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

and development projects pursuant to two cooperative research and development agreements which were signed in fiscal 2008.

Income from operations was $7.1 million, a 37.4% decrease from $11.4 million for the three months ended December 31, 2008.

Other income was $0.2 million compared to other expense of $3.2 million for the three months ended December 31, 2008. Other income was primarily due to non-cash gains related to the change in fair value from derivative liabilities of $6.7 million, which the Company did not record in the prior corresponding period, and the amortization of debt discount and debt issuance costs related to convertible debentures of $5.8 million versus $1.2 million in the prior year period.

Net income for the three months ended December 31, 2009 was $5.3 million, compared to $5.4 million in the year ago quarter. Basic earnings per share were $0.49, compared with $0.55 per basic share a year ag
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SOURCE Jiangbo Pharmaceuticals, Inc.
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