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Lotus Pharmaceuticals Announces Second Quarter Fiscal 2011 Financial Results
Date:8/15/2011

BEIJING, Aug. 15, 2011 /PRNewswire-Asia-FirstCall/ -- Lotus Pharmaceuticals, Inc. (OTCBB: LTUS) ("Lotus" or the "Company"), a profitable developer, manufacturer and seller of medicine and drugs in the People's Republic of China ("PRC"), today announced its financial results for the quarter ended June 30, 2011. Summary financial data is provided below:

Second Quarter Financial Highlights

  • Revenues for the three months ended June 30, 2011 decreased by 1.1% year-over-year to $18.7 million, down from $18.9 million in the second quarter of 2010
  • Wholesale revenues were $14.6 million, or 78% of total revenues
  • Retail revenues were $4.1 million, or 22% of total revenues

  • Gross profit for the second quarter was $4.9 million, a decrease of 50.1% compared to $9.8 million in the second quarter of 2010. Gross margin was 26.1% and 51.8% for the three months ended June 30, 2011 and 2010, respectively

  • Net income for the quarter decreased 71.9% to $1.8 million, compared to $6.3 million in the second quarter of 2010

  • Earnings per diluted share were $0.06 for the quarter, compared with diluted EPS of $0.24 achieved in the same period a year ago

  • Mr. Zhongyi Liu, Chairman and CEO of Lotus, stated, "Our 2011 second quarter results, especially those of the wholesale segment, were negatively impacted by changes in the competitive landscape and increases in labor costs. Retail sales continue to deliver solid results with 19.2% growth in revenue versus the same period in 2010. The increase in the retail segment was driven primarily by our Over-the-Counter division's sales. Construction of our Beijing facility continues to progress, and we anticipate additional capacity for growth and significant efficiency improvements once we move into the new building by the end of the year."

    Mr. Liu continued, "We plan to focus our capital expenditures in the foreseeable future on the compl
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    SOURCE Lotus Pharmaceuticals, Inc.
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