Lotus Pharmaceuticals, Inc. Reports Third-Quarter 20... ( BEIJING Nov. 16 Asia-FirstCa...)

Lotus Pharmaceuticals, Inc. Reports Third-Quarter 2009 Results

Date:11/16/2009

BEIJING, Nov. 16 /PRNewswire-Asia-FirstCall/ -- Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS) ("Lotus" or the "Company") a growing developer and producer of prescriptions drugs and licensed national seller of pharmaceutical products in the People's Republic of China, today reported third-quarter 2009 net earnings were $5.4 million, or $0.11 per diluted share, compared with $3.2 million, or $0.07 per diluted share, in 2008. Net revenues were $14.5 million during the third quarter of 2009, compared with $16.7 million in the third quarter of 2008.

The third quarter was highlighted by continued strong performance in the Company's wholesale business. Profitability increased due to increased sales demand and successful cost-reduction actions.

    Third-Quarter 2009 Results
    -- Earnings Before Interest and Taxes (EBIT) for the third quarter ended
       September 30, 2009, were $6.0 million, compared with EBIT of $3.7
       million during the same period in 2008.
    -- EBIT was $15.3 million for the first nine months of 2009, compared with
       EBIT of $7.8 million during the same period of 2008.
    -- Gross margin as a percentage of net revenues was 59 percent in the
       third quarter of 2009, compared with 51 percent in the same period of
       2008.
    -- Selling expenses were $1.9 million, less than for the same period in
       2008.

"I'm pleased with our strong third-quarter results," said Dr. Zhong Yi Liu, chairman and chief executive officer. "By slowing down our buildup of new manufacturing facility in Inner Mongolia, we have set our priority in improving our operational efficiency in Beijing by preparing for moving the separated operation units into one single location. We will maintain our focus on improving operation efficiency and maintaining client relationships, and believe we will finish the year well-positioned to enter 2010."

Outlook

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SOURCE Lotus Pharmaceuticals, Inc.
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