Wednesday November 25 2009 | Biotechnology feed | All feeds
|
|
|
Jiangbo Pharmaceuticals Announces Record Fourth Quarter and Fiscal Year 2009 ResultsTuesday 29th of September 2009 7:34LAIYANG, China, Sept. 29 /PRNewswire-Asia-FirstCall/ -- Jiangbo Pharmaceuticals, Inc. (OTC Bulletin Board: JGBO) ("Jiangbo" or the "Company"), a pharmaceutical company with its principal operations in the People's Republic of China, today announced financial results for its fourth quarter and fiscal year ended June 30, 2009. The Company's annual report on Form 10-K was filed with the U.S. Securities Exchange Commission and is available on the Company's website.
Fourth Quarter FY 2009 Highlights:
-- Revenues increased 10.1% year-over-year to $31.2 million
-- Gross profit was $23.0 million, a 2.2% decrease from the comparable
period in 2008
-- Operating income rose 74.6% year-over-year to $17.7 million
-- Net income grew 19.9% to $11.5 million, or $0.70 per fully diluted
share
-- Non-GAAP adjusted net income was $12.1 million, or $0.81 per fully
diluted share for the three months ended June 30, 2009, up 6.9% from
non-GAAP adjusted net income of $11.3 million, or $0.94 per fully
diluted share, for the quarter ended June 30, 2008
Fiscal Year 2009 Highlights:
-- Total revenue increased 17.9% year-over-year to $117.4 million
-- Gross profit increased 16. 1% to $89.5 million, as compared to the
results in fiscal year 2008
-- Operating income rose 54.5% year-over-year to $49.8 million
-- Net income grew 28.6% to $28.9 million, as compared to the results in
fiscal year 2008
-- Non-GAAP adjusted net income was $35.6 million, or $2.46 per fully
diluted share in fiscal year of 2009, up 36.3% from non-GAAP adjusted
net income of $26.1 million, or $2.60 per fully diluted share in fiscal
year 2008
-- In July 2008, the Company received approval from China's State Food and
Drug Administration ("SFDA") to start producing and distributing Radix
Isatidis Dispersible Tablets, an herbal-based Traditional Chinese
Medicine used for viral influenza
-- In January 2009, the Company acquired all of the assets of Shandong
Hongrui Pharmaceutical Factory ("Hongrui") and obtained the legal
rights to manufacture and distribute Hongrui's 22 Traditional Chinese
Medicines
-- Beginning in January 2009, Jiangbo restructured its sales network to
distribute products through 28 large regional distributors and increase
efficiency
-- In April 2009, the Company changed its corporate name from Genesis
Pharmaceuticals Enterprises, Inc. to "Jiangbo Pharmaceuticals, Inc."
and its stock symbol from "GNPH" to "JGBO"
"We are delighted to report a strong finish to fiscal 2009, with revenues
and operating income significantly exceeding our prior guidance for the year.
We believe that the factors that contributed to this performance were strong
sales from our new products and the successful restructuring of our sales and
marketing network. With nearly Fourth Quarter Results Total revenue increased 10.1% year-over-year to In January 2009, Jiangbo restructured its distribution and sales system to concentrate on selling its major products to 28 large independent regional distributors in order to gain deeper access to local markets and reduce operating expenses. The independent distributors agreed to take on higher direct marketing and sales expenses in exchange for lower unit prices for the Company's products. As a result, the Company lowered its unit prices for Clarithromycin sustained-released tablets, Itopride Hydrochloride granules and Baobaole chewable tablets by an average of 26%. The decrease in revenue from lower prices for these three major products was offset by an increase in revenue from Radix Isatidis Dispersible tablets and some of Traditional Chinese Medicines acquired from Hongrui. Radix Isatidis dispersible tablets experienced a significant increase in demand caused by H1N1 concerns in the fourth quarter. Clarithromycin accounted for 33.6% of total sales for the quarter ended June 30, 2009, Itopride 23.5%, Baobaole 22.9%, and Radix 10.3%. Osteomyelitis Treatment Tablets accounted for 6.7% of total sales for the quarter ended June 30, 2009, with all other drugs accounting for 3.1%. Gross profit decreased 2.2% to Selling, general and administrative expenses decreased 65.9% to Operating income rose 74.6% to Other expenses, comprised primarily of interest expenses, amortized
financing cost and debt discounts and impact from tax exemptions, was As a result of the 2008 tax exemption, the provision for income taxes was
Net income grew 19.9% to Excluding the impact of a loss from discontinued operations of
approximately Fiscal Year 2009 Results Total revenue for fiscal 2009 increased 17.9% to Excluding the impact of a loss from discontinued operations of Financial Condition As of June 30, 2009, the Company had Business Outlook and Guidance "We are very pleased with the strong sales we have received from our Radix Isatidis dispersible tablets, in part due to the threat posed by the H1N1 flu. Radix Isatidis is an herbal-based traditional Chinese medicine used to cure viral influenza, and Jiangbo is the only company in China that is able to manufacture Radix Isatidis in dispersible tablet form," said Mr. Cao. "We are also excited about the initial market reception to products acquired from Hongrui, including Kang Gu Sui Yan Pian (an osteomyelitis treatment tablet) and Laiyang Pear Cough Syrup, and we believe that these drugs have strong sales potential." In order to expand production of these products while ensuring strict
quality controls, the Company is currently in the process of renovating
Hongrui's facilities, with a budget of As a result of the factors discussed above, the Company expects to achieve
revenues for fiscal 2010 in the range of "Fiscal 2010 is expected to be a transitional year for Jiangbo as we upgrade our TCM production facility, prepare for the introduction of new drugs, and pursue additional opportunities for both organic growth and potential strategic acquisitions. Our current outlook reflects only the drugs that we have in hand today and will be subject to update as we execute strategic initiatives to expand our market position and profitability in the future. We remain very confident regarding our future growth prospects and look forward to sharing further details with our shareholders as our expansion plans reach a definitive stage," concluded Mr. Cao. Conference Call Jiangbo Pharmaceuticals, Inc. management will host a conference call at 9:00 a.m. Eastern Time on Tuesday, September 29, 2009 to discuss financial results for the quarter and fiscal year ended June 30, 2009. Mr. Wubo Cao, Chairman and CEO, and Ms. Elsa Sung, CFO, of Jiangbo will host the conference call. To participate in this live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: ((800) 688-0796. International callers should call (617) 614-4070. The conference passcode is 442 269 29. Replay of the conference call will be available from Tuesday, September 29, 2009 at 11:00 p.m. Eastern for 14 days. To access the replay, call (888) 286-8010. International callers should call (617) 801-6888. The conference passcode is: 829 987 55. Use of Non-GAAP Financial Information This press release includes certain financial information, adjusted net income and adjusted fully diluted earnings per share, which are not presented in accordance with GAAP. Adjusted net income was derived by taking net income and adjusting it with a loss from discontinued operations, unrealized losses on trading securities and non-cash amortization of debt discount and debt issuance costs related to convertible securities. The Company's management believes that these non-GAAP measures provide investors with a better understanding of the Company's historical results from its core business operations. To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information, which is adjusted net income and adjusted earnings per share, excluding the impact of these items in this release. The non-GAAP information is not meant to be considered in isolation or as a substitute for GAAP financials. The non-GAAP financial information provided by the Company may also differ from non-GAAP information provided by other companies. A table below provides a reconciliation of the non-GAAP financial information to the nearest GAAP measure. About Jiangbo Pharmaceuticals, Inc. Jiangbo Pharmaceuticals, Inc. is a U.S. public company engaged in the research, development, production, marketing and sales of pharmaceutical products in the People's Republic of China. Its operations are located in Eastern China in an Economic Development Zone in Laiyang City, Shandong province. Jiangbo is a major pharmaceutical company in China producing both western and Chinese herbal-based medical drugs in tablet, capsule, granule, syrup and electuary (sticky syrup) form. http://www.jiangbopharma.com Safe Harbor Statement Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to introduce, manufacture and distribute new drugs. Actual results may differ materially from predicted results, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's ability to obtain raw materials needed in manufacturing, the continuing employment of key employees, the failure risks inherent in testing any new drug, the possibility that regulatory approvals may be delayed or become unavailable, patent or licensing concerns that may include litigation, direct competition from other manufacturers and product obsolescence. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.
-- Financial Statements Follow --
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY KNOWN AS GENESIS PHARMACEUTICAL ENTERPRISES, INC.)
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2009 AND 2008
A S S E T S
2009 2008
CURRENT ASSETS:
Cash $104,366,117 $ 48,195,798
Restricted cash 7,325,000 7,839,785
Investments 879,228 2,055,241
Accounts receivable, net of
allowance for doubtful accounts
of $694,370and $155,662 as of
June 30, 2009 and 2008,
respectively 19,222,707 24,312,077
Accounts receivable -
related parties -- 673,808
Inventories 3,277,194 3,906,174
Other receivables 167,012 152,469
Advances to suppliers 236,496 1,718,504
Financing costs - current 680,303 680,303
Total current assets 136,154,057 89,534,159
PLANT AND EQUIPMENT, net 13,957,397 11,225,844
OTHER ASSETS:
Restricted investments 1,033,463 2,481,413
Financing costs, net 556,365 1,236,641
Intangible assets, net 17,041,181 9,916,801
Total other assets 18,631,009 13,634,855
Total assets $168,742,463 $114,394,858
L I A B I L I T I E S A N D S H A R E H O L D E R S' E QU I T Y
CURRENT LIABILITIES:
Accounts payable $ 6,146,497 $ 2,341,812
Short term bank loans 2,197,500 2,772,100
Notes payable 7,325,000 5,843,295
Other payables 2,152,063 3,510,864
Refundable security
deposits due to
distributors 4,102,000 --
Other payables -
related parties 238,956 324,976
Accrued liabilities 1,356,898 334,439
Liabilities assumed
from reorganization 1,565,036 1,084,427
Taxes payable 11,248,226 166,433
Total current liabilities 36,332,176 16,378,346
CONVERTIBLE DEBT, net of
discount $28,493,089 and
$32,499,957 as of June 30,
2009 and 2008, respectively 6,346,911 2,500,043
Total liabilities 42,679,087 18,878,389
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Convertible preferred stock Series
A ($0.001 par value; 0 and
20,000,000 shares authorized as of
June 30, 2009 and 2008,
respectively; 0 shares issued
and outstanding as of June 30,
2009 and 2008, respectively -- --
Common stock ($0.001 par value,
22,500,000 and 15,000,000
shares authorized, 10,435,099 and
9,767,844 shares issued and
outstanding as of June 30,
2009 and 2008, respectively) 10,435 9,770
Paid-in-capital 48,397,794 45,554,513
Capital contribution
receivable (11,000) (11,000)
Retained earnings 67,888,667 39,008,403
Statutory reserves 3,253,878 3,253,878
Accumulated other
comprehensive income 6,523,602 7,700,905
Total shareholders'
equity 126,063,376 95,516,469
Total liabilities and
shareholders' equity $168,742,463 $114,394,858
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY KNOWN AS GENESIS PHARMACEUTICAL ENTERPRISES, INC.)
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
FOR THE THREE MONTHS AND YEARS ENDED JUNE 30, 2009, 2008
For the Three Months Ended For the Twelve Months Ended
June 30, June 30,
2009 2008 2009 2008
REVENUES:
Sales $ 31,152,703 $ 27,334,356 $117,143,950 $ 93,982,407
Sales -
related
parties 0 952,249 244,026 5,564,098
TOTAL
REVENUE 31,152,703 28,286,605 117,387,976 99,546,505
Cost of
sales 8,149,746 4,446,213 27,854,747 21,072,674
Cost of
sales -
related
parties 0 315,955 54,519 1,433,873
COST OF
SALES 8,149,746 4,762,168 27,909,266 22,506,547
GROSS
PROFIT 23,002,957 23,524,437 89,478,710 77,039,958
RESEARCH
AND
DEVELOPMENT
EXPENSE 1,099,875 1,065,475 4,395,000 3,235,715
SELLING,
GENERAL
AND
ADMINI-
STRATIVE
EXPENSES 4,203,777 12,323,867 35,315,529 41,593,197
INCOME
FROM
OPERATIONS 17,699,305 10,135,095 49,768,181 32,211,046
OTHER
(INCOME)
EXPENSE,
NET
Other
expense,
net (168,945) (509,047) 894,014 708,338
Non-
operating
(income)
expense (88,982) (1,391,069) (89,453) (1,281,149)
Non-
operating
(income)
- related
party (69,694) 80,851 (382,970) (110,152)
Interest
expense,
net 1,760,543 2,166,190 5,904,511 3,092,183
Loss
(Income)
from
discontinued
business 88,116 38,284 1,781,946 380,027
OTHER
EXPENSE,
NET 1,521,038 385,209 8,108,048 2,789,247
INCOME
BEFORE
PROVISION
FOR INCOME
TAXES 16,178,267 9,749,886 41,660,133 29,421,799
PROVISION
FOR INCOME
TAXES 4,686,549 162,114 12,779,869 6,970,739
NET INCOME 11,491,718 9,587,772 28,880,264 22,451,060
OTHER
COMPREHENSIVE
INCOME:
Unrealized
gain on
marketable
securities 633,412 -- (1,514,230) 1,347,852
Foreign
currency
translation
adjustment (41,358) 1,777,833 336,927 5,206,612
COMPREHENSIVE
INCOME $ 12,083,772 $ 11,365,605 $ 27,702,961 $ 29,005,524
WEIGHTED
AVERAGE
NUMBER
OF SHARES:
Basic 10,435,049 9,762,035 10,061,326 9,164,127
Diluted 11,168,382 11,438,156 14,484,830 9,737,832
EARNINGS
PER SHARE:
Basic $ 1.10 $ 0.98 $ 2.87 $ 2.45
Diluted $ 0.70 $ 0.50 $ 0.09 $ 1.84
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP NET INCOME
For Three Months Ended For Year Ended
June 30 June 30 June 30 June 30
2009 2008 2009 2008
Net Income $ 11,491,718 $ 9,587,772 $ 28,880,264 $ 22,451,060
Loss from
discontinued
operations 88,116 38,284 1,781,946 380,027
Unrealized
loss (gain)
on trading
securities,
net (1,026,097) (499,052) 229,425 651,464
Amortization of
debt discount
and debt
issuance costs
related to
convertible
debentures 1,497,392 2,142,418 4,687,144 2,624,007
Adjusted
Net Income $ 12,051,129 $ 11,269,422 $ 35,578,779 $ 26,106,558
Basic Weight
Average
Number of
Shares 10,435,049 9,762,035 10,061,326 9,164,127
Diluted
Weight
Average
Number of
Shares 14,898,332 12,015,092 14,464,830 10,050,332
Adjusted
Earnings
Per
Weighted
Average
Number of
Shares $ 1.15 $ 1.15 $ 3.54 $ 2.85
Adjusted
Diluted
Earnings
Per
Weighted
Average
Number of
Shares** $ 0.81 $ 0.94 $ 2.46 $ 2.60
* Excluding loss from discontinued operations and non-cash charges during
the periods
** Using treasury method
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY KNOWN AS GENESIS PHARMACEUTICAL ENTERPRISES, INC.)
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Common Stock
Par Vaule $0.001 Treasury Stock
Number Common Number Treasury
of shares stock of shares stock
BALANCE, June 30, 2006 7,494,740 $7,495 10,000 $(2,805)
Capital contribution
Dividend distribution
Net income
Adjustment to statutory reserve
Foreign currency translation
gain
BALANCE, June 30, 2007 7,494,740 $7,495 10,000 $(2,805)
Recapitalization of Company 2,131,603 2,132
Common stock Issued for
conversion of options 44,031 44
Issuance of common stock @
$4.80 per share 37,500 38
Exercise of stock options to
common stock @ $4.20 per share 37,500 38
Conversion of convertible
preferred stock A to common
stock 16,595 17
Capital contribution registered
Sales of treasury stock (10,000) 2,805
Grant of warrants and
beneficial conversion feature
in connection with convertible
debt
Common stock issued for service
@ $8.00 per share 5,875 6
Stock option compensation
Net income
Adjustment to statutory reserve
Change in fair value on
restricted marketable equity
securities
Foreign currency translation
gain
BALANCE, June 30, 2008 9,767,844 9,770 -- $ --
Shares issued for adjustments
for 1:40 reverse split 1,104 --
Cancellation of common stock
for settlement @ $8 per share (2,500) (2)
Common stock issued for service
@ $8 per share 2,500 2
Common stock issued for service
@ $9 per share 2,500 2
Common stock issued to Hongrui
@ $4.035 per share 643,651 644
Stock-based compensation
Conversion of convertible debt
to stock 20,000 20
Net income
Change in fair value on
restricted marketable equity
securities
Foreign currency translation
gain
BALANCE, June 30, 2009 10,435,099 $10,435 $ -- $ --
Additional Capital Retained Earnings
Paid-in contribution Statutory Unrestricted
capital receivable reserves earnings
BALANCE, June 30, 2006 $13,216,309 $(12,011,000) $648,667 $7,453,498
Capital contribution 5,128,000
Dividend distribution (10,344,000)
Net income 22,053,056
Adjustment to statutory
reserve 1,508,970 (1,508,970)
Foreign currency
translation gain
BALANCE, June 30, 2007 $18,344,309 $(12,011,000)$2,157,637 $17,653,584
Recapitalization of
Company 3,815,813
Common stock Issued for
conversion of options (44)
Issuance of common stock @
$4.80 per share 179,963
Exercise of stock options
to common stock @ $4.20
per share 157,463
Conversion of convertible
preferred stock A to
common stock (2)
Capital contribution
registered (12,000,000) 12,000,000
Sales of treasury stock (830)
Grant of warrants and
beneficial conversion
feature in connection
with convertible debt 35,000,000
Common stock issued for
service @ $8.00 per share 46,994
Stock option compensation 10,847
Net income 22,451,060
Adjustment to statutory
reserve 1,096,241 (1,096,241)
Change in fair value on
restricted marketable
equity securities
Foreign currency
translation gain
BALANCE, June 30, 2008 $45,554,513 $(11,000)$3,253,878 $39,008,403
Shares issued for
adjustments for 1:40
reverse split
Cancellation of common
stock for settlement @ $8
per share (19,998)
Common stock issued for
service @ $8 per share 19,998
Common stock issued for
service @ $9 per share 22,498
Common stock issued to
Hongrui @ $4.035 per
share 2,596,488
Stock-based compensation 64,314
Conversion of convertible
debt to stock 159,980
Net income 28,880,264
Change in fair value on
restricted marketable
equity securities
Foreign currency
translation gain
BALANCE, June 30, 2009 $48,397,794 $ (11,000)$3,253,878 $67,888,667
Accumulated other
comprehensive
income Totals
BALANCE, June 30, 2006 $128,311 $9,440,475
Capital contribution 5,128,000
Dividend distribution (10,344,000)
Net income 22,053,056
Adjustment to statutory reserve --
Foreign currency translation gain 1,018,130 1,018,130
BALANCE, June 30, 2007 $1,146,441 $27,295,661
Recapitalization of Company 3,817,959
Common stock Issued for conversion of
options 0
Issuance of common stock @ $4.80 per
share 180,001
Exercise of stock options to common
stock @ $4.20 per share 157,501
Conversion of convertible preferred
stock A to common stock --
Capital contribution registered --
Sales of treasury stock 1,975
Grant of warrants and beneficial
conversion feature in connection
with convertible debt 35,000,000
Common stock issued for service @
$8.00 per share 47,000
Stock option compensation 10,847
Net income 22,451,060
Adjustment to statutory reserve --
Change in fair value on restricted
marketable equity securities 1,347,852 1,347,852
Foreign currency translation gain 5,206,612 5,206,612
BALANCE, June 30, 2008 $7,700,905 $95,516,469
Shares issued for adjustments for
1:40 reverse split --
Cancellation of common stock for
settlement @ $8 per share (20,000)
Common stock issued for service @ $8
per share 20,000
Common stock issued for service @ $9
per share 22,500
Common stock issued to Hongrui @
$4.035 per share 2,597,132
Stock-based compensation 64,314
Conversion of convertible debt to
stock 160,000
Net income 28,880,264
Change in fair value on restricted
marketable equity securities (1,514,230) (1,514,230)
Foreign currency translation gain 336,927 336,927
BALANCE, June 30, 2009 $6,523,602 $126,063,376
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY KNOWN AS GENESIS PHARMACEUTICAL ENTERPRISES, INC.)
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, 2009, 2008 AND 2007
2009 2008
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net income $ 28,880,264 $ 22,451,060
Loss from discontinued
operations 1,781,946 380,027
Income from continued
operations 30,662,210 22,831,087
Adjustments to
reconcile net income
to cash provided by
operating activities:
Depreciation 679,507 517,863
Amortization of
intangible assets 735,427 184,465
Amortization of
debt issuance costs 680,276 123,964
Amortization of
debt discount 4,006,868 2,500,043
Bad debt (recovery)
expense 538,069 (27,641)
Loss on sale of
marketable
securities 473,303 --
Unrealized loss on
investments 229,425 696,528
Other non-cash
settlement (income)
expense (20,000) --
Common Stock issued
for services -- 46,994
Amortization of
stock option
compensation 106,815 10,847
Gain on forgiveness
of debt -- (86,752)
Changes in operating
assets and liabilities
Accounts receivable 4,651,284 (10,534,270)
Accounts receivable
- related parties 676,579 (113,465)
Notes receivables -- 60,694
Inventories 792,293 1,686,090
Other receivables (21,038) (111,571)
Advances to suppliers 1,495,805 (1,259,254)
Other assets -- 92,996
Accounts payable 3,795,084 55,085
Accrued liabilities 1,182,018 211,362
Other payables (1,534,740) 2,033,689
Other payables -
related parties (86,692) (822,155)
Refundable security
deposits due to
distributors 4,102,000 --
Liabilities assumed
from reorganization (1,301,337) (1,172,816)
Taxes payable 11,081,110 169,790
Net cash provided
by operating
activities 62,924,266 17,093,573
CASH FLOWS FROM
INVESTING ACTIVITIES:
Acquisition of Hongrui (8,584,900) --
Proceeds from sale of
investments 407,005 1,034,028
Proceeds from sale of
restricted investments -- 155,000
Purchase of equipment (156,702) (453,718)
Purchase of intangible
assets -- (8,870,631)
Cash proceeds from
sale of equipment 15,615 --
Cash proceeds from
reverse acquisition -- 534,950
Net cash used in
investing activities (8,318,982) (7,600,371)
CASH FLOWS FROM
FINANCING ACTIVITIES:
Change in restricted
cash 538,815 3,292,168
Proceeds from notes
payable 13,896,990 --
Principal payments on
notes payable (12,439,315) (3,292,168)
Borrowings on short
term bank loans 2,197,500 2,616,110
Principal payments on
short term bank loans (2,783,500) (4,819,150)
Proceeds from sale of
common stock -- 337,500
Proceeds from sale of
treasury stock -- 1,975
Payment to escrow
account -- (1,996,490)
Payments for dividend -- (10,608,000)
Proceeds from
convertible debt -- 32,974,500
Payments for debt
issuance cost -- (15,408)
Net cash provided
by (used in)
financing
activities 1,410,490 18,491,037
EFFECTS OF EXCHANGE
RATE CHANGE IN CASH 154,545 2,474,351
NET INCREASE IN CASH 56,170,319 30,458,590
CASH, beginning of the
year 48,195,798 17,737,208
CASH, end of the year $ 104,366,117 $ 48,195,798
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest $ 2,255,809 $ 493,781
Cash paid for taxes $ 6,167,810 $ 7,001,264
Non-cash investing and
financing activities:
Common stock issued to
acquire Hongrui $ 2,597,132 $ --
For more information, please contact:
Jiangbo Pharmaceuticals, Inc.
Ms. Elsa Sung, CFO
Phone: +1-954-727-8435
Email: elsasung@jiangbo.com
Web: http://www.jiangbopharma.com
CCG Investor Relations, Inc.
Mr. Crocker Coulson, President
Phone: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
SOURCE Jiangbo Pharmaceuticals, Inc. Browse other news from this organisation: Jiangbo Pharmaceuticals, Inc. Source PR Newswire  |
|
Nothing in this website should be used in
place of personal medical advice from your own qualified medical
practitioner. |
All rights reserved. All other trademarks recognized. |
|
