SHANGRI-LA COUNTY, CHINA, Aug. 15, 2011 /PRNewswire/ -- Tibet Pharmaceuticals, Inc. (NASDAQ: TBET), an emerging specialty pharmaceutical company engaged in the development, manufacturing and marketing of traditional Tibetan medicine in China, today reported its financial results for the second quarter ended June 30, 2011.
Summary of Second Quarter Ended June 30, 2011 Financial Results:
- Revenue of $8.7 million, an increase of 12% from $7.8 million in Q2 2010
- Gross profit of $3.9 million compared to $4.1 million in Q2 2010
- Net income of $3.5 million compared to $3.4 million in Q2 2010
- Fully diluted EPS of $0.25
"Tibet Pharmaceuticals is pleased to report our financial results for the second quarter of 2011," said Hong Yu, CEO and Chairman of Tibet Pharmaceuticals. "We demonstrated a steady 12% increase in revenue in the first quarter of 2011, as well as maintaining high net income margins upwards of 40%. We also benefited from the recent price increase in our products, which was in response to rising raw material costs. This had a positive impact on our revenue, and we believe these new prices, along with streamlining our operations and reducing expenses, will allow us to maintain our attractive margins going forward."
All of Tibet Pharmaceuticals' current products are offered and derived from Tibetan-based traditional medicines with natural herbs and minerals found in the high-latitude, low-temperature, and pollution-free environment of Qinghai-Tibet Plateau. Tibet Pharmaceuticals currently sells 5 prescription and over-the-counter Tibetan medicine products, each having been approved by the State Food and Drug Administration of China, also known as the SFDA.Tibet Pharmaceuticals expects to continue to grow in China's fragmented pharmaceutical and traditional Tibetan medicine industries. The company is committed to establishing itself as a leading manufacturer and distributor of Tibetan medicine in China. Highlights for the 2011 Second Quarter:
- Revenue was $8.7 million along with net income of $3.5 million, resulting in fully diluted EPS of $0.25 for Q2 2011.
- Tibet Pharmaceuticals currently has 190 full-time employees and sells 5 prescription and over-the-counter Tibetan medicine products, each of which has been approved by the SFDA.
- Revenues from Tibet Pharmaceuticals' biggest product sales contributor, its 25 Ingredients Mandrake Pill, increased 40% to $4.2 million in Q2 2011 from $3.0 million in Q2 2010.
- Expansion of Tibet Pharmaceuticals' existing distributor network contributed to revenue growth during the second quarter ended June 30, 2011.
- The company's first price increase since becoming a public company took place on May 1, 2011 in response to rising raw material costs, allowing the company to increase revenue while maintaining margins over 40%.
- Going forward in the second half of 2011, Tibet Pharmaceuticals expects to increase its distribution network for its growing portfolio of traditional Tibetan medicines through various organic growth strategies, while also looking for opportunities for accretive acquisitions and licensing arrangements.
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