Tianyin Pharmaceutical Co., Inc. F3Q10 (Qtr End 03/31/10) Earnings Call Transcript
And also an update on Sichuan Jiangchuan joint venture on macrolide facility progress is on schedule. The sales for third quarter was $15.9 million up 60% and this was driven by continued channel expansion market penetration optimized usage over expanded production facility especially revenue from our top selling products Ginkgo Mihuan Oral Liquid, Apu Shuangxin, Xuelian Chongcao and Azithromycin Dispersible Tablet altogether were $8.8 million, representing 62.9% of the total quarterly revenue.
Gross margin also increased to 53% as compared to 49% a year earlier. This was achieved by optimizing portfolio with higher margin products, such as Ginkgo Mihuan and Apu Shuangxin, while reducing the production of the lower margin product.
And our net income was $2.9 million for the three months ended March 31, 2010, as compared to net income of $1.9 million for the three months ended March 31, 2009, and the net income gain was primary the result of increase of the revenue along with increase included the high gross margin.
Diluted earnings per share of the three months ended March 31, 2010 were $0.09, compared to $0.08 in the same period of 2009, based on 31.6 million shares for this quarter and 24.8 million shares in 2009.The balance sheet item. As of March 31, 2010, we had a cash and cash equivalent of $23.3 million. Net cash generated from operating activities were $8.6 million for the nine month and the strong cash flow was primarily the result of the revenue growth which led to an increased net income. We believe that Tianyin is adequately funded to meet all of our working capital and capital expenditure needs for 2010. The net cash used in investing activities for the nine months was $5.5 million versus $5.2 million last year. The increase was mainly due to our new drug development and the construction of Jiangchuan production facility.
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