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Jiangbo Pharmaceuticals Announces Record Fourth Quarter and

时间:2019-01-11 作者:AG集&#


LAIYANG, 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 大发官方娱乐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 $63 million in operating cash flow in FY 2009, we ended the fiscal year with over $100 million in cash. We believe that our strong cash position will provide us with significant flexibility to pursue continued organic growth and strategic acquisitions," said Mr. Wubo Cao, Chairman and CEO of Jiangbo Pharmaceuticals, Inc. "We strengthened our product line, by launching Radix Isatidis Dispersible Tablets to treat viral influenza and by adding 22 TCM products to our portfolio from our acquisition of Hongrui. We are focused on continuing to expand our portfolio of high margin drugs that address major disease categories and on continuing to build sustainable growth in revenues and profits."

Fourth Quarter Results

Total revenue increased 10.1% year-over-year to $31.2 million from $28.3 million.

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 $23.0 million from $23.5 million in the comparable period of fiscal 2008. Gross margin was 73.8%, compared to 83.2% in the fourth quarter of 2008, due to the impact of lower unit sale prices for the Company's three major products.

Selling, general and administrative expenses decreased 65.9% to $4.2 million from $12.3 million in the same period of fiscal 2008, primarily because the Company reduced the commissions paid to its sales representatives of three major products to approximately 5% and less marketing and advertising spending in the fourth quarter of fiscal 2009.

Operating income rose 74.6% to $17.7 million, as compared to $10.1 million in the same period of fiscal 2008. Operating margin as a percentage of revenue increased 24 percentage points to 56.8% from 35.8% in the same period of fiscal 2008.

Other expenses, comprised primarily of interest expenses, amortized financing cost and debt discounts and impact from tax exemptions, was $1.5 million compared to $0.4 million for the three months ended June 30, 2008. The increase was primarily due to an approximately $1.4 million non-operating income generated from the tax exemption received from the government in the fourth quarter of fiscal 2008 which the Company did not receive the similar exemption in the fourth quarter of fiscal 2009.

As a result of the 2008 tax exemption, the provision for income taxes was $4.7 million in the fourth quarter of FY 2009, compared to $162,114 for the three months ended June 30, 2008.

Net income grew 19.9% to $11.5 million from $9.6 million in the prior year's comparable period, representing the basic earnings per share of $1.10. Diluted earnings per share for the fourth quarter of fiscal 2010 were $0.70.

Excluding the impact of a loss from discontinued operations of approximately $88,000, a unrealized gain on trading securities of $1.0 million, and amortization of debt discount and issuance costs related to convertible debentures of $1.5 million, non-GAAP adjusted net income for the fourth quarter was $12.1 million, or $1.15 per share basic, as compared to $11.3 million, or $1.15 per share basic, in the fourth quarter of fiscal 2008. Non GAAP adjusted fully diluted earnings per share were $0.81, as compared to $0.94 in the fourth quarter of fiscal 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 2009 Results

Total revenue for fiscal 2009 increased 17.9% to $117.4 million from $99.5 million in fiscal year 2008. Gross profit rose 16.2% to $89.5 million, as compared to $77.0 million in the prior year. Gross margin was 76.2%, compared to 77.4% last year. Operating income grew 54.5% to $49.8 million from $32.2 million in fiscal 2008. Operating margin increased 10 percentage points to 42.4% from 32.4% in the prior year. Net income increased 28.6% to $28.9 million, as compared to $22.5 million in fiscal 2008. Net margin as percentage of revenue expanded 2 percentage points to 24.6% from 22.6% in the comparable period. Fully diluted earnings per share were $0.09, compared to $1.84 in fiscal 2008. The calculation of diluted earnings per share for fiscal 2009 includes the impact of various non-cash adjustments for the amortized and unamortized debt discount and financing costs relating to the Company's sale of convertible notes in May of 2008.

Excluding the impact of a loss from discontinued operations of $1.8 million, a unrealized loss on trading securities of $0.2 million, and amortization of debt discount and issuance costs related to convertible debentures of $4.7 million, non-GAAP adjusted net income for fiscal 2009 was $35.6 million, or $3.54 per basic share, as compared to $26.1 million, or $2.85 per basic share, in fiscal 2008. Excluding the impact of non-cash adjustments including a charge of $32.5 million in unamortized debt discount and $1.9 million in unamortized financing costs, non-GAAP adjusted diluted earnings per share were $2.46 in fiscal 2009, as compared to $2.60 in fiscal 2008.

Financial Condition

As of June 30, 2009, the Company had $104.4 million in cash and an additional $7.3 million in restricted cash, as compared to $48.2 million and $7.8 million, respectively, at the end of fiscal 2008. Working capital was $99.8 million, up from $73.2 million as of June 30, 2008. Shareholder's equity was $126.1 million, as compared to $95.5 million at the end of fiscal 2008. The Company generated $62.9 million in cash flow from operating activities in fiscal 2009.

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 $3.0 million to $4.0 million. It is expected that Hongrui will resume production in October for certain products lines and that all lines will be back in production by the end of December 2009. We expect Hongrui's products to contribute in the range of US$7-15 million per year to future revenues once production has been ramped up.

The Company also anticipates that it will receive final SFDA approval for the production of Felodipine sustained release tablets by December 2009, which is expected to have gross margins of approximately 85%.

As a result of the factors discussed above, the Company expects to achieve revenues for fiscal 2010 in the range of $96-98 million and operating income in the range of $42-44 million. These results include the impact of the temporary suspension of production at the Hongrui facility and increased marketing expenses to support the anticipated introduction of new drugs and a higher volume of TCM product sales.

"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

本文源自: AG环亚官网

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