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

ted share, in the prior year period.

Financial Performance for the Nine Months Ended September 30, 2010For the nine months ended September 30, 2010, revenue increased 2.3% to $45.3 million from $44.3 million in the first nine months of 2009.  During the same time period, gross profit increased 24.8% to $15.2 million from $12.1 million.  Income from operations decreased to $7.5 million from $8.1 million in the first nine months of 2009.  Net Income available to common shareholders was $2.0 million, or $0.05 per share, compared to net income available to common shareholders of $3.8 million, or $0.25 per share, in the first nine months of 2009.  This included a one-time $6.1 million non-cash charge in connection with a deemed preferred stock dividend related to the Company's private placement financing in January 2010. The deemed preferred stock dividend reflects the beneficial conversion feature of the convertible preferred stock issued to OEP CHME Holdings, LLC ("OEP") in the January 2010 private placement in accordance with SAB No.98.

Balance SheetAs of September 30, 2010, the Company had cash and cash equivalents of $56.3 million, of which $48.5 million was restricted cash. This compares to $62.9 million as of June 30, 2010 and $2.2 million as of December 31, 2009.  Restricted cash represents amounts set aside by the Company in accordance with its debt agreements with a financial institution and the Stock Subscription Agreement that was completed on January 29, 2010.  Working capital was $85.7 million as of September 30, 2010, compared to $15.8 million as of December 31, 2009. The increase was mainly due to the cash and cash equivalents obtained from OEP upon the completion of the private placement.  

Full Year 2010 Financial GuidanceDue to these challenges, we have revised our expectations for the full year 2010.  Revenue is now expected to increase 5% to 8% year over year to $68 t
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SOURCE China Medicine Corporation
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