NANJING, China, May 19 /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 three months ended March 31, 2006.
Revenues for the quarter grew $5.2 million to $7.1 million, as compared to $1.99 million for the first quarter 2005, a 259% increase, largely due to the acquisition of Suzhou Erye Pharmaceutical Co. (“Erye”). Operating income for the quarter was $537,917, up from $532,074 in the prior year period. Operating expenses for the quarter were $1.04 million, an increase of $686,541 over the prior year period. This increase was due in part to acquisition, financing, legal and auditing expenses, and expenses incurred by Erye, a majority owned entity acquired by CBH in June 2005. Some of the expenses incurred during the quarter are one time transactional expenses. As a result, net income for the quarter was $193,992, down from $407,667 in the prior year period. First quarter earnings per share were $.01, as compared to $.02 in the first quarter of 2005.
Chris Mao, CBH CEO, commented, “I am pleased to report a strong set of results for the quarter, highlighted by a dramatic increase in revenues over the prior year period. This increase, resulting from the integration of our subsidiary, Erye, highlights the success of our focused strategy for growth. Our continuing participation in the consolidation of the Chinese pharmaceutical industry was further demonstrated by our acquisition of a 100% ownership interest in Shenyang Enshi Pharmaceutical, announced earlier, and supported by active fundraising initiatives throughout the quarter.
“We are encouraged by the progress demonstrated by the Group during the quarter. Our scientific and operational leadership, focus on profitable growth and robust pipeline of new drugs leaves us well positioned to further drive shareholder value in 2006.”
Details of CBH’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 (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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CONTACT: Chris Peng Mao, CEO 86-25-8320-5758 cmao@cbioinc.com Mahmoud Siddig 212-889-4350 mahmoud.siddig@taylor-rafferty.com
China Biopharmaceuticals Holdings, Inc.
CONTACT: Chris Peng Mao, CEO, +86-25-8320-5758, cmao@cbioinc.com; MahmoudSiddig, +1-212-889-4350, mahmoud.siddig@taylor-rafferty.com
Web site: http://www.cbioinc.com/
