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Jiangbo Pharmaceuticals Announces Fourth Quarter and Fiscal Year 2010 Results
Date:9/30/2010

$1.15 per basic share, in the fourth quarter of fiscal year 2009. Non GAAP adjusted fully diluted earnings per share were $0.65, as compared to $0.81 in the fourth quarter of fiscal year 2009. (For a reconciliation of adjusted non- GAAP net income and basic and diluted earnings per share with their nearest GAAP equivalents, please see the table at the end of this press release.)

Fiscal Year 2010 Results

Total revenue for fiscal year 2010 decreased 17.0% to $97.4 million from $117.4 million in fiscal year 2009. Gross profit decreased 20.3% to $71.3 million, as compared to $89.5 million in the prior year. Gross margin was 73.2%, compared to 76.2% last year, primarily due to reduced per unit sales prices as part of the Company's effort to restructure its distribution and sales system in January 2009 and, to a lesser extent, due to higher TCM herb raw material costs during second half of fiscal year 2010. Operating income decreased 3.1% to $48.2 million from $49.8 million in fiscal year 2009. Operating margin increased to 49.5% from 42.4% in the prior year, mainly reflecting significantly reduced commission to the Company's sales representatives after the distribution restructuring. Net income increased 3.4% to $29.9 million, as compared to $28.9 million in fiscal year 2009. Net margin as percentage of revenue expanded 6.0 percentage points to 30.6% from 24.6% in the comparable period. Fully diluted earnings per share were $1.36, compared to $0.09 in fiscal year 2009.

Excluding the impact of a loss from discontinued operations of $0.2 million, an unrealized gain on investments of $0.2 million, a gain in fair value of derivative liabilities of $14.6 million and amortization of debt discount and issuance costs related to convertible debentures of $15.6 million, non-GAAP adjusted net income for fiscal year 2010 was $30.9 million, or $2.79 per basic share, as compared to $35.6 million, or $3
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SOURCE Jiangbo Pharmaceuticals, Inc.
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