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Lotus Pharmaceuticals Reports Strong Second Quarter 2010 Financial Results
Date:8/16/2010

as of June 30, 2010. Current assets and current liabilities as of June 30, 20010, were $9.0 million and $7.8 million, yielding a current ratio of 1.1X. For the six months ended June 30, 2010, net cash provided by operating activities was approximately $8.9 million, which resulted primarily from the Company's organic growth and effective management of cash flow.

Six-Month Results

For the six-month period ended June 30, 2010, total revenues were $34.1 million, an increase of 34% from $25.5 million in the same period last year. Gross profit was $18.7 million, up 28.8% from gross profit of $14.5 million for the six months of 2009. Gross margin was 54.9 %, compared to 57.1% for the first six months of 2009. Operating income was $12.1 million, compared to $9.5 million for the six months ended June 30, 2009.

Net income for the period was $11.3 million, an increase of 35% from $8.4 million during the same period last year. Earnings per share (diluted) for the first half of 2010 was $0.21, as compared to $0.17 in the first half of 2009.

Fiscal Year 2010 Guidance

Lotus both reiterates its prior guidance for the fiscal year 2010, and also provides exact guidance for the fiscal year 2010 due to its growth in the first half of 2010. Lotus expects net revenues to increase from approximately $57.8 million in 2009 to $73.6 million in 2010 and for net income to rise from $16.4 million in 2009 to $21.4 million in 2010.

About Lotus Pharmaceuticals, Inc. ( http://www.lotuspharma.com )

Lotus Pharmaceuticals, Inc. is a growing developer and producer of drugs and a licensed national seller of pharmaceutical items in the PRC. Lotus operates its business through its two controlled entities: Liang Fang Pharmaceutical, Ltd. and En Ze Jia Shi Pharmaceutical, Ltd. Lotus' current drug development is focused on the treatment of cerebro-cardi
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SOURCE Lotus Pharmaceuticals, Inc.
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