Renhuang Pharmaceuticals More Than Doubles Q3 profits and Reaffirms 2010 Guidance
Renhuang Pharmaceuticals (AMEX:CBP) a developer, manufacturer and distributor of botanical products, bio-pharmaceuticals and traditional Chinese medicines, today announced that its third quarter profit for 2010 increased 116% compared to the prior year. Net sales for the third quarter also grew 44% on a year-over-year basis due to the introduction of new products.
For the third quarter of 2010, the company earned profits of $1.5 million, or 4 cents per diluted share, on net sales of $9.3 million. New products accounted for 26.2% of gross sales in the quarter.
At the end of the third quarter, Renhuang had $28.7 million in cash and cash equivalents and was debt-free. Working capital was $42.3 million with a current ratio of 18.0x.
Looking ahead, Renhuang plans to terminate sales of Shark Vital Capsules by the end of the fourth quarter and also launch its new product, Badger Oil -- a natural medicine for the treatment of burns -- in the same period.
The company also reaffirmed its fiscal 2010 guidance for net sales in the range of $54.7-$55.6 million, a 26% to 28% increase over revenues in fiscal 2009. Net income for the year is expected to be in the range of $18.6-$18.9 million, an increase of 26% to 28% from the prior year.
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