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 third quarter ended September 30, 2011. Summary of Third Quarter Ended September 30, 2011 Financial Results:
- Revenue of $8.6 million, compared to $9.0 million in Q3 2010
- Gross profit of $2.9 million, compared to $4.7 million in Q3 2010
- Net income of $1.6 million, compared to $3.8 million in Q3 2010
- Fully diluted EPS of $0.11
Highlights for the 2011 Third Quarter:
- Revenue in Q3 2011 was $8.6 million along with net income of $1.6 million, resulting in fully diluted EPS of $0.11. Total revenue for the nine months ended September 30, 2011 increased 7% to $25.6 million as compared to approximately $23.9 million for the same period of 2010.
- 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.
- Tibet Pharmaceuticals engaged Sherb & Co., LLP ("Sherb & Co.") as its new independent auditor after the end of the third quarter.
- Going forward in the fourth quarter of 2011, Tibet Pharmaceuticals expects to adopt more promotional activities to maintain sales, including lowering the sale prices of its products and providing more discounts. Tibet will also continue to look for opportunities for accretive acquisitions and licensing arrangements.
The teleconference can be accessed by dialing 877-407-0778 when calling within the United States or 201-689-8565 when calling internationally. Please dial in 10 minutes prior to the beginning of the call. There will be a playback available until December 15, 2011. To listen to the playback dial 877-660-6853 when calling within the United States, or 201-612-7415 when calling internationally and use account number: 286, in conjunction with replay ID number: 383259.The conference call will be simultaneously webcast and available at: http://www.trilogy-capital.com/autoir/tbet_autoir.html About Tibet Pharmaceuticals, Inc. Based in Shangri-La County, Yunnan Province, China, Tibet Pharmaceuticals, Inc. (NASDAQ: TBET) is an emerging specialty pharmaceutical company engaged in the research, development, manufacturing and marketing of modernized traditional Tibetan medicines in China. With 190 employees and nation-wide distributors, the company develops both prescription and over-the-counter traditional Tibetan medicines that promote health in human respiratory, digestive, urinary and reproductive systems. Tibet Pharmaceuticals’ products are sold throughout China, with a majority of sales concentrated in the southern provinces, most notably Yunnan Province, where the company’s 52,000 sq. ft. GMP-certified manufacturing facilities are located. The access to key raw materials, not generally available outside the province, provides a significant advantage for Tibet Pharmaceuticals. For comprehensive investor relations material, including fact sheets, research reports, presentations and video, please follow the appropriate link: Research Report, Investor Portal and Overview Video. For more information on Tibet Pharmaceuticals, please visit: www.tibetpharmaceuticals.com Forward-Looking Statements This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. Specifically, references herein to contemplated growth in company revenues and/or earnings or expected company valuations are forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, changes in company valuations and investor perceptions of companies, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In particular, the company advises investors that the company commissioned the research report discussed in this press release. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.