LAIYANG, China, Feb. 23, 2011 /PRNewswire-Asia-FirstCall/ -- Jiangbo
Pharmaceuticals, Inc. (Nasdaq: JGBO) ("Jiangbo" or the "Company"), a
pharmaceutical company with its principal operations in the People's Republic of
China, today announced its second quarter fiscal year 2011 financial results for
the three and six month periods, ended December 31, 2010.
Second QuarterFiscal Year 2011Highlights
-- Revenue increased 28.8% to $23.4 million from $18.2 million in the
corresponding quarter ended December 31, 2009
-- Gross profit grew 24.5% to $16.8 million from $13.5 million in the
corresponding quarter ended December 31, 2009
-- Operating income climbed 81.5% to $13.0 million from $7.1 million in the
corresponding quarter ended December 31, 2009
-- Net income was $11.1 million, or $0.87 per basic share, for the quarter
ended December 31, 2010, compared to $5.3 million, or $0.49 per basic
share in the quarter ended December 31, 2009
-- Excluding non-cash gains related to the change in fair value of
derivative liabilities of $4.9 million, amortization of debt discount
and debt issuance costs related to convertible debentures of $2.8
million, and unrealized loss on investments of $0.02 million, non-GAAP
adjusted net income for diluted EPS was $5.5 million, or $0.37 per fully
diluted share for the three months ended December 31, 2010, compared to
non-GAAP adjusted net loss for diluted EPS of $16.8 million, or a loss
of $1.11 per fully diluted share for the quarter ended December 31,
2009. *
"We are pleased to report another quarter of strong year-over-year revenue
growth, driven by increased sales of Clarithromycin sustained-release tablets,
Radix Isatidis dispersible tablets and Baobaole chewable tablets, and
incremental revenue from our new line of Felodipine sustained-release tablets,"
said Jiangbo's CEO, Mr. Linxian Jin. "Our year-over-year comparisons for this
quarter benefited from an extra six weeks of production versus the same period
last year, when we temporarily closed our main facility to complete Good
Manufacture Practice ("GMP") recertification. In the second quarter of fiscal
year 2011, we continued to generate robust cash flow from operations and we
ended the period with over $135.0 million in cash and cash equivalents."
SecondQuarterFiscalYear2011Results
Total revenue for the three months ended December 31, 2010 increased 28.8% to
$23.4 million, compared to $18.2 million in the comparable quarter of 2009,
primarily reflecting higher sales of Clarithromycin sustained-released tablets,
Radix Isatidis dispersible tablets and Baobaole chewable tablets. Overall sales
in the prior year comparable quarter were negatively impacted by the loss of
approximately six weeks of production time to complete Good Manufacture Practice
("GMP") recertification procedures at the Company's main facility. The GMP
recertification procedure is performed by the Chinese State Food and Drug
Administration ("SFDA") generally every five years. The Company's Felodopine
sustained-release tablets, launched in September 2010, also contributed to this
quarter's sales increase.
For the three months ended December 31, 2010, Clarithromycin sustained-release
tablets, Itopride Hydrochloride granules, Baobaole chewable tablets, Radix
Isatidis dispersible tablets and Felodipine sustained-release tablets, accounted
for approximately 44.3%, 23.1%,15.5%, 15.4% and 1.3% of total revenue,
respectively.
Gross profit in the second quarter of fiscal year 2011 was $16.8 million, an
increase of 24.5% from $13.5 million in the prior year's corresponding period.
Gross margin decreased by 2.5% to 71.8% from 74.3% in the prior year quarter,
primarily due to an increase in raw material prices, particularly related to the
Company's Clarithromycin sustained-released tablets and Radix Isatidis
dispersible tablets and more sales generated from products with lower profit
margin in the western pharmaceutical products category.
Selling, general and administrative expenses totaled $3.6 million for the three
months ended December 31, 2010, down 31.2% from $5.3 million in the three months
ended December 31, 2009. Advertising, marketing and promotion spending for the
second quarter of fiscal 2011 was $1.0 million, a decrease of 55.2% compared to
$2.2 million in the year ago period, primarily due to the decrease in marketing
and promotional expenses on the Company's traditional Chinese medicines in
fiscal 2011. Selling, general and administrative expenses included a $0.4
million bad debt expense recovery in the second quarter of fiscal 2011, compared
to a $0.5 million bad debt expense in the comparable prior year period.
Research and development expenses totaled $0.23 million for the three months
ended December 31, 2010, compared with $1.1 million for the three months ended
December 31, 2009. The significant year-over-year decrease in research and
development expense reflects the expiration, in September 2010, of the Company's
R&D cooperative agreement with Shandong University.
Income from operations during the second quarter of fiscal year 2011 was $13.0
million, an 81.5% increase from $7.1 million during the three months ended
December 31, 2009.
Other income was $1.7 million, primarily reflecting non-cash gains related to
the change in fair value of derivative liabilities of $4.9 million, partially
offset by interest expense of $3.3 million.
Net income for the three months ended December 31, 2010 was $11.1 million,
compared to $5.3 million in the year ago quarter. Basic earnings per share were
$0.87, compared with $0.49 per basic share in the year ago period. In the second
quarter of fiscal 2011, the Company recorded diluted earnings per share of
$0.50, compared to a loss of $1.06 per diluted share in the same quarter last
year.
Excluding non-cash gains related to the change in fair value of derivative
liabilities of $4.9 million, amortization of debt discount and debt issuance
costs related to convertible debentures of $2.8 million, and unrealized loss on
investments of $0.02 million, non-GAAP adjusted net income for diluted EPS was
$5.5 million, or $0.37 per fully diluted share for the three months ended
December 31, 2010, compared to non-GAAP adjusted net loss for diluted EPS of
$16.8 million, or a loss of $1.11 per fully diluted share for the quarter ended
December 31, 2009.
(*) See the reconciliation table at the end of this press release for a
reconciliation of net income and EPS to non-GAAP adjusted net income and EPS.
Six MonthsFiscal Year 2011Results
Total revenue for the six month period ended December 31, 2010, increased by
20.0% to $51.1 million, compared to $42.6 million for the six month period ended
December 31, 2009. Gross profit increased 16.4% to $36.8 million for the six
month period ended December 31, 2010 as compared to $31.6 million for the six
month period ended December 31, 2009. Gross profit margin was 72.1% for the
first six months of fiscal year 2011, versus 74.3% for the corresponding prior
year period. Operating income was $27.5 million, a 38.84% increase compared to
$19.8 million in the same period last year. Net income during the six months
ended December 31, 2010, was $21.7 million, or $1.74 per basic share, compared
to $7.5 million, or $0.70 per basic share, for the corresponding period in 2009.
Diluted earnings per share were $1.27 per share, compared to a loss of $0.89 per
diluted share in the year ago period. Excluding non-cash gains related to the
change in fair value of derivative liabilities of $12.3 million, amortization of
debt discount and debt issuance costs related to convertible debentures of $9.8
million, and an unrealized loss on investments of $0.02 million, non-GAAP
adjusted net income for diluted shares was $16.5 million, or $1.10 per fully
diluted share for the six months ended December 31, 2010, compared to non-GAAP
adjusted net loss for diluted shares of $7.2 million, or a loss of $0.48 per
fully diluted share, for the six months ended December 31, 2009.
Financial Condition
As of December 31, 2010, the Company had $135.9 million in cash and cash
equivalents as compared to $108.6 million at the end of June 30, 2010. Working
capital was $126.0 million as of December 31, 2010. Shareholder's equity totaled
$172.6 million, as compared to $134.5 million at the end of fiscal 2010. The
Company generated $26.1 million in cash flow from operating activities in the
first half of fiscal 2011.
Business Outlook and Guidance
"While our top-selling drugs have reached a mature phase in their product
lifecycles, we believe their revenue run-rates can be maintained in the
near-term. In the second half of fiscal 2011, we expect a continued increase in
sales of our new line of Felodipine sustained-release tablets and incremental
revenue from the re-launch of several traditional Chinese medicines at our
Hongrui facility," commented Mr. Jin.
The Company reaffirms its guidance of revenues for fiscal year 2011 of between
$94 million and $96 million, but withholds its previous guidance of net income.
The management needs additional time to observe and evaluate the situation of
higher raw material costs which is expected to affect the Company's
profitability of fiscal year 2011.
Subsequent Events
-- On January 4, 2011, the Company announced that its Hongrui factory has
been awarded with the Good Manufacturing Practices Certificate for
Pharmaceutical Products ("GMP Certificate") by China's State Food and
Drug Administration ("SFDA"). The GMP Certificate is valid until the end
of 2015. Based on the new GMP Certificate, the Company's Hongrui factory
is allowed to manufacture traditional Chinese medicines ("TCMs") in the
form of tablet, granule, pill, mixture, syrup, concentrated decoction,
and oral intake solution. Based on the new GMP Certificate, our Hongrui
factory is also allowed to produce lactulose concentrate, which is used
as a raw material in various medicines. We completed the renovation and
upgrade of our Hongrui factory in October 2010. As a result, oral intake
solution and lactulose concentrate were newly added to our GMP
Certificate. We have also re-launched several of the traditional Chinese
medicines produced at Hongrui, including Laiyang Pear Cough Syrup and
Kang Gu Sui Yan Pian (an osteomyelitis treatment tablet).
-- On January 19, 2011, the Company entered into a Settlement Agreement
with the sole holder of its November 2007 Debenture, majority holder of
its May 2008 Notes (the "Holder") under which the Company agreed to
issue a total of 886,277 shares of its common stock to the Holder and
the other holders of the May 2008 Notes by January 20, 2011 as payment
for all delinquent interest and associated penalties and the Holder
agreed to waive the events of default provisions set forth in the
November 2007 Debenture and May 2008 Notes. The Holder also agreed to
extend the due date of the November 2007 Debentures to February 28,
2011.
Conference Call
Jiangbo Pharmaceuticals, Inc. management will host a conference call at 9:00
a.m. Eastern Standard Time on Wednesday, February 23, 2011 to discuss financial
results for the second quarter fiscal 2011 ended December 30, 2010.
To participate in the live conference call, please dial the following number
five to ten minutes prior to the scheduled conference call time: (866) 395-5819.
International callers should dial +1 (706) 643-6986. The Conference ID for this
call is 45929313.
If you are unable to participate on the live call, a replay will be available
for 14 days starting on Wednesday, February 23, 2011 at 11:00 a.m. Eastern
Standard Time. To access the replay, dial (800) 642-1687, international callers
dial (706) 645-9291. The Conference ID is 45929313.
Use of Non-GAAP Adjusted Financial Information
This press release includes certain financial information, non-GAAP adjusted net
income and non-GAAP adjusted fully diluted earnings per share, which are not
presented in accordance with GAAP. Non-GAAP adjusted net income was derived by
taking net income and adjusting it with non-cash gains or losses related to the
change in fair value from derivative liabilities and the amortization of debt
discount and debt issuance costs related to convertible debentures. The
Company's management believes that these non-GAAP adjusted measures provide
investors with a better understanding of the Company's historical results from
its core business operations. To supplement the Company's condensed consolidated
financial statements presented on a non-GAAP adjusted basis, the Company has
provided non-GAAP adjusted financial information, which is non-GAAP adjusted net
income and non-GAAP adjusted earnings per share, excluding the impact of these
items in this press release. The non-GAAP adjusted information is not meant to
be considered in isolation or as a substitute for GAAP financials. The non-GAAP
adjusted financial information provided by the Company may also differ from
non-GAAP adjusted information provided by other companies. A table at the end of
this press release provides a reconciliation of the non-GAAP adjusted financial
information to the nearest GAAP measure.
AboutJiangboPharmaceuticals, Inc.
Jiangbo Pharmaceuticals, Inc. is engaged in the research, development,
production, marketing and sales of pharmaceutical products in China. The
Company's operations are located in Eastern China in an Economic Development
Zone in Laiyang City, Shandong Province. Jiangbo produces both western and
Chinese herbal-based medical drugs in tablet, capsule, granule, syrup and
electuary (sticky syrup) form. For additional information, please visit the
Company's website (www.jiangbopharma.com).
Safe Harbor Statement
Certain statements in this press release that are not historical facts are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements are not guarantees of future
performance and are subject to risks and uncertainties that could cause the
Company's actual results and financial position to differ materially from those
included within the forward-looking statements. Forward-looking statements
involve risks and uncertainties, including those relating to the Company's
ability to introduce, manufacture and distribute new drugs. Actual results may
differ materially from predicted results, and reported results should not be
considered as an indication of future performance. The potential risks and
uncertainties include, among others, the Company's ability to obtain raw
materials needed in manufacturing, the continuing employment of key employees,
the failure risks inherent in testing any new drug, the possibility that
regulatory approvals may be delayed or become unavailable, patent or licensing
concerns that may include litigation, direct competition from other
manufacturers and product obsolescence. More information about the potential
factors that could affect the Company's business and financial results is
included in the Company's filings, available via the United States Securities
and Exchange Commission.
Financial Statements Follow
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY GENESIS PHARMACEUTICALS ENTERPRISES, INC.)
RECONCILIATION OF NON-GAAP NET INCOME
(Unaudited)
For the Three Months
Ended
December 31,
2010 2009
---- ----
Net income for basic EPS $11,129,636 $5,328,141
Loss from discontinued
operations - 87,561
Unrealized loss (gain) on
investment 16,073 (14,743)
Gain in change of fair value
of derivative liabilities (4,869,139) (6,687,085)
Amortization of debt
issuance costs related to
convertible debentures 84,548 284,967
Amortization of debt
discount 2,719,639 5,466,965
Adjusted net income for
Basic EPS -non GAAP $9,080,757 $4,465,806
========== ==========
Net income (loss) for
diluted EPS -GAAP $7,538,644 $(15,911,145)
========== ============
Adjusted net income (loss)
for diluted EPS -non GAAP $5,489,765 $(16,773,480)
========== ============
Basic Weighted Average
Number of Shares 12,730,365 10,983,405
========== ==========
Adjusted Basic Earnings per
share $0.71 $0.41
===== =====
Diluted Weighted Average
Number of Shares** 14,958,365 15,065,301
========== ==========
Adjusted Diluted Earnings
per share $0.37 $(1.11)
For the Six Months Ended
December 31,
2010 2009
---- ----
Net income for basic EPS $21,704,324 $7,479,816
Loss from discontinued
operations - 164,769
Unrealized loss (gain) on
investment 18,947 (265,747)
Gain in change of fair value
of derivative liabilities (12,323,490) (1,865,992)
Amortization of debt
issuance costs related to
convertible debentures 319,280 472,755
Amortization of debt
discount 9,496,775 7,547,835
Adjusted net income for
Basic EPS -non GAAP $19,215,836 $13,533,436
=========== ===========
Net income (loss) for
diluted EPS -GAAP $18,976,929 $(13,238,638)
=========== ============
Adjusted net income (loss)
for diluted EPS -non GAAP $16,488,441 $(7,185,018)
=========== ===========
Basic Weighted Average
Number of Shares 12,484,360 10,744,648
========== ==========
Adjusted Basic Earnings per
share $1.54 $1.26
===== =====
Diluted Weighted Average
Number of Shares** 14,956,173 14,829,605
========== ==========
Adjusted Diluted Earnings
per share $1.10 $(0.48)
** Including outstanding options and warrants using treasury method
of calculation plus the number of shares if converted from the
convertible debt
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2010 AND JUNE 30, 2010
December
31, June 30,
2010 2010
(Unaudited)
ASSETS
------
CURRENT ASSETS:
Cash and cash equivalents $135,892,700 $108,616,735
Restricted cash 15,341,042 11,135,880
Investments 133,754 168,858
Accounts receivable, net of
allowance for doubtful accounts
of $959,677 and $1,343,421 as of
December 31, 2010 and June 30,
2010, respectively 26,172,643 33,195,201
Inventories 3,327,328 2,200,614
Other receivables 53,460 13,241
Other receivable -related parties 166,870 324,060
Advances to suppliers 804,260 260,688
Financing costs 116,353 435,634
Total current assets 182,008,410 156,350,911
PLANT AND EQUIPMENT, net 13,596,299 13,284,312
OTHER ASSETS:
Long Term Prepayments 222,043 110,725
Intangible assets, net 32,775,832 32,594,326
Total other assets 32,997,875 32,705,051
Total assets $228,602,584 $202,340,274
LIABILITIES AND SHAREHOLDERS'
EQUITY
-----------------------------
CURRENT LIABILITIES:
Accounts payable $4,411,185 $4,113,219
Short term bank loans - 2,209,500
Notes payable 15,341,042 11,135,880
Other payables 3,052,231 3,888,034
Other payables - related parties 434,207 255,595
Accrued liabilities 6,329,637 4,899,829
Taxes payable 5,027,636 6,259,271
Refundable security deposits due
to distributors 3,944,200 3,829,800
Liabilities assumed from
reorganization 307,144 524,614
Derivative liabilities 3,973,365 18,497,227
Convertible debt, net of discount
$4,172,977 and $13,669,752 as of
December 31, 2010 and June 30,
2010, respectively 13,207,023 12,210,248
Total current liabilities 56,027,670 67,823,217
Total liabilities 56,027,670 67,823,217
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Convertible preferred stock Series
A ($0.001 par value; 20,000,000
shares authorized as of December
31, 2010 and June 30, 2010, 0
shares issued and outstanding as
of December 31, 2010 and June 30,
2010) - -
Common stock ($0.001 par value,
22,500,000 shares authorized,
12,799,542 and 11,701,802 shares
issued and outstanding as of
December 31, 2010 and June 30,
2010, respectively) 12,800 11,702
Additional paid-in capital 41,780,797 30,846,915
Capital contribution receivable (11,000) (11,000)
Retained earnings 114,502,183 92,797,859
Statutory reserves 3,253,878 3,253,878
Accumulated other comprehensive
income 13,036,256 7,617,703
Total shareholders' equity 172,574,914 134,517,057
Total liabilities and
shareholders' equity $228,602,584 $202,340,274
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
FOR THE THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 2010 AND 2009
(UNAUDITED)
For the Three Months
Ended
December 31,
2010 2009
REVENUES:
Sales $23,420,855 $18,179,942
Total revenues 23,420,855 18,179,942
COST OF SALES
Cost of sales 6,599,444 4,667,049
Total cost of sales 6,599,444 4,667,049
GROSS PROFIT 16,821,411 13,512,893
RESEARCH AND DEVELOPMENT EXPENSE 231,930 1,106,385
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 3,617,338 5,259,213
INCOME FROM OPERATIONS 12,972,143 7,147,295
OTHER (INCOME) EXPENSE:
Change in fair value of
derivative liabilities (4,869,139) (6,687,085)
Other income - related parties (82,731) (80,668)
Non-operating (income) expense,
net (55,245) 366,685
Interest expense, net 3,345,301 6,162,640
Loss from discontinued
operations - 87,561
Total other (income) expense,
net (1,661,814) (150,867)
INCOME BEFORE PROVISION FOR
INCOME TAXES 14,633,957 7,298,162
PROVISION FOR INCOME TAXES 3,504,321 1,970,021
NET INCOME 11,129,636 5,328,141
OTHER COMPREHENSIVE INCOME:
Unrealized holding gain (loss) - 32,827
Foreign currency translation
adjustment 2,506,916 44,704
COMPREHENSIVE INCOME $13,636,552 $5,405,672
BASIC WEIGHTED AVERAGE NUMBER OF
SHARES 12,730,365 10,983,405
BASIC EARNINGS PER SHARE $0.87 $0.49
DILUTED WEIGHTED AVERAGE NUMBER
OF SHARES 14,958,365 15,065,301
DILUTED EARNINGS PER SHARE $0.50 $(1.06)
For the Six Months Ended
December 31,
2010 2009
REVENUES:
Sales $51,090,477 $42,563,996
Total revenues 51,090,477 42,563,996
COST OF SALES
Cost of sales 14,260,866 10,927,448
Total cost of sales 14,260,866 10,927,448
GROSS PROFIT 36,829,611 31,636,548
RESEARCH AND DEVELOPMENT EXPENSE 1,193,280 2,205,960
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 8,104,271 9,601,019
INCOME FROM OPERATIONS 27,532,060 19,829,569
OTHER (INCOME) EXPENSE:
Change in fair value of
derivative liabilities (12,323,490) (1,865,992)
Other income - related parties (164,076) (161,304)
Non-operating (income) expense,
net (53,903) 214,271
Interest expense, net 11,109,571 8,919,818
Loss from discontinued
operations - 164,769
Total other (income) expense,
net (1,431,898) 7,271,562
INCOME BEFORE PROVISION FOR
INCOME TAXES 28,963,958 12,558,007
PROVISION FOR INCOME TAXES 7,259,634 5,078,191
NET INCOME 21,704,324 7,479,816
OTHER COMPREHENSIVE INCOME:
Unrealized holding gain (loss) - 56,371
Foreign currency translation
adjustment 5,418,553 196,884
COMPREHENSIVE INCOME $27,122,877 $7,733,071
BASIC WEIGHTED AVERAGE NUMBER OF
SHARES 12,484,360 10,744,648
BASIC EARNINGS PER SHARE $1.74 $0.70
DILUTED WEIGHTED AVERAGE NUMBER
OF SHARES 14,956,173 14,829,605
DILUTED EARNINGS PER SHARE $1.27 $(0.89)
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHES ENDED DECEMBER 31, 2010 AND 2009
2010 2009
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $21,704,324 $7,479,816
Loss from discontinued operations - 164,769
Income from continued operations 21,704,324 7,644,585
Adjustments to reconcile net income
to cash
provided by operating activities:
Depreciation 416,045 391,435
Amortization of intangible assets 778,857 803,234
Amortization of debt issuance costs 319,281 472,753
Amortization of debt discount 9,496,775 7,547,834
Loss from issuance of shares in
lieu of cash interest payment - 317,124
Bad debt (recovery) expense (416,776) 581,287
Realized gain on sale of marketable
securities (2,844) 406,551
Unrealized gain on investments 18,947 (265,747)
Change in fair value of derivative
liabilities (12,323,490) (1,865,992)
Stock-based compensation 83,635 135,104
Gain on legal settlement (91,495) -
Changes in operating assets and
liabilities
Accounts receivable 8,296,724 (1,062,126)
Inventories (1,043,215) (653,303)
Other receivables (14,604) 161,727
Other receivables- related parties 164,076 (161,304)
Advances to suppliers (527,128) (235,033)
Accounts payable 179,212 (3,277,854)
Other payables (1,201,509) 187,153
Other payables - related parties 224,031 93,588
Accrued liabilities 1,433,798 (299,688)
Liabilities assumed from
reorganization - (79,150)
Taxes payable (1,394,627) (7,651,766)
Net cash provided by operating
activities 26,100,017 3,190,412
CASH FLOWS FROM INVESTING
ACTIVITIES:
Proceeds from sale of marketable
securities 19,002 531,333
Purchase of equipment and building
improvements (116,355) (76,707)
Prepayment for equipment (106,202) -
Purchase of land use right - (16,975,633)
Net cash used in investing
activities (203,555) (16,521,007)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Change in restricted cash (3,807,682) (7,207,356)
Payments for bank loans (2,237,400) (2,199,600)
Proceeds from notes payable 15,084,178 14,539,356
Principal payments on notes payable (11,276,496) (7,332,000)
Net cash used in financing
activities (2,237,400) (2,199,600)
EFFECTS OF EXCHANGE RATE CHANGE IN
CASH 3,616,903 135,321
NET INCREASE (DECREASE) IN CASH and
CASH EQUIVALENTS 27,275,965 (15,394,874)
CASH and CASH EQUIVALENTS,
beginning 108,616,735 104,366,117
CASH and CASH EQUIVALENTS, ending $135,892,700 $88,971,243
SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION:
Cash paid for interest $85,904 $390,861
Cash paid for income taxes $8,208,527 $1,289,849
Non-cash investing and financing
activities:
Fixed asset added but not paid $216,282 $ -
Common stock issued for interest
payment $ - $667,500
Common stock issued for convertible
notes conversion $8,500,000 $5,200,000
Common stock issued for legal
settlement $150,975 $ -
Derivative liability reclassified
to equity upon conversion $2,200,370 $4,049,887
Transfer of investments to settle
liabilities assumed from
reorganization $ - 1,124,916
Contact:
Jiangbo Pharmaceuticals, Inc.
Ms. Elsa Sung, CFO
Phone: (954) 903-9378 ext. 2
E-mail:elsasung@jiangbo.com
http://www.jiangbopharma.com
CCG Investor Relations
Mr. Crocker Coulson, President
Phone: (646) 213-1915
E-mail: crocker.coulson@ccgir.com
http://www.ccgirasia.com
Source: Jiangbo Pharmaceuticals, Inc.
