TUSTIN, Calif., April 1, 2008 /PRNewswire-FirstCall/ -- AMDL, Inc. , headquartered in Tustin, California, with operations in Shenzhen, Jiangxi, and Jilin, China, is a vertically integrated specialty pharmaceutical company. In combination with its subsidiary Jade Pharmaceutical Inc. (JPI), the Company engages in the research, development, manufacture, and marketing of diagnostic, pharmaceutical, nutritional supplement, and cosmetic products. AMDL today announced:
2007 Net Revenues. The Company generated net revenues of $15.0 million from product sales in Fiscal Year 2007 compared to revenues from product sales of $2.1 million in FY 2006, an increase of $12.9 million or 614 percent. JPI was not acquired until September 28, 2006, therefore full year financials are not comparable. Gross profits were approximately $8.1 million in 2007 compared to gross profits of $933,493 in 2006. The Company had weighted average common shares outstanding as of December 31, 2006 and 2007 of 7,117,893 and 11,718,586, respectively.
2007 Net Loss and Net Loss Per Share. For FY 2007 AMDL’s comprehensive net loss was $1.26 million or ($0.20) per share compared to a comprehensive net loss of $5.9 million or ($0.82) per share in FY 2006.
4th Quarter 2007 Results. The Company generated net revenues of approximately $5,363,000 from product sales in the fourth quarter of 2007. This is a 161% increase from the same period in 2006 of approximately $2,049,000. Gross profits increased 156% to approximately $2,646,000 compared to approximately $1,035,000 for the same period in 2006. The Company generated income after foreign currency gain of $498,903 of approximately $1,414,000 for the quarter ended December 31, 2007 compared to a comprehensive loss of approximately $3,322,000 for the same period in 2006.
2006 Assets and Liabilities. At December 31, 2007, the Company had total assets of $32,867,178 compared to total assets of $19,240,613 at December 31, 2006. The primary reason for the increase was the receipt of net proceeds of $9,989,797 from private placements in 2007, offset by the purchase of property and equipment of $2,536,163, and the purchase of product licenses of $2,561,773. Cash and cash equivalents totaled $6,157,493 as of December 31, 2007.
2008 Operating Strategy. “AMDL’s near and long-term operating strategies focus on funding the growth of JPI’s existing product line, obtaining U.S. Food and Drug Administration and China’s State Food and Drug Administration approval for DR-70(R), seeking a large pharmaceutical partner for our CIT technology, and funding the research and development of new products. AMDL continues to strengthen its position in the China pharmaceutical marketplace and is highly pleased with our second straight quarter of profitable operations. We anticipate that 2008 will be a great growth year for the Company,” said Gary Dreher, AMDL CEO.
About Jade Pharmaceutical: JPI has access to the fastest growing pharmaceutical and consumer market in the world: China. AMDL, through its subsidiaries, JPI currently manufactures large volume injection fluids, tablets and other related products, holding licenses for 133 products. It also manufactures 107 generic, over the counter and supplemental pharmaceutical products under certified Chinese Good Manufacturing Practice (CGMP) standards.
About AMDL: More information about AMDL and its products can be obtained at http://www.amdl.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
CONTACT: Mr. Paul Knopick, Investor Relations, +1-949-707-5365, voicemail,
+1-714-505-4460, for AMDL, Inc.
Web site: http://www.amdl.com/
