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

he U.S. Securities and Exchange Commission and is available on the Company's website.

Fiscal Year 2010 Corporate Event Highlights -- On June 8, 2010, Jiangbo's common stock began trading on The NASDAQ Global Market -- On June 10, 2010, Jiangbo announced that it had obtained SFDA approval to produce Felodipine sustained release tablets, which is a well recognized generic drug to treat hypertension -- Effective July 1, 2010, Mr. Linxian Jin took over the role of CEO from the Company's Chairman, Mr. Wubo Cao, who will continue his role as the Chairman of the Company's Board Fourth Quarter FY 2010 Highlights: -- Revenues decreased 5.9% year-over-year to $29.3 million -- Gross profit was $21.1 million, a 8.2% decrease from the comparable period in 2009 -- Operating income decreased 17.1% year-over-year to $14.7 million -- Net income decreased 37.5% to $7.2 million, or $(0.39) per fully diluted share -- Non-GAAP adjusted net income was $9.8 million, or $0.65 per fully diluted share, for the three months ended June 30, 2010, down 19.1% from non-GAAP adjusted net income of $12.1 million, or $0.81 per fully diluted share, for the quarter ended June 30, 2009 Fiscal Year 2010 Highlights: -- Total revenue decreased 17.0% year-over-year to $97.4 million -- Gross profit decreased 20.3% to $71.3 million, as compared to the results in fiscal year 2009 -- Operating income decreased 3.1% year-over-year to $48.2 million -- Net income grew 3.4% to $29.9 million, as compared to the results in fiscal year 2009 -- Non-GAAP adjusted net income was $30.9 million, or $2.04 per fully diluted share in fiscal year of 2010, down 13.0% from non-GAAP adjusted net income of $35.6 million, or $2.46 per fully diluted share in fiscal year 2009

"Fiscal year 2010 was a transitional year for Jiangbo as we worked to upgrade our traditional Chinese medicine ("TCM") production facility and prepared for the introduction of new drugs. We are very pleased to have our shares begin trading on
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SOURCE Jiangbo Pharmaceuticals, Inc.
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