BEIJING, Aug. 15 /PRNewswire-FirstCall/ -- China Biopharmaceuticals Holdings, Inc. (“CHBP”), a leading Chinese pharmaceutical company focused on the development, manufacturing and distribution of innovative drugs in China, has announced its results for the second quarter and the six months ended June 30, 2006.
Revenues for the quarter reached $9.78 million, representing a 168% increase or $6.18 million growth as compared to $3.6 million for the second quarter 2005. This increase is largely due to strong organic growth of Erye, as well as revenue added by the Enshi acquisition. Operating income for the quarter was $1.5 million, up from $202,958 in the prior year period. Operating expenses for the quarter were $1.1 million, an increase of $528,589 over the prior year period. This increase was due to acquisition, financing, legal and audit expenses, and expenses incurred by Enshi. Some of the expenses incurred during the quarter are one time transactional expenses. Net income for the quarter was $962,606, an increase of 667% from $125,459 in the prior year period. Second quarter earnings per share were $.04, as compared to $.01 in the second quarter of 2005.
Revenues for the first half of the year increased by 200% to $16.9 million, as compared to $5.6 million for the same period last year. Operating income for the first six months of 2006 was $2.1 million, up from $735,031 in the prior year period. Operating expenses for the first six months was $2.2 million, as compared to $961,545 over the prior year period. This increase was due to one time transactional expenses incurred during the Enshi acquisition and expenses incurred by Erye and Enshi in connection with private placements. Net income for the first six months of 2006 was $1.15 million, up from $533,126 in the prior year period, representing a 117% increase. For the first six months of 2006, earnings per share were $.05, as compared to $.02 in the same period last year.
Chris Mao, CHBP CEO, commented, “I am very proud to report another set of strong results for the quarter, highlighted by accelerated sales and earnings over the prior year period. In this quarter, we only incorporated 25 days (June 6 through June 30) from our newly acquired Enshi division. We are encouraged by our continued progress throughout the quarter and hope to further drive value in the second half of 2006.”
Details of CHBP’s performance can be found in its Form 10QSB, which has been filed with the US Securities and Exchange Commission.
About China Biopharmaceuticals Holdings
China Biopharmaceutical Holdings, Inc. (CHBP) is a research driven pharmaceutical company dedicated to the discovery, development, manufacturing and marketing of small and large molecule pharmaceutical products, including medicines, vaccines, and active pharmaceutical ingredients for various categories of diseases. CHBP is a US public company with operating subsidiaries and senior management based in China.
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CONTACT: Chris Peng Mao, CEO 86-10-8525-1616 cmao@cbioinc.com Mahmoud Siddig 212-889-4350 cbh@taylor-rafferty.com
China Biopharmaceuticals Holdings, Inc.
CONTACT: Chris Peng Mao, CEO of China Biopharmaceuticals Holdings, Inc.,+86-10-8525-1616, cmao@cbioinc.com; or Mahmoud Siddig, +1-212-889-4350,cbh@taylor-rafferty.com, for China Biopharmaceuticals Holdings, Inc.
Web site: http://www.cbioinc.com/
