China Jo-Jo Drugstores, Inc. (NASDAQ:CJJD) (the “Company”), a retail and wholesale distributor of pharmaceutical and other healthcare products in China, today reported earnings results for the fiscal year ended March 31, 2012. The Company will hold a conference on Tuesday, July 3, 2012, at 8:00 a.m. Eastern Time. Please see below for dial-in information.
Mr. Lei Liu, the Company’s Chairman and CEO, stated, “During fiscal year 2012, we faced a continually challenging regulatory environment as more over-the-counter and prescription drugs were subject to price controls and new restrictions were enacted which curtailed our ability to promote in Hangzhou where most of our pharmacies are located. Nevertheless, we plan to continue opening new stores in the coming fiscal year.”
During the three months ended March 31, 2012, the Company opened two pharmacies, including at premium locations designed to meet the needs of more affluent customers. As of June 26, 2012, the Company operated 64 retail pharmacy locations.
“In light of the challenges we are facing, however, we have pushed forward on our vertical integration strategy in order to reduce our reliance on retail pharmacy sales, starting with our acquisition of Zhejiang Jiuxin Medicine Co., Ltd., a wholesale distributor, in August 2011,” continued Mr. Liu. “Our goal is to eventually scale our wholesale operations to a size that would qualify us to sell to hospital-affiliated pharmacies, which we estimate to make up over 80% of the pharmacies in China.”Mr. Liu continued, “Fiscal year 2012 also saw our cultivation of traditional Chinese medicine herbs come to fruition as we began harvest at the end of calendar 2011 and distribution during the last quarter of fiscal 2012. Sales from our online drugstore also picked up.” During the fiscal year 2012, the Company had revenues of $4.2 million and $1.1 million from the sales of its cultivated herbs and from online drugstore sales, respectively.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV