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CHENGDU, China, Nov. 13 /PRNewswire-Asia-FirstCall/ -- Tianyin Pharmaceutical Co., Inc., (NYSE Alternext: TPI), a manufacturer and supplier of modernized traditional Chinese medicine ("TCM") based in Chengdu, China, today announced fiscal results for its first quarter ended September 30, 2009.
Revenue for the first quarter of fiscal 2010 was approximately $13.4 million, an increase of 40.2% compared to $9.6 million for the first quarter of fiscal 2009. The increase resulted from higher sales volume of portfolio products, increased market penetration through the Company's broad distribution channels, which was supported by additional production capacity from the new facility. Revenues from the top three selling products, Ginkgo Mihuan Oral Liquid, Arpu Shuangxin Oral Liquid, and Azithromycin Dispersible Tablets, were collectively $7.1 million and represented approximately 53.1% of total revenues for the quarter. During the fourth quarter of fiscal 2009 sales of the top three selling products were approximately $7.8 million, or 58.6% of total revenues.
Cost of goods sold for the three months ended September 30, 2009 was approximately $6.3 million or 47.4% of revenue as compared to $4.7 million or 49.0% of revenue for the three months ended September 30, 2008, yielding a gross profit of $7.1 million and gross margins of 52.6%, compared to $4.9 million in gross profit and gross margins of 51.0% during the first quarter of fiscal 2009. Gross margins improved as a result of the product mix, in addition to enhanced cost controls and manufacturing efficiencies implemented during the production process.
Operating expenses for the three months ended September 30, 2009 were
approximately $4.3 million, up 58.7% compared to the same period in 2008.
Selling, general and administration expenses for the period increased to
approximately $4.1 million from $2.6 million in the first quarter of fiscal
2009 as a result of the
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