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Jiangbo Pharmaceuticals Announces First Quarter Fiscal Year 2010 Results
Date:11/17/2009

LAIYANG, China, Nov. 17 /PRNewswire-Asia-FirstCall/ -- Jiangbo Pharmaceuticals, Inc. (OTC Bulletin Board: JGBO) ("Jiangbo" or the "Company"), a pharmaceutical company with its principal operations in the People's Republic of China, today announced its financial results for its first quarter of fiscal year 2010 ended September 30, 2009.

    First Quarter Fiscal Year 2010 Highlights:
    -- Revenues were $24.4 million
    -- Gross profit was $18.1 million
    -- Operating income rose 72.6% year-over-year to $12.7 million compared to
       $7.3 million in the first quarter of fiscal year 2009
    -- Net income was $2.0 million, or $0.18 per fully diluted share
    -- Excluding non-cash expenses related to the change in fair value from
       derivative liabilities of $4.8 million and the amortization of debt
       discount and debt issuance costs related to convertible debentures of
       $2.3 million, non-GAAP adjusted net income was $9.1 million, or $0.60
       per fully diluted share for the three months ended September 30, 2009,
       up 128.5% from non-GAAP adjusted net income of $4.0 million, or $0.28
       per fully diluted share, for the quarter ended September 30, 2008.(*)

"Our first quarter fiscal 2010 results reflect the restructuring of our distribution and sales system, which we began in January 2009," said Mr. Wubo Cao, Chairman and Chief Executive Officer. "Although summer is usually the slowest season for our sales, we believe that we were able to still achieve strong growth in our operating income as we efficiently managed our selling and marketing expenses. We believe that our strong cash position will provide us with significant flexibility to pursue continued organic growth and strategic acquisitions."

First Quarter Results

Total revenue was $24.4 million, an 11.5% decrease compared to $27.6 million for the first quarter of 2009. While the quantities sold for
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SOURCE Jiangbo Pharmaceuticals, Inc.
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