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Jiangbo Pharmaceuticals Reports Results for Third Quarter of Fiscal Year 2010
Date:5/17/2010

LAIYANG, China, May 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 financial results for the third quarter fiscal year 2010 ended March 31, 2010.

    Third Quarter Highlights

    -- Revenue was $25.6 million, a slight decrease of 0.6% year-over-year
    -- Gross profit was $18.6 million, as compared to $18.9 million, and gross
       margin was 72.7%, as compared to 73.4% in the year ago quarter
    -- Operating income rose 3.1% to $13.7 million
    -- GAAP net income was $15.2 million, or $1.33 per basic share, compared
       $8.9 million or $0.86 per basic share a year ago
    -- Excluding loss from discontinued operation, non-cash gain or loss
       related to the change in fair value of derivative liabilities,
       unrealized gain or loss on trading securities, and amortization
       expenses for debt discount and financing cost, non-GAAP adjusted net
       income was $7.7 million, or $0.50 per diluted share, as compared to
       non-GAAP adjusted net income of $10.1 million, or $0.68 per diluted
       share.

"Our third quarter operating income returned to growth as a result of strengthened sales effort and improved operational efficiency stemming from our continued cost control efforts," said Jiangbo's Chairman and CEO, Mr. Wubo Cao. "Sales of several of our key products, including Clarithromycin sustained-release and Radix Isatidis, experienced strong year-over-year growth and reflected the recent reinforcement of our sales effort and distribut
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SOURCE Jiangbo Pharmaceuticals, Inc.
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