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

The NASDAQ Global Market, which is a significant milestone for our company," commented Mr. Jin, Jiangbo's Chief Executive Officer. "We are encouraged by the SFDA approval of our sustained release Felodipine tablets, which we believe will help counterbalance revenue declines of some of our more mature products such as Itopride and Baobaole Chewable tablets. While we have experienced delays in the renovation of our Hongrui facility for traditional Chinese medicine, we now expect to commence production of six of Hongrui's TCM products in October."

Fourth Quarter Results

Total revenue decreased 5.9% year-over-year to $29.3 million from $31.2 million. The Company carried five drugs during the quarter ended June 30, 2010, with Clarithromycin sustained release tablets accounting for 43.0% of total sales, Itopride Hydrochloride granules 24.4%, Baobaole chewable tablets 16.7%, and Radix Isatidis dispersible tablets 15.7% during the quarter. The year- over-year decrease in fiscal fourth quarter 2010 revenues reflects a 30.5% decline in sales of Baobaole chewable tablets, partly offset by sales increases of Clarithromycin sustained release tablets and Radix Isatidis dispersible tablets by 21.9% and 45.1%, respectively.

Gross profit decreased 8.2% to $21.1 million, from $23.0 million in the comparable period of fiscal year 2009. Gross margin decreased to 72.0% from 73.8% in the year ago quarter, mainly reflecting higher raw material costs for TCM herbs due to natural disasters in Southern China during the second half of fiscal year 2010. During the fourth quarter of fiscal year 2010, TCM accounted for about 20% of total cost of sales.

Selling, general and administrative expenses increased 26.8% to $5.3 million from $4.2 million in the same period of fiscal year 2009, primarily due to more marketing and promotional expenditures in the last quarter of fiscal year 2010 and more public compa
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SOURCE Jiangbo Pharmaceuticals, Inc.
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