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Tongjitang Chinese Medicines Company Reports Fourth Quarter and Full Year 2010 Financial Results
Date:3/25/2011

SHENZHEN, China, March 25, 2011 /PRNewswire-Asia-FirstCall/ -- Tongjitang Chinese Medicines Company (the "Company" or "Tongjitang") (NYSE: TCM), a leading specialty pharmaceutical company focusing on the development, manufacturing, marketing and selling of modernized traditional Chinese medicine in China, today announced its financial results for the quarter and for the full year ended December 31, 2010.  

Financial Results for the Quarter Ended December 31, 2010

  • Net revenue from continuing operations(i) increased 33.6% to RMB 188.8 million ($28.6 million)(ii), from RMB 141.3 million in the prior year period.
  • Operating income from continuing operations rose to RMB 18.7 million ($2.8 million) from RMB 2.7 million in the prior year period.
  • Net income from continuing operations was RMB 11.4 million ($1.7 million), which yielded earnings from continuing operations per share(iii) of RMB 0.11 ($0.02).
  • Total net income attributable to the Company was RMB 13.0 million ($2.0 million), which yielded earnings per ADS of RMB 0.50 ($0.08) and earnings per share of RMB 0.13 ($0.02).
  • Non-GAAP adjusted EBITDA per share was RMB 0.25 ($0.04), compared to RMB 0.14 in the fourth quarter of 2009.

  • Xiaochun Wang, Chief Executive Officer and Chairman of Tongjitang, stated, "Our strong revenue performance in the fourth quarter reflects notable and increasing contributions from our major drugs, Xianling Gubao and Jingshu Granules, which were included in the National Essential Drug List ("EDL"), as well as for Moisturizing and Anti-Itching Capsules.  This revenue improvement shows the long-anticipated benefits of the healthcare reform and reflects gradual implementation of the EDL by local governments.  We have started to realize gains from the industry reform and are confident that further implementation will continue to contri
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    SOURCE Tongjitang Chinese Medicines Company
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