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China Yongxin Pharmaceuticals Inc. Announces Second Quarter 2009 Financial Results
Date:10/14/2009

er was approximately $11.9 million, yielding a gross profit of $2.7 million and gross margins of 18.6%, compared to $2.9 million in gross profit and a gross margin of 19.6% during the second quarter of 2008. The slight decrease in gross margins was primarily attributable to the slight increase in cost of goods sold.

Operating expenses for the three months ended June 30, 2009, were $1.5 million, compared to approximately $1.6 million in the same period in 2008. Selling expenses for the period decreased marginally to $0.2 million from the year ago period. The Company prudently managed utilities usage, transportation costs and sales people to effectively reduce selling expenses and maintain gross profit. General and administration expenses for the three months ended June 30, 2009 increased approximately 30.7% to $0.8 million, compared to $0.6 million in the same year ago period, with the majority of the increase related to auditing expenses.

Operating income for the second quarter of 2009 totaled approximately $1.2 million, a 9.0% decrease from the $1.3 million reported for the second quarter of 2008. Operating margins were 8.1% and 9.0% for the second quarter of 2009 and 2008, respectively.

For the second quarter of 2009, net income was approximately $1.0 million, a 44.8% increase from the $0.7 million reported during the second quarter of 2008. The increase was primarily related to the absence of a $0.2 million interest expense which occurred during the second quarter of 2008. Diluted earnings per share were $0.03 compared to $0.02 for the second quarter of 2009 and 2008 respectively, based upon 32.0 million and 32.1 million shares. The income tax was $0.5 million compared to $0.6 million in the second quarter of 2008 with an effective tax rate of 28.2% in the second quarter.

Six-Month Results

For the six months ended June 30, 2009, revenues decreased approximately 19.4% to $23.8 million
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SOURCE China Yongxin Pharmaceuticals, Inc.
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