环亚观天下
联系方式
环亚观天下

当前位置>主页 > 环亚观天下 >

Aida Pharmaceuticals Reports Fiscal 2006 Year End Results
文章来源:AG集&# 更新时间:2018-10-05


Net Income Up 89% Excluding Non-recurring Item

HANGZHOU, China, April 4 /Xinhua-PRNewswire/ -- Aida Pharmaceuticals, Inc. (OTC Bulletin Board: AIDA), one of mainland China's leading pharmaceutical companies, today announced its financial results for the fiscal year ended December 31, 2006. Excluding a non-recurring, non-cash expense of $1,320,000, net income for fiscal 2006 totaled $2,773,584, representing an 89% increase over net income of $1,468,335 for fiscal 2005. Full details of the Company's year-end financial results are available in the Company's Form 10-KSB at http://www.sec.gov .

Financial Performance:

-- Revenues for the year ended December 31, 2006 totaled $29,643,103, a

20.9% increase from revenues of $24,527,379 for the year ended December

31, 2005. Substantial increases in Etimicin transfusion and injection

sales offset a slight decrease in Etimicin powder sales, reflecting

customer preferences and the Company's intensive promotion of these

preferred products.

-- Gross profit totaled $15,562,063 in fiscal 2006, a decrease of

approximately 3.9% versus gross profit of $16,193,760 in fiscal 2005.

The gross profit margin for full year 2006 declined to 52.5%, from

66.0% for full year 2005. The decline primarily reflects the changeAAAAAAAA> revenue mix, with lower margin Aike transfusion products now accounting

for a larger portion of sales. This change in revenue mix first

appeared in early 2006.

-- Income from operations totaled $3,936,278 in fiscal 2006, an increase

of 85.7% versus income from operations of $2,120,003 for fiscal 2005.

The increase reflects the substantial decline in selling anAAAAAAAA> distribution expense following the Company's earlier rationalization of

its sales and distribution channels. Selling and distribution expense

declined from $10,081,651 in fiscal 2005 to $5,581,681 in fiscal 2006.

-- Net income totaled $1,453,584 at year-end 2006, declining 1% from net

income of $1,468,335 at year-end 2005. The Company reported net income

per share of $0.06 in fiscal 2006 and $0.06 in fiscal 2005. The slight

decline in reported net income largely reflects a non-recurring, non-

cash compensation expense that was incurred in fiscal 2006. Stock-

based compensation amounting to $1,320,000 was paid to two consultants

for services to be rendered over three years from mid-2006 through miAAAAAAAA> 2008. The entire amount, however, waAAAApensed in fiscal 2006, baseAAAAAAAA> on management's decision to adhere to a more conservative accounting

approach. Excluding this item, net income would have totaleAAAAAAAA> $2,773,584 for fiscal 2006, representing an increase of 89% over net

income of $1,468,335 in fiscal 2005.

-- Cash and equivalents increased to $6,116,816 at year-end 2006, versus

$3,129,450 at year-end 2005. Shareholders' equity increased to

$10,352,218 at year-end 2006 from $6,724,107 at year-end 2005.

Weighted average shares outstanding increased to 25,953,425 for fiscal

2006 from 23,481,849 for fiscal 2005.

"We believe we have now cycled through the sales mix changes that decreased our gross margins," said Jin Biao, Aida's chief executive officer. "Because these sales mix changes first appeared in early 2006, we anticipate comparisons becoming normalized again in the first quarter of 2007. With our gross margins mostly stabilized, our sales costs down substantially and revenues continuing to grow sharply, we're positioned to see strong earnings growth over the near-term."

Biao continued, "We expect our revenue and earnings growth to average 30% per year over the next five years, as a result of strong growth in Etimicin consumption, along with our pipeline of new drugs for cancer, hepatitis and stroke and our focus on selective acquisitions. We believe our current marketplace valuation of 1X sales is too low, given our prospects. We continue to focus on taking shareholder friendly actions to more closely align AIDA's valuation with our strong growth profile."

COMPARATIVE RESULTS

For Fiscal Year EndeAAAAAAAA> 12/31/06 12/31/05

Revenue $29,643,103 $24,527,379

Cost of Goods Sold (14,081,040) (8,333,619)

Gross Profit 15,562,063 16,193,760

Gross profit margin (%) 52.5% 66.0%

Income from Operations 3,936,278 2,120,003

Net Income 1,453,584 1,468,335

Net Income per share 0.06 0.06

Weighted average shares outstanding 25,953,425 23,481,849

About Aida Pharmaceuticals

Aida Pharmaceuticals is a product-focused pharmaceuticals company engaged in the formulation, clinical testing, registration, manufacture, sales and marketing of advanced pharmaceutical and genetic products in mainland China. The Company's mission is to discover, develop and market meaningful new therapies that improve human health. Aida, in operation since March 1999, is headquartered in Hangzhou, China with manufacturing, distribution and sales points throughout mainland China. Aida is GMP certified in China and ISO9002 certified for quality assurance and ISO14000 certified for ecologically-friendly practices. Aida is now producing and marketing a patented prescription drug in China, etimicin sulfate. It is the first antibiotic developed in China and is regarded as a category "A" drug by the State Food and Drug Administration of China.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:

This press release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on Aida Pharmaceuticals, Inc.'s management's current expectations and are subject to risks and uncertainties and changes in circumstances. All forward-looking statements included in this press release are based upon information available to Aida Pharmaceuticals, Inc. as of the date of the press release, and it assumes no obligation to update or alter its forward looking statements whether as a result of new information, future events or otherwise. These forward-looking statements may relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact. Further information on risks or other factors that could affect Aida Pharmaceuticals, Inc.'s results of operations is detailed in its filings with the United States Securities and Exchange Commission available at http://www.sec.gov.

本文源自: AG亚游集团_亚洲最佳游戏平台_AG环亚集团官网_新浪新闻