in the prior year period.
  • Operating income was $2.5 million, compared to $4.5 million in the prior year period, which was mainly due to the R&D expenditure on a diabetes drug.
  • Net income available to common shareholders decreased to $2.2 million, or $0.06 per diluted share, from $3.2 million, or $0.21 per diluted share, in the prior year period.

  • Mr. Senshan Yang, Chairman and CEO of China Medicine Corporation, stated, "We had a very challenging quarter, impacted by a combination of margin pressure on distributing prescription drugs due to the government's influence on the drug distribution bidding system, and rising prices of certain raw materials used in our proprietary products.
    We responded to these challenges by continually executing our 'high-margin focus' strategy.  In addition, we expedited the pace of completing the required clinical trials for Zhimu Huangtong, a patented TCM drug used to treat diabetes, and expect to launch this breakthrough diabetic product in 2012.  We are very confident that we will survive this challenging time and achieve long-term success, because we are well positioned and well prepared amid the rapidly changing industry.  We will continue to strive to work responsibly and aggressively on behalf of our shareholders."

    In the third quarter of 2010, revenue decreased 8.4% year over year to $17.6 million
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    SOURCE China Medicine Corporation
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