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Jiangbo Pharmaceuticals Reports Results for the Second Quarter of its Fiscal Year 2010
Date:2/22/2010

LAIYANG, China, Feb. 22 /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 its financial results for the second quarter of its fiscal year 2010 ended December 31, 2009.

    Second Quarter Highlights and Recent Events

    -- Revenue was $18.2 million, a decrease of 44.8% from the corresponding
       quarter ended December 31, 2008
    -- Gross profit was $13.5 million, compared to $25.8 million for the
       corresponding quarter ended December 31, 2008, and gross margin was
       74.3%, compared to 78.3% in the a year ago quarter ended December 31,
       2008
    -- Operating income was $7.1 million, down 37.4% from the corresponding
       quarter ended December 31, 2008
    -- Net income was $5.3 million, or $0.49 per basic share, compared $5.4
       million or $0.55 per basic share a year ago
    -- Excluding non-cash gains related to the change in fair value from
       derivative liabilities of $6.7 million and the amortization of debt
       discount and debt issuance costs related to convertible debentures of
       $5.8 million, non-GAAP adjusted net income was $4.4 million, or $0.29
       per fully diluted share for the three months ended December 31, 2009,
       compared to non-GAAP adjusted net income of $6.6 million,
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SOURCE Jiangbo Pharmaceuticals, Inc.
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