Jiangbo Pharmaceuticals Announces Fourth Quarter and Fiscal Year 2010 Results
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LAIYANG, China, Sept. 30 /PRNewswire-Asia-FirstCall/ -- Jiangbo Pharmaceuticals, Inc. (Nasdaq: JGBO) ("Jiangbo" or the "Company"), a pharmaceutical company with its principal operations in the People's Republic of China, today announced financial results for its fourth quarter and fiscal year ended June 30, 2010. The Company's annual report on Form 10-K has been filed with the U.S. Securities and Exchange Commission and is available on the Company's website.
Fiscal Year 2010 Corporate Event Highlights
- On June 8, 2010, Jiangbo's common stock began trading on The NASDAQ Global Market
- On June 10, 2010, Jiangbo announced that it had obtained SFDA approval to produce Felodipine sustained release tablets, which is a well recognized generic drug to treat hypertension
- Effective July 1, 2010, Mr. Linxian Jin took over the role of CEO from the Company's Chairman, Mr. Wubo Cao, who will continue his role as the Chairman of the Company's Board
Fourth Quarter FY 2010 Highlights:
- Revenues decreased 5.9% year-over-year to $29.3 million
- Gross profit was $21.1 million, a 8.2% decrease from the comparable period in 2009
- Operating income decreased 17.1% year-over-year to $14.7 million
- Net income decreased 37.5% to $7.2 million, or $(0.39) per fully diluted share
- Non-GAAP adjusted net income was $9.8 million, or $0.65 per fully diluted share, for the three months ended June 30, 2010, down 19.1% from non-GAAP adjusted net income of $12.1 million, or $0.81 per fully diluted share, for the quarter ended June 30, 2009
Fiscal Year 2010 Highlights:
- Total revenue decreased 17.0% year-over-year to $97.4 million
- Gross profit decreased 20.3% to $71.3 million, as compared to the results in fiscal year 2009
- Operating income decreased 3.1% year-over-year to $48.2 million
- Net income grew 3.4% to $29.9 million, as compared to the results in fiscal year 2009
- Non-GAAP adjusted net income was $30.9 million, or $2.04 per fully diluted share in fiscal year of 2010, down 13.0% from non-GAAP adjusted net income of $35.6 million, or $2.46 per fully diluted share in fiscal year 2009
"Fiscal year 2010 was a transitional year for Jiangbo as we worked to upgrade our traditional Chinese medicine ("TCM") production facility and prepared for the introduction of new drugs. We are very pleased to have our shares begin trading on The NASDAQ Global Market, which is a significant milestone for our company," commented Mr. Jin, Jiangbo's Chief Executive Officer. "We are encouraged by the SFDA approval of our sustained release Felodipine tablets, which we believe will help counterbalance revenue declines of some of our more mature products such as Itopride and Baobaole Chewable tablets. While we have experienced delays in the renovation of our Hongrui facility for traditional Chinese medicine, we now expect to commence production of six of Hongrui's TCM products in October."
Fourth Quarter Results
Total revenue decreased 5.9% year-over-year to $29.3 million from $31.2 million. The Company carried five drugs during the quarter ended June 30, 2010, with Clarithromycin sustained release tablets accounting for 43.0% of total sales, Itopride Hydrochloride granules 24.4%, Baobaole chewable tablets 16.7%, and Radix Isatidis dispersible tablets 15.7% during the quarter. The year-over-year decrease in fiscal fourth quarter 2010 revenues reflects a 30.5% decline in sales of Baobaole chewable tablets, partly offset by sales increases of Clarithromycin sustained release tablets and Radix Isatidis dispersible tablets by 21.9% and 45.1%, respectively.
Gross profit decreased 8.2% to $21.1 million, from $23.0 million in the comparable period of fiscal year 2009. Gross margin decreased to 72.0% from 73.8% in the year ago quarter, mainly reflecting higher raw material costs for TCM herbs due to natural disasters in Southern China during the second half of fiscal year 2010. During the fourth quarter of fiscal year 2010, TCM accounted for about 20% of total cost of sales.
Selling, general and administrative expenses increased 26.8% to $5.3 million from $4.2 million in the same period of fiscal year 2009, primarily due to more marketing and promotional expenditures in the last quarter of fiscal year 2010 and more public company related expenses that were incurred in the same quarter.
Operating income decreased 17.1% to $14.7 million, as compared to $17.7 million in the same period of fiscal year 2009. Operating margin as a percentage of revenue decreased to 50.1% from 56.8% in the same period of fiscal year 2009.
Other expenses, comprised primarily of interest expenses, amortization expenses on convertible debentures, and change in fair value of derivative liabilities, were $3.2 million compared to $1.5 million for the three months ended June 30, 2009. Interest expense increased 140.5% to $4.2 million in the fourth quarter of fiscal year 2010, compared to $1.8 million in the year ago period, as a result of additional penalty interest incurred due to the Company's delinquency in paying interest to its convertible debenture holders and its convertible note holders, and significantly increased amortization expenses related to write off of unamortized debt discount as convertible notes were converted into the Company's common shares.
The provision for income taxes was $4.3 million in the fourth quarter of fiscal year 2010, compared to $4.7 million for the three months ended June 30, 2009.
Net income decreased 37.5% to $7.2 million from $11.5 million in the prior year's comparable period, representing basic earnings per share of $0.62. Diluted earnings per share for the fourth quarter of fiscal year 2010 were $(0.39).
Excluding the impact of a loss from discontinued operations of approximately $43,023, an unrealized loss on investments of $0.1 million, a gain in fair value of derivative liabilities of $1.1 million, and amortization of debt discount and issuance costs related to convertible debentures of $3.5 million, non-GAAP adjusted net income for the fourth quarter of fiscal year 2010 was $9.8 million, or $0.85 per basic share, as compared to $12.1 million, or $1.15 per basic share, in the fourth quarter of fiscal year 2009. Non GAAP adjusted fully diluted earnings per share were $0.65, as compared to $0.81 in the fourth quarter of fiscal year 2009. (For a reconciliation of adjusted non-GAAP net income and basic and diluted earnings per share with their nearest GAAP equivalents, please see the table at the end of this press release.)
Fiscal Year 2010 Results
Total revenue for fiscal year 2010 decreased 17.0% to $97.4 million from $117.4 million in fiscal year 2009. Gross profit decreased 20.3% to $71.3 million, as compared to $89.5 million in the prior year. Gross margin was 73.2%, compared to 76.2% last year, primarily due to reduced per unit sales prices as part of the Company's effort to restructure its distribution and sales system in January 2009 and, to a lesser extent, due to higher TCM herb raw material costs during second half of fiscal year 2010. Operating income decreased 3.1% to $48.2 million from $49.8 million in fiscal year 2009. Operating margin increased to 49.5% from 42.4% in the prior year, mainly reflecting significantly reduced commission to the Company's sales representatives after the distribution restructuring. Net income increased 3.4% to $29.9 million, as compared to $28.9 million in fiscal year 2009. Net margin as percentage of revenue expanded 6.0 percentage points to 30.6% from 24.6% in the comparable period. Fully diluted earnings per share were $1.36, compared to $0.09 in fiscal year 2009.
Excluding the impact of a loss from discontinued operations of $0.2 million, an unrealized gain on investments of $0.2 million, a gain in fair value of derivative liabilities of $14.6 million and amortization of debt discount and issuance costs related to convertible debentures of $15.6 million, non-GAAP adjusted net income for fiscal year 2010 was $30.9 million, or $2.79 per basic share, as compared to $35.6 million, or $3.54 per basic share, in fiscal year 2009. Non-GAAP adjusted diluted earnings per share were $2.04 in fiscal year 2010, as compared to $2.46 in fiscal year 2009.
Financial Condition
As of June 30, 2010, the Company had $108.6 million in cash, as compared to $104.4 million at the end of fiscal year 2009. Working capital was $88.5 million, down from $99.8 million as of June 30, 2009. Shareholders' equity was $134.5 million, as compared to $126.1 million at the end of fiscal year 2009.
The Company generated $20.3 million in cash flow from operating activities in fiscal year 2010. Net cash flow used in investing activities was $16.6 million in fiscal year 2010, which was primarily used to purchase land use rights of approximately $17.0 million, partially offset by proceeds of approximately $0.5 million from the sale of investments.
Due to restrictions on the Company's ability to transfer cash out of the PRC, the Company is delinquent in the payment of interest on its November 2007 Debentures and May 2008 Notes. Management has been in close discussions with holders of the November 2007 Debentures and May 2008 Notes in order to reach a resolution to this issue in the near-term.
Business Outlook and Guidance
Combined sales of the Company's top four products in fiscal year 2010 are expected to decline by 15% to 20% in fiscal year 2011, reflecting intensifying competition and the Chinese government's control over drug pricing under recent health care reform policies.
Incremental sales from the Company's recently approved Felodipine sustained release tablets and from the Company's TCM products to be manufactured at Hongrui are expected to largely offset this decline in 2011.
Management estimates that the portfolio of TCM drugs to be manufactured at Hongrui will generate revenues of $7 million to $15 million during the first year of production, beginning in the second quarter of fiscal year 2011. Felodipine is expected to generate revenues of $8 million to $12 million during the first twelve months after its launch, which took place in the first quarter of fiscal year 2011.
Based on current information, the Company expects that revenues for fiscal year 2011 will be in the range of $94 million and $96 million and net income, excluding the impact from change in fair value of derivative liabilities and expenses related to the Company's convertible debentures, will be in the range of $29 million and $31 million.
"We believe that our strong balance sheet and cash position provides Jiangbo with unique flexibility to acquire innovative new products and pursue strategic acquisitions. Presently we are evaluating select opportunities to enhance our growth prospects, strengthen our market position and vertically integrate our operations. With the transitional year of 2010 behind us, we believe that we are well positioned to create value for shareholders in 2011 and beyond," commented Mr. Jin.
Conference Call
Jiangbo Pharmaceuticals, Inc. management will host a conference call at 9:00 a.m. Eastern Time on Thursday, September 30, 2010 to discuss financial results for the fourth quarter fiscal 2010 ended June 30, 2010. The conference call will be hosted by Mr. Linxian Jin, CEO, and Ms. Elsa Sung, CFO, of Jiangbo. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (800) 815-0215. International callers should dial +1 (706) 758-5465. The Conference ID for this call is 13613835. If you are unable to participate on the live call, a replay will be available for 14 days starting on Thursday, September 30, 2010 at 10:00 a.m. Eastern Time. To access the replay, dial (800) 642-1687, international callers dial (706) 645-9291. The Conference ID is 13613835.
Use of Non-GAAP Financial Information
This press release includes certain financial information, adjusted net income and adjusted fully diluted earnings per share, which are not presented in accordance with GAAP. Adjusted net income was derived by taking net income and adjusting it with a loss from discontinued operations, unrealized losses on trading securities and non-cash amortization of debt discount and debt issuance costs related to convertible securities. The Company's management believes that these non-GAAP measures provide investors with a better understanding of the Company's historical results from its core business operations. To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information, which is adjusted net income and adjusted earnings per share, excluding the impact of these items in this release. The non-GAAP information is not meant to be considered in isolation or as a substitute for GAAP financials. The non-GAAP financial information provided by the Company may also differ from non-GAAP information provided by other companies. A table below provides a reconciliation of the non-GAAP financial information to the nearest GAAP measure.
About Jiangbo Pharmaceuticals, Inc.
Jiangbo Pharmaceuticals is engaged in the research, development, production, marketing and sales of pharmaceutical products in China. The Company's operations are located in Eastern China in an Economic Development Zone in Laiyang City, Shandong Province. Jiangbo produces both western and Chinese herbal-based medical drugs in tablet, capsule, granule, syrup and electuary (sticky syrup) form. For additional information, please visit the Company's website (http://www.jiangbopharma.com).
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to introduce, manufacture and distribute new drugs. Actual results may differ materially from predicted results, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's ability to obtain raw materials needed in manufacturing, the continuing employment of key employees, the failure risks inherent in testing any new drug, the possibility that regulatory approvals may be delayed or become unavailable, patent or licensing concerns that may include litigation, direct competition from other manufacturers and product obsolescence. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.
- Financial Statements Follow -
For more information, please contact:
Jiangbo Pharmaceuticals, Inc.
Ms. Elsa Sung, CFO
Phone: +1-954-903-9378 x2
Email: elsasung@jiangbo.com
http://www.jiangbopharma.com
CCG Investor Relations
Mr. Crocker Coulson, President
Phone: +1-646-213-1915
Email: crocker.coulson@ccgir.com
http://www.ccgirasia.com
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY GENESIS PHARMACEUTICALS ENTERPRISES, INC.)
CONSOLIDATED BALANCE SHEETS
A S S E T S
June 30, June 30,
2010 2009
(Unaudited)
CURRENT ASSETS:
Cash $108,616,735 $104,366,117
Restricted cash 11,135,880 7,325,000
Investments 168,858 879,228
Accounts receivable, net of allowance
for doubtful accounts of
$1,343,421 and $694,370 as of June
30, 2010 and 2009, respectively 33,195,201 19,222,707
Inventories 2,200,614 3,277,194
Other receivables 13,241 167,012
Other receivables - related parties 324,060 --
Advances to suppliers 260,688 236,496
Financing costs - current 435,634 680,303
Total current assets 156,350,911 136,154,057
PLANT AND EQUIPMENT, net 13,284,312 13,957,397
OTHER ASSETS:
Long term prepayments 110,725 0
Restricted investments -- 1,033,463
Financing costs, net -- 556,365
Intangible assets, net 32,594,326 17,041,181
Total other assets 32,705,051 18,631,009
Total assets $202,340,274 $168,742,463
L I A B I L I T I E S A N D S H A R E H O L D E R S' E Q U I T Y
CURRENT LIABILITIES:
Accounts payable $4,113,219 $6,146,497
Short term bank loans 2,209,500 2,197,500
Notes payable 11,135,880 7,325,000
Other payables 3,888,035 2,152,063
Refundable security deposits due to
distributors 3,829,800 4,102,000
Other payables - related parties 255,595 238,956
Accrued liabilities 4,899,829 1,356,898
Liabilities assumed from
reorganization 524,614 1,565,036
Taxes payable 6,259,271 11,248,226
Derivative liabilities 18,497,226 --
Convertible debt, net of discount of
$13,699,752 as of June 30, 2010 12,210,248 --
Total current liabilities 67,823,217 36,332,176
CONVERTIBLE DEBT, net of discount
$28,493,089 as of June 30, 2009 -- 6,346,911
Total liabilities 67,823,217 42,679,087
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Convertible preferred stock Series A
($0.001 par value; 20,000,000
shares authorized as of June 30, 2010
and 2009, respectively;
0 shares issued and outstanding as of
June 30, 2010 and 2009) -- --
Common stock ($0.001 par value,
22,500,000 shares authorized,
11,701,802 and 10,435,099 shares
issued and outstanding
as of June 30, 2010 and 2009,
respectively) 11,702 10,435
Paid-in-capital 30,846,915 48,397,794
Capital contribution receivable (11,000) (11,000)
Retained earnings 92,797,859 67,888,667
Statutory reserves 3,253,878 3,253,878
Accumulated other comprehensive
income 7,617,703 6,523,602
Total shareholders' equity 134,517,057 126,063,376
Total liabilities and shareholders'
equity $202,340,274 $168,742,463
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY GENESIS PHARMACEUTICALS ENTERPRISES, INC.)
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
(Unaudited)
For the For the
Three Months Ended Twelve Months Ended
June 30, June 30,
2010 2009 2010 2009
REVENUES:
Sales $29,308,512 $31,152,620 $97,443,897 $117,143,950
Sales-
related parties -- 83 -- 244,026
TOTAL REVENUES, net 29,308,512 31,152,703 97,443,897 117,387,976
Cost of sales 8,195,200 8,149,727 26,097,103 27,854,747
Cost of sales -
related parties -- 19 -- 54,519
COST OF SALES 8,195,200 8,149,746 26,097,103 27,909,266
GROSS PROFIT 21,113,312 23,002,957 71,346,794 89,478,710
RESEARCH AND
DEVELOPMENT EXPENSE 1,100,700 1,099,875 4,400,100 4,395,000
SELLING, GENERAL AND
ADMINISTRATIVE
EXPENSES 5,331,689 4,203,777 18,731,844 35,315,529
INCOME FROM
OPERATIONS 14,680,923 17,699,305 48,214,850 49,768,181
OTHER (INCOME)
EXPENSE, NET:
Change in fair value
of derivative
liabilities (1,141,384) -- (14,631,455) --
Non-operating expense
(income), net 162,061 (257,927) 382,122 804,561
Non-operating expense
(income) - related
party (80,718) (69,694) (322,674) (382,970)
Interest expense, net 4,233,550 1,760,543 19,796,531 5,904,511
Loss from
discontinued
operations 43,023 88,116 243,792 1,781,946
OTHER EXPENSE, NET 3,216,532 1,521,038 5,468,316 8,108,048
INCOME BEFORE
PROVISION FOR INCOME
TAXES 11,464,391 16,178,267 42,746,534 41,660,133
PROVISION FOR INCOME
TAXES 4,278,118 4,686,549 12,896,179 12,779,869
NET INCOME $7,186,273 $11,491,718 $29,850,355 $28,880,264
OTHER COMPREHENSIVE
INCOME:
Unrealized gain
(loss) on marketable
securities 77,843 633,412 166,378 (1,514,230)
Foreign currency
translation
adjustment 730,330 (41,357) 927,723 336,927
COMPREHENSIVE
INCOME $7,994,446 $12,083,773 $30,944,456 $27,702,961
WEIGHTED AVERAGE
NUMBER OF SHARES:
Basic 11,524,297 10,435,049 11,104,025 10,061,326
Diluted 14,998,414 14,898,332 15,135,130 14,484,830
EARNINGS PER SHARE:
Basic $0.62 $1.10 $2.69 $2.87
Diluted $(0.39) $(0.28) $1.36 $0.09
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY GENESIS PHARMACEUTICALS ENTERPRISES, INC.)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Twelve Months Ended
June 30,
2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $29,850,355 $28,880,264
Loss from discontinued operations 243,792 1,781,946
Income from continuing operations 30,094,147 30,662,210
Adjustments to reconcile net income
to cash provided by (used in)
operating activities:
Depreciation 823,087 679,507
Amortization of intangible assets 1,585,141 735,427
Amortization of debt issuance costs 801,034 680,276
Amortization of debt discount 14,823,337 4,006,868
Loss from issuance of shares for in
lieu of interest 318,936 --
Interest payment with shares in lieu
of cash 4,457 --
Bad debt (recovery) expense 642,499 538,069
Loss on sale of marketable securities 406,346 473,303
Unrealized (gain) loss on investments (150,525) 229,425
Other non-cash settlement (income)
expense -- (20,000)
Change in fair value of derivative
liabilities (14,631,455) --
Stock based compensation 531,750 --
Amortization of stock based
compensation 135,104 106,815
Changes in operating assets and
liabilities
Accounts receivable (14,450,712) 4,651,284
Accounts receivable - related parties -- 676,579
Inventories 1,089,795 792,293
Other receivables 154,018 (21,038)
Other receivables- related parties (322,674) --
Advances to suppliers (22,856) 1,495,805
Accounts payable (2,057,625) 3,795,084
Refundable security deposits due to
distributors (293,340) 4,102,000
Other payables 1,716,847 (1,534,740)
Other payables - related parties 16,571 (86,692)
Accrued liabilities 4,221,119 1,182,018
Liabilities assumed from
reorganization (150,407) (1,301,337)
Taxes payable (5,028,760) 11,081,110
Net cash provided by operating
activities 20,255,834 62,924,266
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of Hongrui -- (8,584,900)
Proceeds from sale of investments 531,750 407,005
Purchase of equipment (76,993) (156,702)
Prepayments made for purchase of
equipment (110,251) --
Purchase of intangible assets (16,979,106) --
Cash proceeds from sale of equipment -- 15,615
Net cash used in investing activities (16,634,600) (8,318,982)
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in restricted cash (3,754,752) 538,815
Proceeds from notes payable 14,843,004 13,896,990
Principal payments on notes payable (11,088,252) (12,439,315)
Borrowings on short term bank loans 2,200,050 2,197,500
Principal payments on short term bank
loans (2,200,050) (2,783,500)
Net cash provided (used) in financing
activities -- 1,410,490
EFFECTS OF EXCHANGE RATE CHANGE IN
CASH 629,384 154,545
NET INCREASE IN CASH 4,250,618 56,170,319
CASH, beginning of the period 104,366,117 48,195,798
CASH, end of the period $108,616,735 $104,366,117
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid for interest $142,523 $2,255,809
Cash paid for taxes $14,900,838 $6,167,810
Non-cash investing and financing
activities:
Common stock issued to acquire Hongrui $-- 2,597,132
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY GENESIS PHARMACEUTICALS ENTERPRISES, INC.)
RECONCILIATION OF NON-GAAP NET INCOME
(Unaudited)
For the Three Months For the Twelve Months
Ended Ended
June 30, June 30,
2010 2009 2010 2009
Net Income $7,186,273 $11,491,718 $29,850,355 $28,880,264
Loss from
discontinued
operations 43,023 88,116 243,792 1,781,946
Unrealized loss
(gain) on
investments 119,814 (1,026,097) (150,525) 229,425
Loss (gain) in fair
value of
derivative
liabilities (1,141,384) -- (14,631,455) --
Amortization of
debt discount and
debt issuance
costs related to
convertible
debentures 3,543,451 1,497,392 15,624,371 4,687,144
Adjusted Net Income $9,751,177 $12,051,129 $30,936,538 $35,578,779
Basic Weighted
Average Number of
Shares 11,524,297 10,435,049 11,104,025 10,061,326
Adjusted Basic
Earnings per Share $0.85 $1.15 $2.79 $3.54
Diluted Weighted
Average Number of
Shares** 14,998,414 14,898,332 15,135,130 14,484,830
Adjusted Diluted
Earnings per Share $0.65 $0.81 $2.04 $2.46
** Including outstanding options and warrants using treasury method of
calculation plus the number of shares if converted from the convertible
debt
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