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

second quarter of 2010.

Liquidity and Capital ResourcesAs of June 30, 2011, the Company's current assets were $7.2 million and current liabilities were $10.9 million. Cash and cash equivalents totaled $0.9 million as of June 30, 2011. The Company's shareholders' equity at June 30, 2011 was $ 97.2 million. The Company generated $6.7 million in cash from operating activities in the first half of fiscal 2011, compared to $8.9 million in the same period of 2010. The Company used $7.1 million cash for investing activities during the first half of fiscal 2011, compared to $11.8 million in the same period of 2010.

Recent Business Highlights

  • The Company continues to make progress in the construction of its headquarters building in Chaoyang District, Beijing. Currently the project is in its final interior furnishing stage. Once completed, this state-of-the-art building will host the Company's GMP manufacturing facility, a storage warehouse, an R&D center, a sales and marketing center, and administrative offices, as well as employee apartments. The Company reiterates the plan to complete and move into the facility by the end of the year.

  • Business Outlook for 2011Management expects that 2011 will be a transitional year for Lotus Pharmaceuticals, as the Company will be completing and moving into its new headquarters and shifting its focus to the wholesale business in Beijing and the surrounding areas. After the completion of the headquarters, the Company expects growth will resume, primarily driven by the wholesale business in Beijing starting in 2012.

    Conference Call and WebcastManagement will host a conference call to discuss these financial results on Wednesday, August 17, 2011 at 10:00 a.m. EDT (7:00 a.m. PDT).

    To participate in the call, please dial (877) 941-4774, or (480) 629-9760 for international calls, approximately 10 minutes prior to the scheduled start time.

    A replay of th
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    SOURCE Lotus Pharmaceuticals, Inc.
    Copyright©2010 PR Newswire.
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