JERSEY CITY, N.J., Nov. 13, 2015 /PRNewswire/ -- Aoxing Pharmaceutical Company, Inc. (NYSE MKT: AXN) today announced that, for the first quarter of fiscal 2016 ended September 30, 2015, the company achieved revenue of $8,744,822, a 92 percent improvement on revenue of $4,565,081 recorded in the same quarter in fiscal 2015.
The company’s net income in Q1 fiscal 2016 was $1,348,433, or .02 per share, compared to a net loss of $2,405, or $(.00) per share, in like year-ago quarter.
Weighted average number of shares outstanding was 69,852,302 for Q1 fiscal 2016 and 53,098,267 for Q1 fiscal 2015.
Aoxing’s cash balance as of September 30, 2015 was $8,171,875, compared to $2,343,822 as of September 30, 2014.
The company’s year-over-year increase in first quarter revenue was primarily attributable to a higher proportion of direct product sales made by Aoxing to its end customers, allowing for higher gross margins. Aoxing’s Q1 revenue also improved as a result of procurement from four provincial governments of the company’s lead TCM product, Zhongtongan. This procurement commenced as a result of Zhongtongan being included in the government essential drug procurement lists in these provinces.
Gross margin for the three months ended September 30, 2015 was 80% compared to gross margin of 70% in the like year-ago quarter.
Aoxing’s improved bottom line performance in the first quarter of fiscal 2016 compared to the first quarter of the previous fiscal year was primarily the result of the company’s increased revenue and improved gross profit, as well as a 22% decrease in net interest expense due to a reduction in loan balances. Q1 fiscal 2016 earnings, however, were impacted by a 96% rise in operating expenses primarily related to the company’s development of new narcotic products and its drive to market its products directly to end users.
Mr. Zhenjiang Yue, Chairman and CEO of Aoxing Pharma, said, “We are proud to have achieved these strong first quarter results. Our Zhongtongan product, now included in the government essential drug procurement lists in four new provinces, has continued to accelerate our sales growth in Q1 2016.
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