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American Oriental Bioengineering Reports Third Quarter 2009 Financial Results
Date:11/16/2009

s launched in the beginning of 2009. The Company generated $3.6 million from its distribution business in the third quarter of 2009.

Gross profit in the third quarter of 2009 was $44.1 million compared to $47.2 million in the third quarter of 2008. Gross margin was 56.0%, compared to 66.8% in the prior year period, reflecting continued revenue mix shift to CCXA's generic product sales, increasing raw material prices and lower margin distribution business from Nuo Hua.

Operating income in the third quarter of 2009 was $15.0 million compared to $21.6 million in the third quarter of 2008. Selling and marketing expenses increased 23.2% to $12.2 million from $9.9 million in the prior year period. The increase primarily reflects increased marketing and promotional initiatives related to enhancing prescription product sales. Advertising expense was $9.0 million in the third quarter of 2009, compared to $9.9 million in the prior year period, reflecting a greater focus on promotional activities and direct sales efforts. General and administrative expenses increased 37.7% to $6.5 million from $4.7 million in the prior year period, primarily driven by expenses related to improving production efficiency and testing equipment and technology upgrades as a result of more stringent GMP manufacturing standards.

Net income attributable to controlling interest for the third quarter of 2009 was $10.0 million, compared to $16.3 million in the prior year period. Excluding $0.9 million of interest expense on convertible securities and $0.2 million of amortized financing costs related to the Company's outstanding convertible notes, the Company's net income attributable to controlling interest was $11.2 million, or $0.13 per diluted share. In the third quarter of 2008, net income per diluted share was approximately $0.21.

Nine Months Ended September 30, 2009 Financial Performance

Revenue for the nine months end
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SOURCE American Oriental Bioengineering, Inc.
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