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

ny related expenses that were incurred in the same quarter.

Operating income decreased 17.1% to $14.7 million, as compared to $17.7 million in the same period of fiscal year 2009. Operating margin as a percentage of revenue decreased to 50.1% from 56.8% in the same period of fiscal year 2009.

Other expenses, comprised primarily of interest expenses, amortization expenses on convertible debentures, and change in fair value of derivative liabilities, were $3.2 million compared to $1.5 million for the three months ended June 30, 2009. Interest expense increased 140.5% to $4.2 million in the fourth quarter of fiscal year 2010, compared to $1.8 million in the year ago period, as a result of additional penalty interest incurred due to the Company's delinquency in paying interest to its convertible debenture holders and its convertible note holders, and significantly increased amortization expenses related to write off of unamortized debt discount as convertible notes were converted into the Company's common shares.

The provision for income taxes was $4.3 million in the fourth quarter of fiscal year 2010, compared to $4.7 million for the three months ended June 30, 2009.

Net income decreased 37.5% to $7.2 million from $11.5 million in the prior year's comparable period, representing basic earnings per share of $0.62. Diluted earnings per share for the fourth quarter of fiscal year 2010 were $(0.39).

Excluding the impact of a loss from discontinued operations of approximately $43,023, an unrealized loss on investments of $0.1 million, a gain in fair value of derivative liabilities of $1.1 million, and amortization of debt discount and issuance costs related to convertible debentures of $3.5 million, non-GAAP adjusted net income for the fourth quarter of fiscal year 2010 was $9.8 million, or $0.85 per basic share, as compared to $12.1 million, or
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SOURCE Jiangbo Pharmaceuticals, Inc.
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