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Tongjitang Chinese Medicines Company Reports Second Quarter 2010 Financial Results
Date:8/18/2010

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Tongjitang Chinese Medicines Company Reports Second Quarter 2010 Financial Results

 

SHENZHEN, China, Aug. 18 /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 ended June 30, 2010.

Financial Results for the Quarter Ended June 30, 2010 -- Net revenue increased 2.8% to RMB137.9 million ($20.3 million)(1), from RMB134.1 million in the prior year period. -- Operating loss was RMB2.8 million ($0.4 million), compared to an operating profit of RMB11.7 million in the prior year period. -- Net loss attributable to the Company was RMB4.7 million ($0.7 million), which yielded net loss per ADS of RMB0.18 ($0.03) and net loss per share(2) of RMB0.05 ($0.01). -- Non-GAAP adjusted EBITDA per share was RMB0.05 ($0.01), compared to non-GAAP adjusted EBITDA per share of RMB0.21 in the second quarter of 2009.

Xiaochun Wang, Chief Executive Officer and Chairman of Tongjitang, stated, "Our second quarter performance reflects strong contributions from products such as Jingshu Granules, which we have been marketing actively since acquiring Anhui Jingfang. This was offset by weaker demand for XLGB, which reflects continued delay in the implementation of the National Essential Drug List ("EDL") by local governments. We continue to pursue a more diversified product portfolio strategy, and expect sales of XLGB to recover when the rollout of EDL eventually gains momentum."

Net revenue in the second quarter of 2010 increased 2.8% to '/>"/>

SOURCE Tongjitang Chinese Medicines Company
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