NANJING, China, April 18 /PRNewswire-FirstCall/ -- China Biopharmaceuticals Holdings, Inc. (“CBH”), a leading Chinese pharmaceutical company focused on the development, manufacturing and distribution of innovative drugs in China, has announced results for the year ended December 31, 2005. Details of CBH’s performance can be found in its Form 10KSB, which has been filed with the US Securities and Exchange Commission.
2005 revenues increased by $22.9 million, over 280%, to $31.0 million, as compared to $8.1 million for the prior twelve months. Operating income for the period was $2.7 million, up from $549,924 for the prior year period. Net income for fiscal year 2005 was $960,685, a 174% increase from $350,640 in the prior year period. Earnings per share were $.04 in 2005, versus $.01 in 2004. The company also significantly strengthened its financial resources through successful fundraisings during the year.
CBH’s CEO, Chris Mao, commented, “I am very pleased to report a strong set of results reflecting a transformational year for CBH. Along with our dramatic financial growth, we made significant progress on strategic, tactical and operational fronts. In June 2005 we acquired a 51% stake in Suzhou Erye Pharmaceutical Limited Company (Erye). This transaction significantly increased our drug product pipeline and manufacturing capabilities, and bolstered our marketing operations with a network that covers 25 provinces in China. In parallel with our successful ongoing search for strategic acquisitions of complementary companies and intellectual property, we increased R&D investment by over $1 to $1.5 million for the year.
“We remain fully committed and on track to extend our scientific and operational strengths, maintain CBH’s first-mover consolidator advantage, and to further broadening our product and service offerings. Our strategy is to reward our shareholders by firmly establishing CBH as a dominant integrated leader in the fast-growing China bio-pharmaceutical marketplace.”
About China Biopharmaceuticals Holdings
China Biopharmaceutical Holdings, Inc. (CBH) 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. CBH is a US public company with operating subsidiaries and senior management based in China.
For further information, please visit our website at http://www.cbioinc.com.
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The statements contained herein that are not historical facts are “forward-looking statements” within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, our statements regarding the potential growth of the markets are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including but not limited to, general economic conditions and regulatory developments, not within our control. The factors discussed herein and expressed from time to time in our filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed or implied by such statements. The forward-looking statements are made only as of the date of this filing, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
CONTACT: Floyd Huang, CFO 86-25-83205758 x.808 fhuang@cbioinc.com Mahmoud Siddig 212-889-4350 mahmoud.siddig@taylor-rafferty.com
China Biopharmaceutical Holdings, Inc.
CONTACT: Floyd Huang, CFO of China Biopharmaceuticals Holdings, Inc.,+86-25-83205758 x.808, fhuang@cbioinc.com; or Mahmoud Siddig of TaylorRafferty, +1-212-889-4350, mahmoud.siddig@taylor-rafferty.com for ChinaBiopharmaceuticals Holdings, Inc.
Web site: http://www.cbioinc.com/
