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/C O R R E C T I O N -- China-Biotics, Inc. (Nasdaq: CHBT)/

Saturday, June 12, 2010 General News J E 4
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In the news release "China-Biotics, Inc. Reports Record Quarterly andAnnual Revenue Growth for Fiscal Year 2010," issued earlier today byChina-Biotics, Inc. over PR Newswire Asia, we are advised by the Company thatin the "Fourth Quarter FY2010 Financial Results" section, the 2nd sentence ofthe 8th paragraph should have read "Non-GAAP diluted EPS was $0.36, increasedfrom $0.33 in the fourth quarter of fiscal year 2009, on a greater number ofshares outstanding in 2010," rather than "Non-GAAP diluted EPS was $0.36,compared with $0.39 in the fourth quarter of fiscal year 2009, on a greaternumber of shares outstanding in 2010," as originally issued inadvertently.Full, corrected release follows:

China-Biotics, Inc. Reports Record Quarterly and Annual Revenue Growth forFiscal Year 2010

SHANGHAI, China, June 11 /PRNewswire-Asia-FirstCall/ -- China-Biotics, Inc.(Nasdaq: CHBT) ("China-Biotics" or "the Company"), a leading developer,manufacturer and distributor of probiotics products in China, today reportedits financial results for the fourth quarter and the fiscal year ended March31, 2010.

Mr. Jinan Song, China-Biotics' Chairman and CEO commented, "We are pleasedwith our fourth quarter results and delivery of annual top line growthexceeding our 50% guidance. In fiscal year 2010, our retail business continuedits steady growth, as 'Shining Essence' remained one of the most popularproducts in the retail probiotics market while our diversifying productportfolio is attracting different customer groups. The long-term growthprospect of retail probiotics products in China is promising as more and moreChinese become aware of the benefit of probiotics to enhance their healthcondition. Therefore, our current business lines continued to generate recordgrowth momentum.

"More excitingly, our new bulk additive line quickly expanded to accountfor 26.8% of annual revenue in fiscal year 2010, an increase from 8.3% infiscal year 2009. We expect the application of bulk additive probiotics indairy and animal feed products to grow robustly in the future. The Chineseyogurt market is quickly embracing probiotics and the market potential islarge. We remain confident that the addition of the bulk franchise will becomethe engine to drive our growth from both near-term and long-term perspectives.We look forward to becoming the dominant provider of bulk probiotics productsin China and creating our long-term shareholder value."

Fourth Quarter FY2010 Financial Results

Revenues in the fourth quarter of fiscal year 2010 increased to $25.5million from $15.5 million in the fourth quarter of fiscal year 2009. Theincrease was primarily due to increased sales volume in retail and bulkadditive products, and bulk additive products increasingly account for alarger share of total revenue.

Gross profit increased 66.5% to $17.7 million from $10.6 million in thesame period of fiscal year 2009. Gross margin was 69.4% compared with 68.5% inthe same period of fiscal year 2009. The improvement in gross margin wasmainly attributable to a product mix change as bulk sales rose.

General and administrative (G&A) expenses amounted to $1.2 million,compared with $1.1 million in the previous year. The slight increase in G&Aexpenses were mainly due to staff and administrative costs associated with thenew bulk additive plant. G&A expenses as a percentage of revenue decreasedfrom 7.2% in the fourth quarter of fiscal year 2009 to 4.8% for the fourthquarter of fiscal year 2010.

Research and development (R&D) expenses were $1.4 million, a 52.4%increase from $0.9 million in the fourth quarter of fiscal year 2009. Theincrease in R&D expenses was mainly due to additional research costs relatedto the development and launching of new products. R&D expenses as a percentageof revenue was 5.4%, compared with 5.8% in the fourth quarter of fiscal year2009.

Selling expenses for the fourth quarter of fiscal year 2010 were $4.3million, compared with $3.0 million in fourth quarter in fiscal year 2009.This increase in selling expenses was primarily caused by the increase ofoverall sales. Selling expenses as a percentage of revenue decreased from19.6% in the fourth quarter of fiscal year 2009 to 16.9% for the fourthquarter of fiscal year 2010.

Total operating expenses for the fourth quarter of fiscal year 2010 were$6.9 million compared with $4.9 million in the fourth quarter of fiscal year2009. The increase was mainly due to higher selling and general andadministrative expenses, as well as a large swing in Other Income from a gainto a loss due to changes in exchange values. SG&A expenses as a percentage ofrevenue decreased from 31.8% in the fourth quarter fiscal year 2009 to 27.1%in the fourth quarter of fiscal year 2010.

Operating income was $10.8 million compared with $5.7 million in the sameperiod of fiscal year 2009, reflecting an 89.1% year-over-year increase.

Excluding the non-cash losses from the change in value of convertiblebonds, non-GAAP net income was $8.8 million, compared with $5.6 million in thefourth quarter of fiscal year 2009. Non-GAAP diluted EPS was $0.36, increasedfrom $0.33 in the fourth quarter of fiscal year 2009, on a greater number ofshares outstanding in 2010.

GAAP net income for the fourth quarter of fiscal year 2010 was $2.9million, compared with net income of $6.6 million in the same period of fiscalyear 2009. Diluted net income per share were $0.13, compared with dilutedearning per share $0.39 in the same period of 2009, on a greater number ofshares outstanding.

As of March 31, 2010, the Company had cash and cash equivalents totaling$155.6 million, compared with $151.1 million at the end of December 2009, andcompared with total liabilities of $76.8 million. Total stockholders' equityrose to $156.2 million at March 31, 2010, from $153.3 million at December 31,2009.

The Company expects to complete its 10-K filing on or before June 14, 2010.

Fiscal year 2010 Results

For the fiscal year 2010, net revenue increased year-over-year by 50% to arecord $81.4 million. The increase was primarily due to increased sales volumein both retail and bulk additive products, and the product mix changed as bulkadditive products accounted for a larger share of total revenue.

Gross profit increased 50.8% to $57.3 million from $38.0 million in fiscalyear 2009 due primarily to higher sales. Gross margin was 70.4% compared with70.1% in fiscal year 2009.

Selling, general and administrative expenses were $18.4 million comparedwith $14.6 million in 2009. The increase was mainly due to the increase ofoverall sales as well as higher administrative costs associated with the newbulk additive production facility in Qingpu Industrial Park. Selling, generaland administrative expenses as a percentage of revenue decreased from 26.9% infiscal year 2009 to 22.6% in fiscal year 2010.

Research and development expenses were $3.7 million, representing a 13.5%increase from $3.2 million in the previous fiscal year. The Company continuesto strengthen its R&D capability and plans to introduce more new products infiscal year 2011.

Operating income in 2010 rose 62.0% to $35.3 million from $21.8 million infiscal year 2009.

Excluding the non-cash losses from change in fair value of convertiblebonds, non-GAAP net income was $27.8 million, or $1.28 earnings per share,compared with $16.9 million and $0.88 earnings per share in fiscal year 2009,on a greater number of shares outstanding in fiscal year 2010.

GAAP net income was $15.6 million, or $0.80 earnings per diluted share,compared with net income of $20.0 million, or $1.17 earnings per diluted sharein fiscal year 2009, on a greater number of shares outstanding.

Free cash flow was $14.4 million compared with $6.4 million in fiscal year2009.

Key Fiscal 2010 Milestones

In August 2009, China-Biotics' wholly owned subsidiary, Shanghai ShiningBiotechnology Co., Ltd. was awarded the High-Technology Enterprise Certificateby the municipal government of Shanghai. The Company now receives apreferential income tax rate of 15% on substantially all of its operatingincome for the three-year period that began on January 1, 2010 versus thestatutory tax rate of 25%.

In October 2009, the Company completed a public offering with net proceedsof $74.9 million, after deducting underwriting discounts, offering expensesand the exercise of over-allotment.

In February 2010, the Company's new state-of-the-art bulk additiveproduction facility commenced commercial production in the Shanghai QingpuIndustrial Park. Its production area has a designed total capacity of 150 tonsannually and a world-class fermentation workshop equipped with a sophisticatedcontrol system and customized design for its proprietary fermentationtechnology.

Recent Developments

In April 2010, China-Biotics received the Good Manufacturing Process("GMP") approval from the Shanghai Food and Drug Administration ("SHFDA") forthe new production facility in the Qingpu Industrial Park. The certificate isvalid through March 28, 2013 and is renewable. GMP is a global qualityassurance system that covers the testing and manufacturing of food,pharmaceutical products, and medical devices. GMP stipulates stringentapproval guidelines on various aspects of production including approvals forboth the organization and personnel based on evaluations of the factory andequipment, materials, hygiene certificates, waste and recycling, andaftersales, etc. Most developed countries legislate the use of GMP. Theimplementation of GMP in China has introduced a comparable level for safetyand efficacy standards for pharmaceutical-related products.

In May 2010, the Ministry of Health in China announced an expanded list ofprobiotics. China-Biotics currently carries all of the 21 probiotics strainson the list. These probiotics strains are widely used in the Company's bulkadditive products.

Outlook for the Fiscal Year 2011

For fiscal year 2011, the management is expecting net sales to be at least50% year-over-year growth. This target is based on the Company's current viewson the operating and market conditions, which are subject to change.

Mr. Jinan Song, Chairman and CEO of China-Biotics, stated, "With ourestablished state-of-the-art facility in Shanghai and our growing capacityutilization, we believe that we are well positioned to ride the wave of risingmarket demand and increasing government support for probiotics. We willcontinue to broaden our distribution network as well as diversify our retailportfolio through launching new products. We also look forward to winning morebulk customers as we have received encouraging feedback from potentialcustomers during the initial trial period."

Conference Call

The Company will host a conference call, to be simultaneously webcast, onFriday, June 11, 2010, at 8:00 a.m. Eastern Daylight Time or 8:00 p.m. BeijingTime. Interested parties may participate in the conference call by dialing+1-866-730-5763 (North America) or +1-857-350-1587 (International), passcode:12247076, approximately 10 minutes before the call start time. A live webcastof the conference call will be available on the Company's Website athttp://www.chn-biotics.com .

A replay of the call will be available shortly after the conclusion of theearnings conference call through midnight EDT, on June 18, 2010. Interestedparties may access the replay by dialing +1-888-286-8010 (North America) or+1-617-801-6888 (International) and entering passcode: 22409856.

About China-Biotics

China-Biotics, Inc. ("China-Biotics," "the Company"), a leadingmanufacturer of biotechnology products and supplements, engages in theresearch, development, marketing and distribution of probiotics dietarysupplements in China. Through its wholly owned subsidiary, Shanghai ShiningBiotechnology Co., Ltd., the Company develops and produces its proprietaryproduct portfolio including live microbial nutritional supplements under the"Shining" brand. Currently, the products are sold OTC through largedistributors to pharmacies and supermarkets in Shanghai, Jiangsu, and Zhejiangprovince. In February 2010, China-Biotics began its commercial production inChina's largest probiotics production facility to meet growing demand in China.For more information, please visit http://www.chn-biotics.com .

Safe Harbor Statement

The information in this release contains forward-looking statements whichinvolve risks and uncertainties, including statements regarding the Company'scapital needs, business strategy and expectations. Any statements containedherein that are not statements of historical fact may be deemed to beforward-looking statements, which may be identified by terminology such as"may," "should," "will," "expect," "plan," "intend," "anticipate," "believe,""estimate," "predict," "potential," "forecast," "project," or "continue," thenegative of such terms or other comparable terminology. Readers should notrely on forward-looking statements as predictions of future events or results.Any or all of the Company's forward-looking statements may turn out to bewrong. They can be affected by inaccurate assumptions, risks and uncertaintiesand other factors which could cause actual events or results to be materiallydifferent from those expressed or implied in the forward-looking statements.In evaluating these statements, readers should consider various factors,including the risks described in "Item 1A. Risk Factors" and elsewhere in theCompany's 2010 Annual Report on Form 10-K. These factors may cause theCompany's actual results to differ materially from any forward-lookingstatement. In addition, new factors emerge from time to time and it is notpossible for the Company to predict all factors that may cause actual resultsto differ materially from those contained in any forward-looking statements.The Company disclaims any obligation to publicly update any forward-lookingstatements to reflect events or circumstances after the date of this document,except as required by applicable law.

Use of Non-GAAP Financial Measures

GAAP results for the fourth quarters and fiscal years ended March 31, 2010and 2009, include non-cash losses or gains related to change in fair value ofthe Company's convertible notes. To supplement the Company's condensedconsolidated financial statements presented on a GAAP basis, the Company hasprovided non-GAAP financial information excluding the impact of these items inthis release, which are non-GAAP net income and non-GAAP diluted earnings pershare. The Company's management believes that these non-GAAP measures provideinvestors with a better understanding of how the results relate to theCompany's historical performance. A reconciliation of adjustments to GAAPresults appears in the tables accompanying this press release. This additionalnon-GAAP information is not meant to be considered in isolation or as asubstitute for GAAP financials.

------

China-Biotics, Inc. Reports Record Quarterly and Annual Revenue Growth for Fiscal Year 2010

- Q4 Revenue Grew 64.4% to $25.5M, Gross Margin 69.4% -- Annual Free Cash Flow of $14.4M -- New Commercial Production of Bulk Additive Products Enhanced Growth -

SHANGHAI, China, June 11 /PRNewswire-Asia-FirstCall/ -- China-Biotics, Inc.(Nasdaq: CHBT) ("China-Biotics" or "the Company"), a leading developer,manufacturer and distributor of probiotics products in China, today reportedits financial results for the fourth quarter and the fiscal year ended March31, 2010.

Mr. Jinan Song, China-Biotics' Chairman and CEO commented, "We are pleasedwith our fourth quarter results and delivery of annual top line growthexceeding our 50% guidance. In fiscal year 2010, our retail business continuedits steady growth, as 'Shining Essence' remained one of the most popularproducts in the retail probiotics market while our diversifying productportfolio is attracting different customer groups. The long-term growthprospect of retail probiotics products in China is promising as more and moreChinese become aware of the benefit of probiotics to enhance their healthcondition. Therefore, our current business lines continued to generate recordgrowth momentum.

"More excitingly, our new bulk additive line quickly expanded to accountfor 26.8% of annual revenue in fiscal year 2010, an increase from 8.3% infiscal year 2009. We expect the application of bulk additive probiotics indairy and animal feed products to grow robustly in the future. The Chineseyogurt market is quickly embracing probiotics and the market potential islarge. We remain confident that the addition of the bulk franchise will becomethe engine to drive our growth from both near-term and long-term perspectives.We look forward to becoming the dominant provider of bulk probiotics productsin China and creating our long-term shareholder value."

Fourth Quarter FY2010 Financial Results

Revenues in the fourth quarter of fiscal year 2010 increased to $25.5million from $15.5 million in the fourth quarter of fiscal year 2009. Theincrease was primarily due to increased sales volume in retail and bulkadditive products, and bulk additive products increasingly account for alarger share of total revenue.

Gross profit increased 66.5% to $17.7 million from $10.6 million in thesame period of fiscal year 2009. Gross margin was 69.4% compared with 68.5% inthe same period of fiscal year 2009. The improvement in gross margin wasmainly attributable to a product mix change as bulk sales rose.

General and administrative (G&A) expenses amounted to $1.2 million,compared with $1.1 million in the previous year. The slight increase in G&Aexpenses were mainly due to staff and administrative costs associated with thenew bulk additive plant. G&A expenses as a percentage of revenue decreasedfrom 7.2% in the fourth quarter of fiscal year 2009 to 4.8% for the fourthquarter of fiscal year 2010.

Research and development (R&D) expenses were $1.4 million, a 52.4%increase from $0.9 million in the fourth quarter of fiscal year 2009. Theincrease in R&D expenses was mainly due to additional research costs relatedto the development and launching of new products. R&D expenses as a percentageof revenue was 5.4%, compared with 5.8% in the fourth quarter of fiscal year2009.

Selling expenses for the fourth quarter of fiscal year 2010 were $4.3million, compared with $3.0 million in fourth quarter in fiscal year 2009.This increase in selling expenses was primarily caused by the increase ofoverall sales. Selling expenses as a percentage of revenue decreased from19.6% in the fourth quarter of fiscal year 2009 to 16.9% for the fourthquarter of fiscal year 2010.

Total operating expenses for the fourth quarter of fiscal year 2010 were$6.9 million compared with $4.9 million in the fourth quarter of fiscal year2009. The increase was mainly due to higher selling and general andadministrative expenses, as well as a large swing in Other Income from a gainto a loss due to changes in exchange values. SG&A expenses as a percentage ofrevenue decreased from 31.8% in the fourth quarter fiscal year 2009 to 27.1%in the fourth quarter of fiscal year 2010.

Operating income was $10.8 million compared with $5.7 million in the sameperiod of fiscal year 2009, reflecting an 89.1% year-over-year increase.

Excluding the non-cash losses from the change in value of convertiblebonds, non-GAAP net income was $8.8 million, compared with $5.6 million in thefourth quarter of fiscal year 2009. Non-GAAP diluted EPS was $0.36, comparedwith $0.39 in the fourth quarter of fiscal year 2009, on a greater number ofshares outstanding in 2010.

GAAP net income for the fourth quarter of fiscal year 2010 was $2.9million, compared with net income of $6.6 million in the same period of fiscalyear 2009. Diluted net income per share were $0.13, compared with dilutedearning per share $0.39 in the same period of 2009, on a greater number ofshares outstanding.

As of March 31, 2010, the Company had cash and cash equivalents totaling$155.6 million, compared with $151.1 million at the end of December 2009, andcompared with total liabilities of $76.8 million. Total stockholders' equityrose to $156.2 million at March 31, 2010, from $153.3 million at December 31,2009.

The Company expects to complete its 10-K filing on or before June 14, 2010.

Fiscal year 2010 Results

For the fiscal year 2010, net revenue increased year-over-year by 50% to arecord $81.4 million. The increase was primarily due to increased sales volumein both retail and bulk additive products, and the product mix changed as bulkadditive products accounted for a larger share of total revenue.

Gross profit increased 50.8% to $57.3 million from $38.0 million in fiscalyear 2009 due primarily to higher sales. Gross margin was 70.4% compared with70.1% in fiscal year 2009.

Selling, general and administrative expenses were $18.4 million comparedwith $14.6 million in 2009. The increase was mainly due to the increase ofoverall sales as well as higher administrative costs associated with the newbulk additive production facility in Qingpu Industrial Park. Selling, generaland administrative expenses as a percentage of revenue decreased from 26.9% infiscal year 2009 to 22.6% in fiscal year 2010.

Research and development expenses were $3.7 million, representing a 13.5%increase from $3.2 million in the previous fiscal year. The Company continuesto strengthen its R&D capability and plans to introduce more new products infiscal year 2011.

Operating income in 2010 rose 62.0% to $35.3 million from $21.8 million infiscal year 2009.

Excluding the non-cash losses from change in fair value of convertiblebonds, non-GAAP net income was $27.8 million, or $1.28 earnings per share,compared with $16.9 million and $0.88 earnings per share in fiscal year 2009,on a greater number of shares outstanding in fiscal year 2010.

GAAP net income was $15.6 million, or $0.80 earnings per diluted share,compared with net income of $20.0 million, or $1.17 earnings per diluted sharein fiscal year 2009, on a greater number of shares outstanding.

Free cash flow was $14.4 million compared with $6.4 million in fiscal year2009.

Key Fiscal 2010 Milestones

In August 2009, China-Biotics' wholly owned subsidiary, Shanghai ShiningBiotechnology Co., Ltd. was awarded the High-Technology Enterprise Certificateby the municipal government of Shanghai. The Company now receives apreferential income tax rate of 15% on substantially all of its operatingincome for the three-year period that began on January 1, 2010 versus thestatutory tax rate of 25%.

In October 2009, the Company completed a public offering with net proceedsof $74.9 million, after deducting underwriting discounts, offering expensesand the exercise of over-allotment.

In February 2010, the Company's new state-of-the-art bulk additiveproduction facility commenced commercial production in the Shanghai QingpuIndustrial Park. Its production area has a designed total capacity of 150 tonsannually and a world-class fermentation workshop equipped with a sophisticatedcontrol system and customized design for its proprietary fermentationtechnology.

Recent Developments

In April 2010, China-Biotics received the Good Manufacturing Process("GMP") approval from the Shanghai Food and Drug Administration ("SHFDA") forthe new production facility in the Qingpu Industrial Park. The certificate isvalid through March 28, 2013 and is renewable. GMP is a global qualityassurance system that covers the testing and manufacturing of food,pharmaceutical products, and medical devices. GMP stipulates stringentapproval guidelines on various aspects of production including approvals forboth the organization and personnel based on evaluations of the factory andequipment, materials, hygiene certificates, waste and recycling, andaftersales, etc. Most developed countries legislate the use of GMP. Theimplementation of GMP in China has introduced a comparable level for safetyand efficacy standards for pharmaceutical-related products.

In May 2010, the Ministry of Health in China announced an expanded list ofprobiotics. China-Biotics currently carries all of the 21 probiotics strainson the list. These probiotics strains are widely used in the Company's bulkadditive products.

Outlook for the Fiscal Year 2011

For fiscal year 2011, the management is expecting net sales to be at least50% year-over-year growth. This target is based on the Company's current viewson the operating and market conditions, which are subject to change.

Mr. Jinan Song, Chairman and CEO of China-Biotics, stated, "With ourestablished state-of-the-art facility in Shanghai and our growing capacityutilization, we believe that we are well positioned to ride the wave of risingmarket demand and increasing government support for probiotics. We willcontinue to broaden our distribution network as well as diversify our retailportfolio through launching new products. We also look forward to winning morebulk customers as we have received encouraging feedback from potentialcustomers during the initial trial period."

Conference Call

The Company will host a conference call, to be simultaneously webcast, onFriday, June 11, 2010, at 8:00 a.m. Eastern Daylight Time or 8:00 p.m. BeijingTime. Interested parties may participate in the conference call by dialing+1-866-730-5763 (North America) or +1-857-350-1587 (International), passcode:12247076, approximately 10 minutes before the call start time. A live webcastof the conference call will be available on the Company's Website athttp://www.chn-biotics.com .

A replay of the call will be available shortly after the conclusion of theearnings conference call through midnight EDT, on June 18, 2010. Interestedparties may access the replay by dialing +1-888-286-8010 (North America) or+1-617-801-6888 (International) and entering passcode: 22409856.

About China-Biotics

China-Biotics, Inc. ("China-Biotics," "the Company"), a leadingmanufacturer of biotechnology products and supplements, engages in theresearch, development, marketing and distribution of probiotics dietarysupplements in China. Through its wholly owned subsidiary, Shanghai ShiningBiotechnology Co., Ltd., the Company develops and produces its proprietaryproduct portfolio including live microbial nutritional supplements under the"Shining" brand. Currently, the products are sold OTC through largedistributors to pharmacies and supermarkets in Shanghai, Jiangsu, and Zhejiangprovince. In February 2010, China-Biotics began its commercial production inChina's largest probiotics production facility to meet growing demand in China.For more information, please visit http://www.chn-biotics.com .

Safe Harbor Statement

The information in this release contains forward-looking statements whichinvolve risks and uncertainties, including statements regarding the Company'scapital needs, business strategy and expectations. Any statements containedherein that are not statements of historical fact may be deemed to beforward-looking statements, which may be identified by terminology such as"may," "should," "will," "expect," "plan," "intend," "anticipate," "believe,""estimate," "predict," "potential," "forecast," "project," or "continue," thenegative of such terms or other comparable terminology. Readers should notrely on forward-looking statements as predictions of future events or results.Any or all of the Company's forward-looking statements may turn out to bewrong. They can be affected by inaccurate assumptions, risks and uncertaintiesand other factors which could cause actual events or results to be materiallydifferent from those expressed or implied in the forward-looking statements.In evaluating these statements, readers should consider various factors,including the risks described in "Item 1A. Risk Factors" and elsewhere in theCompany's 2010 Annual Report on Form 10-K. These factors may cause theCompany's actual results to differ materially from any forward-lookingstatement. In addition, new factors emerge from time to time and it is notpossible for the Company to predict all factors that may cause actual resultsto differ materially from those contained in any forward-looking statements.The Company disclaims any obligation to publicly update any forward-lookingstatements to reflect events or circumstances after the date of this document,except as required by applicable law.

Use of Non-GAAP Financial Measures

GAAP results for the fourth quarters and fiscal years ended March 31, 2010and 2009, include non-cash losses or gains related to change in fair value ofthe Company's convertible notes. To supplement the Company's condensedconsolidated financial statements presented on a GAAP basis, the Company hasprovided non-GAAP financial information excluding the impact of these items inthis release, which are non-GAAP net income and non-GAAP diluted earnings pershare. The Company's management believes that these non-GAAP measures provideinvestors with a better understanding of how the results relate to theCompany's historical performance. A reconciliation of adjustments to GAAPresults appears in the tables accompanying this press release. This additionalnon-GAAP information is not meant to be considered in isolation or as asubstitute for GAAP financials.- Q4 Revenue Grew 64.4% to $25.5M, Gross Margin 69.4% - - Annual Free Cash Flow of $14.4M - - New Commercial Production of Bulk Additive Products Enhanced Growth -

SOURCE China-Biotics, Inc.
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