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PR Newswire
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Lotus Pharmaceuticals, Inc. Reports Full Year 2009 Financial Results

BEIJING, April 1 /PRNewswire-Asia-FirstCall/ -- Lotus Pharmaceuticals, Inc. (BULLETIN BOARD: LTUS) ("Lotus" or the "Company"), a growing developer, manufacturer and seller of medicine and drugs in the People's Republic of China (the "PRC") reported that its 2009 net earnings were approximately $16.4 million, or $0.33 per diluted share, compared with approximately $12.8 million, or $0.27 per diluted share, in 2008. Net revenues were approximately $57.8 million in 2009 compared with $73.8 million in 2008.

Full Year 2009 Results -- Earnings Before Interest and Taxes (EBIT) in 2009, were approximately $19.0 million, an increase of 29%, as compared with EBIT of $14.7 million in 2008. -- Gross margin as a percentage of net revenues was 56 percent in 2009 as compared with 45 percent in 2008. -- Selling expenses were approximately $8.0 million in 2009 as compared to approximately $14.9 million in 2008.

For the year ended December 31, 2009, wholesale revenues accounted for 78% of net revenues a decrease of 17% compared to the year ended December 31, 2008. This decrease was a result of the reduced unit prices of wholesale drugs in 2009 as a result of deflation in raw material prices, and reduced commissions paid to our sales representatives. Eight products accounted for approximately 84% of the our total wholesale revenues for the year ended December 31, 2009, including Maixin (Valsartan), Junxin (Levofloxacin Lactate for Injection), Muxin (Brimonidine), Ni Mai Jiao Lin (Nicergoline for Injection), Yipubishan (Octreotide Acetate Injection Solution), Recombinant Human Erythropoietin Injection, Recombinant Human Granulocyte Colony Stimulating Factor Injection, Recombinant Human Interleukin-2 for Injection. Offsetting the impact of a 37% decrease in average unit selling prices for these eight wholesale products was an increase in the sales quantities of these eight drugs by approximately 18% compared to 2008. The impact of these efforts resulted in EBIT margin in 2009 being 33%, compared to 20% in 2008.

Our retail sales accounted for 20% of net revenues in 2009, a decrease of 17% as compared to 2008. Lotus believes that this decrease was due to increased competition in Beijing.

Liquidity and Capital Resources

As of December 31, 2009, the Company had approximately $4.0 million in cash, compared to approximately $1.3 million as of December 31, 2008. Net cash provided by operating activities was approximately $31.4 million in 2009 as compared to approximately $37.4 million in 2008.

The Company believes that its internal cash flows and external financings will be able to support its proposed capital expenditures in 2010.

Outlook

"I'm pleased with our strong results for 2009," said Dr. Zhong Yi Liu, chairman and chief executive officer. "China's pharmaceutical sector presents us with tremendous growth opportunities. We have maintained strong relationships with our clients, leading research and development institutes and leading drug makers. At such time as we begin to use our new Beijing building complex, we hope to increase our sales and achieve both top and bottom line growth."

Based on information available to management at this time, Lotus anticipates its EBIT of fiscal year 2010 to grow by 15-20%, because its direct sales of drugs to third-party pharmacies in Beijing are expected to generate additional earnings.

About Lotus Pharmaceuticals, Inc. ( http://www.lotuspharma.com/ )

Lotus Pharmaceuticals, Inc. is a growing developer and producer of drugs and a licensed national seller of pharmaceutical items in the PRC. Lotus operates its business through its two controlled entities: Liang Fang Pharmaceutical, Ltd. and En Ze Jia Shi Pharmaceutical, Ltd. Lotus' current drug development is focused on the treatment of cerebro-cardiovascular disease, asthma, and diabetes. Liang Fang sells drugs directly and indirectly through its national sales channels to hospitals, clinics and drugs stores in 30 provinces of the PRC.

Safe Harbor Statement

This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intent," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may," or words or expressions of similar meaning. Such statements are not guarantees of future performance and could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including, but not limited to, changes from anticipated levels of sales, future national or regional economic and competitive and regulatory conditions, changes in relationships with customers, access to capital, increased costs, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, the time to get new drugs approved by the State Food and Drug Administration and other factors. Additional information regarding risks can be found in the Company's Annual Report on Form 10K and its other filings with the SEC. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.

LOTUS PHARMACEUTICALS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of December 31, 2009 2008 ASSETS CURRENT ASSETS: Cash $3,945,740 $1,278,808 Accounts receivable 1,784,194 6,132,912 Other receivable 16,132 15,757 Other receivable-related party -- 2,027,954 Inventories 1,039,867 3,787,802 Prepaid expenses and other assets - current 856,691 121,274 Deferred debt costs - current 52,226 398,067 Total Current Assets 7,694,850 13,762,574 PROPERTY AND EQUIPMENT - net of depreciation 16,223,775 6,896,886 OTHER ASSETS Prepaid expenses - noncurrent 1,359,583 -- Deposits and Installments on intangible assets 41,926,520 41,093,053 Intangible assets, net of accumulated amortization 17,176,207 1,889,661 Deferred debt costs - noncurrent -- 66,344 Total Assets $84,380,935 $63,708,518 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $427,924 $895,283 Other payables 2,262,760 1,274,882 Taxes payable 3,131,908 5,015,908 Unearned revenue 1,163,771 565,629 Due to related parties - current 1,490,649 1,224,339 Series A convertible redeemable preferred stock, $.001 par value; 10,000,000 shares authorized; 4,967,959 and 5,747,118 shares issued and outstanding at December 31, 2009 and 2008, respectively, net of discount 4,170,572 -- Total Current Liabilities 12,647,584 8,976,041 LONG-TERM LIABILITIES: Due to related parties - noncurrent 866,102 889,575 Notes payable - related parties 5,069,023 5,056,451 Series A convertible redeemable preferred stock, $.001 par value; 10,000,000 shares authorized; 4,967,959 and 5,747,118 shares issued and outstanding at December 31, 2009 and 2008, respectively, net of discount -- 3,652,341 Total Liabilities 18,582,709 18,574,408 STOCKHOLDERS' EQUITY: Common stock ($.001 par value; 200,000,000 shares authorized; 47,306,332 and 42,420,239 shares issued and outstanding at December 31, 2009 and 2008, respectively) 47,306 42,420 Additional paid-in capital 15,649,328 11,554,381 Statutory reserves 5,674,324 3,750,529 Retained earnings 40,066,036 25,557,537 Accumulated other comprehensive income 4,361,232 4,229,243 Total stockholders' Equity 65,798,226 45,134,110 Total Liabilities and Stockholders' Equity $84,380,935 $63,708,518 LOTUS PHARMACEUTICALS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME For the Years Ended December 31, 2009 2008 NET REVENUES: Wholesale $44,842,525 $54,067,149 Retail 11,639,923 14,034,389 Other revenues 1,342,197 5,701,491 Total Net Revenues 57,824,645 73,803,029 COST OF SALES 25,353,714 40,651,042 GROSS PROFIT 32,470,931 33,151,987 OPERATING EXPENSES: Selling expenses 8,040,161 14,902,646 Research and development -- 1,200,194 Loss on fixed assets impairment 1,719,884 -- General and administrative 3,391,875 1,979,203 Total Operating Expenses 13,151,920 18,082,043 INCOME FROM OPERATIONS 19,319,011 15,069,944 OTHER INCOME (EXPENSE): Debt issuance costs (412,184) (361,436) Registration rights penalty -- (650) Interest income 48,520 12,626 Interest expense (2,154,373) (1,929,836) Total Other Income (Expense) (2,518,037) (2,279,296) INCOME BEFORE INCOME TAXES 16,800,974 12,790,648 INCOME TAXES 368,680 -- NET INCOME $16,432,294 $12,790,648 COMPREHENSIVE INCOME: NET INCOME 16,432,294 12,790,648 OTHER COMPREHENSIVE INCOME: Foreign currency translation gain 131,989 2,247,686 COMPREHENSIVE INCOME $16,564,283 $15,038,334 NET INCOME PER COMMON SHARE: Basic $0.37 $0.30 Diluted $0.33 $0.27 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 44,209,856 42,307,762 Diluted 50,046,381 48,054,880 LOTUS PHARMACEUTICALS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2009 2008 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $16,432,294 $12,790,648 Adjustments to reconcile net income from operations to net cash provided by operating activities: Depreciation and amortization 1,986,361 634,347 Loss on fixed assets impairment 1,719,884 -- Amortization of deferred debt issuance costs 412,184 361,062 Amortization of debt discount -- 208,355 Amortization of discount on convertible redeemable preferred stock 1,196,106 962,604 Amortization of prepaid expense attributable to warrants 14,849 163,338 Stock-based compensation 282,083 318,551 Interest expenses caused by escrow shares transfer 337,500 -- Warrants revaluation -- 74,593 Decrease in allowance for doubtful accounts and sales returns -- (575,781) Changes in assets and liabilities: Accounts receivable 4,361,619 16,001,384 Inventories 2,755,869 (145,910) Prepaid expenses and other current assets 2,043,209 939,654 Accounts payable and accrued expenses 213,431 1,360,568 Other current payables 668,662 -- Taxes payable (1,895,451) 4,336,947 Unearned revenue 596,414 (36,276) Due to related parties 237,452 -- NET CASH PROVIDED BY OPERATING ACTIVITIES 31,362,466 37,394,084 CASH FLOWS FROM INVESTING ACTIVITIES: Deposits on patent right -- (2,872,635) Deposits on land use right -- (32,124,672) Payments on intangible assets (17,581,071) (5,465,762) Purchase of property and equipment (11,118,884) (1,438,419) NET CASH USED IN INVESTING ACTIVITIES (28,699,955) (41,901,488) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of convertible debt -- (2,520,000) Proceeds from sale of convertible redeemable stocks -- 5,000,000 Payment of debt issuance costs -- (468,568) Proceeds from related party advances -- 965,986 Repayments of related party advances -- (1,996,481) NET CASH PROVIDED BY FINANCING ACTIVITIES -- 980,937 EFFECT OF EXCHANGE RATE ON CASH 4,421 247,318 NET INCREASE (DECREASE) IN CASH 2,666,932 (3,279,149) CASH - beginning of year 1,278,808 4,557,957 CASH - end of year $3,945,740 $1,278,808 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for: Interest $-- $103,250 Income taxes $-- $-- Non-cash investing and financing activities: Warrants issued for prepaid financing costs and consulting service $-- $505,752 Common stock issued for services $2,370,250 $318,551 Common stock issued for conversion of convertible debt $-- $250,000 Common stock issued for conversion of convertible redeemable preferred stock $1,110,000 $- Debt discount for grant of warrants and beneficial conversion feature $-- $2,310,263 Convertible redeemable preferred stock issued for dividend payable $432,125 $-- For more information, please contact: Lotus Pharmaceuticals, Inc. Yan ZENG, CFO Tel: +86-10-6389-9868 Email: zy@lotuspharma.com

Lotus Pharmaceuticals, Inc.

CONTACT: Yan ZENG, CFO of Lotus Pharmaceuticals, Inc., +86-10-6389-9868,
zy@lotuspharma.com

Web site: http://www.lotuspharma.com/

© 2010 PR Newswire