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

xn-money">$32.1 million last year.

GAAP net income was $22.7 million, or $2.07 basic EPS, as compared to $17.4 million, or $1.75 basic EPS in the corresponding period in 2009. Diluted EPS was $0.57 per share, as compared to a loss of $0.86 per share in the year ago period.

Excluding loss 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 costs, non-GAAP adjusted net income was $21.2 million, or $1.39 per fully diluted share for the nine months ended March 31, 2010, compared to non-GAAP adjusted net income of $23.5 million, or $1.64 per fully diluted share, for the nine months ended March 31, 2009.

Financial Condition

As of March 31, 2010, the Company had $96.5 million in cash and an additional $11.5 million in restricted cash, as compared to $104.4 million and $7.3 million, respectively, at the end of fiscal 2009. The decrease was mainly due to the late 2009 purchase of land use rights for a large parcel of land near Laiyang Jiangbo Pharmaceuticals for $17 million for future factory expansion. Working capital was $77.7 million at March 31, 2010 and

SOURCE Jiangbo Pharmaceuticals, Inc.
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