The company reported fiscal 2010 third quarter revenue of $15.3 million, compared to $12.5 million in the fiscal third quarter of 2009. Gross profit for the same period rose to approximately $12.5 million compared to $10.3 million for the fiscal third quarter of 2009. Net income in the third quarter of 2010 was $0.9 million compared to net income of $2.1 million in 2009, with the decrease being attributable mostly to one-time costs of approximately $1.3 million associated with the company’s share exchange and $12 million financing transactions which closed on January 5, 2010.
For the nine months ended March 31, 2010, revenue increased to $46.1 million, compared to $35.8 million for the nine months ended March 31, 2009. Net income decreased to $5.5 million for the nine months ended March 31, 2010, compared to net income of $6.2 million, for the same period in 2009, again due mostly to the one-time transaction costs.
Additional information regarding the results for these periods is available in the company’s Quarterly Report on Form 10-Q, which has been filed with the U.S. Securities and Exchange Commission.
About Bohai Pharmaceuticals Group, Inc.
Based in the city of Yantai, Shandong Province, China, Bohai Pharmaceuticals Group, Inc. is engaged in the production, manufacturing and distribution of herbal pharmaceuticals based on traditional Chinese medicine in China. Bohai’s medicines address common health problems such rheumatoid arthritis, viral infections, gynecological diseases, cardio vascular issues and respiratory diseases. Bohai’s products are sold either by prescription through hospitals or Over the Counter through local pharmacies and retail drug store chains. Bohai has approximately 600 employees, including approximately 300 sales representatives, operating from 20 offices throughout China. Bohai’s lead products, Tongbi Capsules and Tablets and Lung Nourishing Cream, are eligible for reimbursement under China’s National Medical Insurance Program. In fiscal year ended June 30, 2009, these products accounted for more than 50% of Bohai’s revenues.