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Jiangbo Pharmaceuticals Announces Fourth Quarter and Fiscal Year 2010 Results
Date:9/30/2010

.54 per basic share, in fiscal year 2009. Non-GAAP adjusted diluted earnings per share were $2.04 in fiscal year 2010, as compared to $2.46 in fiscal year 2009.

Financial Condition

As of June 30, 2010, the Company had $108.6 million in cash, as compared to $104.4 million at the end of fiscal year 2009. Working capital was $88.5 million, down from $99.8 million as of June 30, 2009. Shareholders' equity was $134.5 million, as compared to $126.1 million at the end of fiscal year 2009.

The Company generated $20.3 million in cash flow from operating activities in fiscal year 2010. Net cash flow used in investing activities was $16.6 million in fiscal year 2010, which was primarily used to purchase land use rights of approximately $17.0 million, partially offset by proceeds of approximately $0.5 million from the sale of investments.

Due to restrictions on the Company's ability to transfer cash out of the PRC, the Company is delinquent in the payment of interest on its November 2007 Debentures and May 2008 Notes. Management has been in close discussions with holders of the November 2007 Debentures and May 2008 Notes in order to reach a resolution to this issue in the near-term.

Business Outlook and Guidance

Combined sales of the Company's top four products in fiscal year 2010 are expected to decline by 15% to 20% in fiscal year 2011, reflecting intensifying competition and the Chinese government's control over drug pricing under recent health care reform policies.

Incremental sales from the Company's recently approved Felodipine sustained release tablets and from the Company's TCM products to be manufactured at Hongrui are expected to largely offset this decline in 2011.

Management estimates that the portfolio of TCM drugs to be manufactured at Hongrui will generate revenues of $7 million to $15 million during the first year of production, beginning i
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SOURCE Jiangbo Pharmaceuticals, Inc.
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