China BCT Pharmacy Group, Inc., (OTC BB: CNBI), ("China BCT" or the "Company"), a leading pharmaceutical distributor, retail pharmacy, and manufacturer of pharmaceutical products in Guangxi Province, China, today announced results for the third quarter ended September 30, 2011.
Third Quarter 2011 Highlights
- Revenue increased 28.5% year-over-year to $67.5 million
- Gross profit rose 23.2% year-over-year to $16.3 million
- Operating income grew 31.4% year-over-year to $12.5 million
- GAAP net income climbed 36.9% to $9.5 million, or $0.22 per diluted share, from $6.9 million, or $0.18 per diluted share, in the year ago quarter
- Excluding non-cash items related to change in the fair value of warrant liabilities and share-based compensation expense, non-GAAP adjusted net income was $9.1 million, or $0.21 per diluted share
- Cash and cash equivalents as of September 30, 2011 totaled $34.3 million, compared to $20.2 million at the end of 2010
Nine Months 2011 Results
- Revenue was $191.2 million for the first nine months of 2011, increasing 42.6% from $134.0 million in the same period prior year.
- Gross profit was $46.0 million, or 24.0% of revenue, up 32.6% from $34.7 million, or 25.9% of revenue, for the nine months ended September 30, 2010.
- Operating income was $32.7 million, or 17.1% of revenue, up 26.1% from $25.9 million, or 19.3% of revenue, for the nine months ended September 30, 2010.
- Net income increased 33.0% to $24.3 million, or $0.57 per diluted share, compared to $18.3 million, or $0.48 per diluted share
About China BCT
China BCT is engaged in pharmaceutical distribution, pharmacy retailing, and the manufacture of pharmaceuticals products through its subsidiaries Guangxi Liuzhou Baicaotang Medicine Limited, Guangxi Liuzhou Baicaotang Medicine Retail Limited, and Hefeng Pharmaceutical Co. Limited in Guangxi province, China. It operates a large regional retail network in Guangxi province, consisting of 219 directly owned retail stores in Guangxi province and currently over 8,000 products are distributed through the Company's wholesale distribution network.
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