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China Yongxin Pharmaceuticals, Inc. Announces Results for the Third Quarter Ended September 30, 2009
Date:12/10/2009

for the third quarter of 2009 decreased to $12.4 million, or 70.9% of net revenue, from $7.7 million, or 80.3% in the 2008 third quarter, largely in line with sales decline.

Gross profit for the three months ended September 30, 2009 totaled $3.1 million, or 29.1% of net sales, compared with gross profit of $3.0 million, or 19.7% of net sales, for the same period of 2008. The improvement in gross margin was mainly due to a better sales mix and a focus on higher margin products, including cosmetics and certain health and organic products.

Operating expenses totaled approximately $3.3 million for the third quarter of 2009, up 168.7% from $1.2 million in the third quarter of 2008. As a percentage of net revenue, third-quarter 2009 total operating expenses amounted to 30.4%, compared to third-quarter 2008 operating expenses at 7.9% of net revenue. This was largely attributable to a sharp increase in general and administrative expenses, which more than quintupled in the third quarter, primarily driven by allowance for doubtful accounts for accounts receivable and accrued litigation fees. Selling expenses rose moderately by 6.3% as the Company opened two new retail stores during the third quarter.

Other income amounted to $1.1 million for the three months ended September 30, 2009, an increase of 85.5% from $0.5 million for the same period in 2008, largely due to higher sponsorship and rebates from customers and suppliers in combination with an 87.6% decline in interest expenses.

The Company's net income attributable to common shares during the three months ended September 30, 2009 was $0.5 million down 71.5% from $1.7 million for the three months ended September 30, 2008. In addition to higher operating expenses, third-quarter net income was also negatively affected by a change in the collection of sponsorship fees and rebates from customers and suppliers from an annual basis to a quarterly basis.


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SOURCE China Yongxin Pharmaceuticals, Inc.
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