The forward-looking statements contained in this presentation are made only for this date and TPI’s under no obligation to revise or update these forward-looking statements.
Now, I’d like to invite Dr. Jiang to speak to the audience.
[Foreign Language – Chinese].James Jiayuan TongSecond quarter fiscal year 2011 ending December 31st, 2010, financial highlight. Revenue increased 69.6% year-over-year to $25.3 million, from $14.9 million in second quarter fiscal year 2010.Operating income increased 69% year-over-year to $5.3 million from $3.2 million in second quarter of fiscal year 2010 with the operating margins at 21%, respectively. Net income was $4.4 million, up 69.2% year-over-year from $2.6 million in second quarter fiscal year 2010 with net margins improved to 17.4% from 17.2% in second quarter fiscal year 2010.Earnings per share of $0.16 per basic share or $0.14 per diluted share, up from $0.10 per basic share or $0.08 per diluted share a year earlier, a gain of 52.5% and 70.9%, respectively. Cash and cash equivalents total $31.2 million on December 31st, 2010 or $1.11 per basic share in cash.Sichuan Jiangchuan macrolide facility construction is completed.For the sales, sales for the quarter ended December 31st, 2010 was $25.3 million, up 69.6% as compared to $14.9 million for the quarter ended December 31st, 2009.The China expansion and market penetration continued to be the major drivers for the revenue growth. Our current hospital coverage reached 880 hospitals, up from 850 hospitals from the beginning of fiscal year 2011.Revenues from the top selling products are listed as follows; Ginkgo Mihuan, $5.4 million; Apu Shuangxin, $1.8 million; Azithromycin Tablet, $1 million; Xuelian Chongcao, $1.1 million; Qingre Jiedu, $0.8 million. These products total $10.1 million in sales, representing 40% of the quarterly revenue.Cost of sales for the quarter ended December 31st, 2010 or $14 million or 55.3% of the sales as compared to $7.2 million or 48.3% of sales in the quarter ended December 31st, 2009.
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