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Jiangbo Pharmaceuticals Announces Third Quarter Fiscal Year 2011 Results

Wednesday, May 25, 2011 General News J E 4
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-- Conference call scheduled at 8:30 a.m. Eastern Time on Wednesday, May 25, 2011 --

JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES

(FORMERLY GENESIS PHARMACEUTICALS ENTERPRISES, INC.)

RECONCILIATION OF NON-GAAP NET INCOME

(Unaudited)

For the Three Months Ended

For the Nine Months Ended

March 31,

March 31,

2011

2010

2011

2010

Net income for basic EPS - GAAP  

$

5,057,747

$

15,184,266

$

26,762,071

$

22,664,082

Loss from discontinued operations

-

36,000

-

200,769

Unrealized loss (gain) on investments

49,264

(36,756)

68,210

(358,874)

Loss (gain) in change of fair value of derivative liabilities

(2,754,749)

(11,624,079)

(15,078,239)

(13,490,071)

Amortization of debt discount and  issuance costs related to convertible debentures

2,377,406

4,060,332

12,193,461

12,080,922

Adjusted net income for basic EPS - non GAAP

$

4,729,668

$

7,619,763

$

23,945,503

$

21, 096,828

Net income (loss) for diluted EPS - GAAP

3,484,343

289,703

26,750,602

8,759,605

Loss from discontinued operations

-

36,000

-

200,769

Unrealized loss (gain)  on investments

49,264

(36,756)

68,210

(358,874)

Loss (gain) in change of fair value of derivative liabilities

(2,754,749)

(11,624,079)

(15,078,239)

(13,490,071)

Adjusted net income (loss) for diluted EPS - non GAAP

                               778,858

(11,335,132)

11,740,573

(4,888,571)

Basic Weighted Average Number of Shares

13,486,711

11,419,991

12,818,593

10,965,346

Adjusted basic earnings per share – non GAAP

$

0.35

$

0.67

$

1.87

$

1.92

Diluted Weighted Average Number of Shares**

15,659,211

15,235,811

15,192,372

15,234,156

Adjusted diluted earnings per share  - non GAAP

$

0.05

$

(0.74)

$

0.77

$

(0.32)

** Including outstanding options and warrants using treasury method of calculation plus the number of shares if converted from the convertible debt

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