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

class="xn-money">RMB137.9 million ($20.3 million) from RMB134.1 million in the second quarter of 2009. Xianling Gubao ("XLGB") sales were RMB74.1 million ($10.9 million) in the second quarter of 2010, compared to RMB80.7 million in the second quarter of 2009. Net revenue from Moisturizing & Anti-itching Capsules and Zaoren Anshen Capsules reached RMB19.0 million ($2.8 million) in the second quarter of 2010, compared to RMB18.2 million in the second quarter of 2009. Net revenue from the Company's other products increased 27% to RMB44.8 million ($6.6 million) from RMB35.2 million in the second quarter of 2009, including the contribution of approximately RMB2.1 million from the Company's liquor business.

Gross profit decreased 3.1% to RMB 79.2 million ($11.7 million) in the second quarter of 2010 from RMB 81.7 million in the second quarter of 2009. Gross margin was 57.5% in the second quarter of 2010, compared to 61.0% in the same period of 2009. Tongjitang's gross margin reflects higher revenue contribution from lower-margin products, as well as increased costs of raw materials related to herbal medicines, including the cost of barrenwort. Quality control costs also increased in line with a more stringent regulatory environment.

Operating loss in the second quarter of 2010 was RMB2.8 million ($0.4 million), compared to an operating profit of RMB11.7 million in the second quarter of 2009. Operating loss was mainly attributable to increased selling and marketing expenses, reflecting the Company's efforts to invest in its sales team's infrastructure and EDL sales network.

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 in the second quarter of 2010 was RMB5.7 million ($0.8 million), compared to RMB27.1 million in the second quarter of 2009. Non-GAAP adjust
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SOURCE Tongjitang Chinese Medicines Company
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