BEIJING, May 14 /PRNewswire-Asia-FirstCall/ -- Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS) ("Lotus" or "the Company"), a growing developer, manufacturer and seller of medicine and drugs in the People's Republic of China (the "PRC") today reported its financial results for the first quarter ended March 31, 2010.
First Quarter 2010 Highlights and Recent Developments: -- Diluted EPS of $0.09, up 27% from first quarter 2009 -- Net revenues of $14.9 million, up 26% from first quarter 2009 -- Net income of $4.9 million, up 38% from first quarter 2009 -- Gross margin of 58%, as compared with 56% from first quarter of 2009 -- Net margin of 33%, as compared with 30% from first quarter of 2009 -- Reduced our current liability under the outstanding Series A Preferred Stock from $2,477,433 on March 31, 2010 to $621,333 May 13, 2010 due to the conversion of preferred shares to common stocks -- Added five prescription drugs under the National Health Insurance Program to deliver through the wholesale channel nationwide, achieving the goal of increasing product for 2010 -- Continued Sarbanes-Oxley compliance project, to be fully and timely compliant in 2010 -- Commenced construction of the Beijing building complex which is scheduled for completion in 2010 -- Received SFDA's approval for R-Bambuterol(R) Hydrochloride Tablets to commence clinical trials as a Class 1 New Drug for special/fast track review -- Approved extension of contract term from 10 years to 30 years between Lotus Pharmaceuticals, Inc.'s wholly-owned foreign enterprise and two operating entities in China
Revenues for the first quarter of 2010 increased 26% to $14
SOURCE Lotus Pharmaceuticals, Inc.
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