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I don't know what the feed-adress is ?
http://www.google.nl/reader/view/?hl=nl&tab=wy#stream/feed%2Fhttp%3A%2F%2Finvestorshub.advfn.com%2Fboards%2Frss.asp%3Fboard_id%3D743
http://www.google.com/reader/view/?tab=ny#overview-page
If I add one of these as a feed, they don't work?
Thanks for your efforts!
Thanks wiedsche, it is a workaround, but I am not satisfied yet. Now it is like surfing the net on a phone, which is not a joy because websites load slow and are too big too display properly. I am missing the ease of a regular RSS feed.
My phone supports RSS 2.0 (confirmed with helpdesk of Sony Ericsson) but I still can't get the feed on my phone to read. If I enter the adress for the feed my phone keeps searching but never finds anything? Anymore tips? Is it working in your phone or can't you try?
Mine are not for sale for now. I guess everybody knows my price-target... not gonna repeat it. Once we will get there: 1-2 years?
Glad you are back out of jail!!
We had a nice run today. Do we need to pause or should we keep running? I say, let's go!!
On special request! (But haven't had time to change the name
)
Max ever after the reverse merger in 2007 was $0.40~0.45 oct/nov 2007. After that it sank slowly until $0.10 and even a bit lower.
Soon we'll see that 40 x 0.45 = $18 again!
of course I meant a 12 month price target and not 12 years, sorry
and BMUR wh gives Jiangbo a 12 year price target of $14 is at the ask with $101
Yeah right...
This is a quote from the report of BMUR on Jiangbo. It is a paid report I don't have access too. But here you can find the next few lines
http://reports.finance.yahoo.com/w0?r=45457332:2
Jiangbo Pharmaceuticals, Inc. reported better-than-expected 3QFY09 revenue and pro forma EPS. Management raised its guidance and expected to meet or exceed its FY09 guidance. We believe that the company should be able to exceed its FY09 guidance range. The integration of Hongrui went well, and we believe that the acquisition should help the company generate solid growth over the next three years. At roughly 3.4x and 2.3x our FY10 and FY11 pro forma EPS estimates of $2.75 and $4.06, respectively, we...
For FY 2011 they expect earnings per share of approximately $ 4.06. Multiply that by 10~15 for a decent PE ratio and that gives a possible shareprice of $40~$60 !!! That reminds why I've put my money in this company...
Thanks wiedsche, I guess my phone (SE C902) doesn't work with 2.0 then. Can't find if it should work in the manual. Other feeds work, but investorshub feeds don't.
I am going on a holiday and would like to be able to read this board allthough I won't have internet on a pc. I'd like to use my mobile phone to read the RSS-feed. I can't get it working, can anyone try if they get it working?
I have added the RSS feed of this board on my mobile phone (Sony Ericsson C902), but it gives an error that there is no valid feed?
http://investorshub.advfn.com/boards/rss.asp?board_id=743
My phone just keeps searching for the feed but won't find it.
Am I doing something wrong or is there a problem with the RSS-feed?
I have added the RSS feed of JGBO on my mobile phone (Sony Ericsson C902), but it gives an error that there is no valid feed?
http://investorshub.advfn.com/boards/rss.asp?board_id=743
Am i doing something wrong or is there a problem with the RSS-feed?
Maybe the video on TheStreet.com will help attract investors!
http://www.thestreet.com/_yahoo/video/10504126/china-watch-gold-horse.html?cm_ven=YAHOOV&cm_cat=FREE&cm_ite=NA&s=1
Nice to read Jiangbo is getting more and more attention:
http://theotcinvestor.com/top-4-undervalued-otc-chinese-stocks-243/
Top 4 Undervalued OTC Chinese Stocks
By Justin • on May 21, 2009
China 3C Group (CHCG), Jiangbo Pharmaceuticals, Inc. (JGBO), MyStarU.com, Inc. (MYST), and Worldwide Energy and Manufacturing USA, Inc. (WEMU) are just a few OTC Chinese stocks that appear to be a bargain given their earnings and growth rates.
China 3C Group (CHCG.OB: 1.08 0.00%) has doubled from its March lows, but remains a compelling value play. The Chinese electronics retailer earned $3.4 million, or $0.07 per share, during a rough first quarter, but remains healthy with $28.7 million, or $0.54 per share, in cash on its books. Meanwhile, the stock trades at just 1x trailing earnings and 2x estimates for 2009. Given this valuation and new management strategies, this stock appears substantially undervalued.
Jiangbo Pharmaceuticals, Inc. (JGBO.OB: 9.85 -1.50%) is trading up more than 30 percent from its May lows, but also remains a compelling value play. The Chinese pharmaceutical company reported fiscal 2009 net income of $8.9 million, or $0.44 per share, after an acquisition and restructuring charges, with $82.3 million, or $7.89 per share, in cash on its books. Meanwhile, the stock trades at just 5.5x earnings, assuming no growth during the upcoming year.
MyStarU.com, Inc. (MYST.OB: 0.072 -17.24%) more than doubled since the beginning of the year, but the stock remains a great value play. The Chinese entertainment company reported net income of $3.26 million, or $0.02 per share, during the latest half year, which marks a 115 percent increase over the comparable period last year. Meanwhile, the company’s balance sheet also remained healthy with $40.9 million in total assets compared to $5.46 million in total liabilities.
Worldwide Energy and Manufacturing USA, Inc. (WEMU.OB: 4.40 -0.23%) is up more than 50 percent off of its April lows, but remains a great value play. The solar energy and contract manufacturing company reported net income of $443,154, or $0.13 per share, and a cash balance of $3.52 million, or $0.99 per share. Meanwhile, the stock trades at just 7.9x trailing earnings with a projected growth rate of over 100 percent and a pending Nasdaq application.
Sign-up Free to Track CHCG.OB JGBO.OB MYST.OB WEMU.OB
Three of them where recently announced:
LAIYANG, China, April 22, 2009 /PRNewswire-Asia-FirstCall via COMTEX/ -- Genesis Pharmaceuticals Enterprises, Inc. (OTC Bulletin Board: GNPH) ("Genesis" or the "Company"), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced that it began marketing and selling three Traditional Chinese Medicines ("TCMs"). These TCMs are Yi Mu Cao Gao (a motherwort herb electuary sticky syrup), Gan Mao Zhi Ke Ke Li (an antipyretic and antitussive granule), and Kang Gu Sui Yan Pian (an osteomyelitis treatment tablet).
I think these are the new ones:
1. New Compound Foliumisatidis Tablets,Chinese Drug Approval Number Z37020946
2. Laiyang Pear Cough Syrup
They where mentioned in the last PR on the Q3 numbers.
Sales of these five products are expected to be $2.0 million in the fourth quarter of the Company's fiscal year 2009, which ends on June 30, 2009, and an estimated $8.0 million in fiscal year 2010.
BMUR has given JGBO-shares a new price-target $14 (they had it on $10). You'd say that is a very conservative target.
http://breanmurraycarret.com/pdf/ResearchUniverse.pdf
How come they state 20.3 million shares outstanding ? Market-capitalisation of 200 million+
Mistake I guess?
Long, I don't understand why you say "and not one single share dumped into the float". To my understanding (which I will admit isn't the best) of the debenture-details, Pope and Ardsley can excercise warrants whenever they want to. So why wouldn't they excercise these in the coming weeks/months, buy shares for $10 and sell them higher because the pps is above $10 now?
But maybe I am overlooking something...are warrants only excercisable when certain conditions are met?
These are the numbers on both deals as I see it:
Re-negotiate or re-finance would be good, do they have the option to just repay the loan and stop warrants from being excercised? I don't know for sure.
Nice close.
We are now on 25% of my exit mark.
We'll see when we get there. It is no a question of if we get there, only a question of when we'll get there ...
(My best guess answer is 1st second-halfyear of 2010.)
Is thestreet really a well known/regarded site? Or are you being cynical?
JGBO
Video with Elsa Sung of Jiangbo:
http://www.thestreet.com/video/index.html#23797888001
Video with Elsa Sung and Brittany Umar:
http://www.thestreet.com/video/index.html#23797888001
At least we all think alike about the 250%:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37132791
Nice too know we're right on this share!
The previous 2 times a transcript of the conference call was on Seekingalpha.com. This time I haven't found it yet. I hope they will post it for this CC too. Maybe anyone here has news to add to jjohnson's summary?
TIA
Thanks jjohnson!
They all look so happy, one day Jiangbo hopefully will make me happy
http://www.nasdaq.com/reference/200905/market_close_051809.stm#
http://mktvideo.nasdaq.com/MarketSiteOpenCloseVideos/200905/mc_051809.wmv
I will stop posting now, so that someone else has the opportunity too
I am starting to look like a board-addict...
More people will notice JGBO:
Emerging Stock Report: EmergingStockReport.com initiates research coverage on: Jiangbo Pharmaceuticals, Inc. (OTC Bulletin Board: JGBO)
May 18, 2009 (M2 PRESSWIRE via COMTEX) -- Emerging stock report is currently offering a complimentary trial subscription. To view our research go to www.emergingstockreport.com Emerging Stock Report a leading provider of independent investment research, today initiated coverage on:
May 18, 2009- Jiangbo Pharmaceuticals, Inc. (OTC Bulletin Board: JGBO) (''Jiangbo'' or the ''Company''), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced its financial results for the third quarter ended March 31, 2009 of its fiscal year 2009.
Every little bit helps...
Some of the highlights from the presentation at the China Rising Conference:
- net income (TTM) $ 27.0 million
- eps-basic (TTM) $ 2.59
- P/E 3.1x
- 17 approved TCM's waiting for launch
- strong cash position
- management focuses on share value
- government spending on healthcare is projected to increase 44% annually during the next 2 years
- continue to try to get more products included on provincial and national approved drug and prescription lists
- predicted revenue for fiscal year 2009 $ 111-116 million
In today's press release JGBO makes a very strong point for the future:
"The Company believes that its strong cash position will sustain its future working capital needs and successfully implement its growth strategies which include the expansion of manufacturing facilities."
Nice volume and PPS so far!
10,000+ shares
$ 8.90
Jiangbo Pharmaceuticals Reports Results for the Third Quarter of its Fiscal Year 2009
LAIYANG, China, May 18 /PRNewswire-Asia-FirstCall/ -- Jiangbo Pharmaceuticals, Inc. (OTC Bulletin Board: JGBO - News; 'Jiangbo' or the 'Company'), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced its financial results for the third quarter ended March 31, 2009 of its fiscal year 2009.
Third Quarter of Fiscal Year 2009 Highlights
-- Total revenue, which reflects newly associated expense restructuring,
was $25.7 million, compared to $28.1 million in the corresponding
quarter of 2008
-- Gross profit was $18.9 million, compared to $21.8 million in the
corresponding quarter of 2008, and gross margin was 73.4% compared to
77.4% in the corresponding quarter of 2008
-- Operating income was $13.3 million, a 53.6% increase from $8.7 million
for the three months ended March 31, 2008
-- Net income was $8.9 million, or $0.44 per fully diluted share, up from
$4.5 million, or $0.46 per fully diluted share, for the three months
ended March 31, 2008
-- Non-GAAP adjusted net income was $10.0 million, or $0.97 per weighted
average share for the three months ended March 31, 2009, up 66.5% from
non-GAAP adjusted net income of $6.0 million, or $0.61 per weighted
average number of shares, for the quarter ended March 31, 2008
-- Acquired Shandong Hongrui Pharmaceutical Factory ("Hongrui") for
approximately $11.2 million consisting of RMB58.6 million in cash
(approximately $8.6 million) and 643,651 shares of Jiangbo's common
stock amounting to approximately $2.6 million
-- Obtained the legal rights to manufacture and distribute Hongrui's 22
Traditional Chinese Medicines
-- Restructured its sales network to distribute products through 28 large
regional distributors
-- Changed the corporate name from Genesis Pharmaceuticals Enterprises,
Inc. to 'Jiangbo Pharmaceuticals, Inc.' and its stock symbol from
'GNPH' to 'JGBO'.
-- Launched a new website: http://www.jiangbopharma.com/
'Jiangbo had strong financial performance in the third quarter of our fiscal year 2009. Significant increases in sales of Radix Isatidis Dispersible Tablets and Baobaole Chewable Tablets, both of which are Traditional Chinese Medicines, contributed to revenue and operating income growth,' said Mr. Wubo Cao, Chairman and Chief Executive Officer of Jiangbo.
Third Quarter of Fiscal Year 2009 Results
Total revenue for the three months ended March 31, 2009 was $25.7 million, compared to $28.1 million for the three months ended March 31, 2008.
In January 2009, Jiangbo restructured its distribution and sales system to concentrate on using 28 large independent regional distributors. The independent distributors agreed to take on higher direct marketing and sales expenses if they received lower unit prices for the Company's products. The Company lowered its per unit prices for its three major products to the independent distributors. Jiangbo's new strategy is to use independent distributors for the distribution and sale of its three major products in order to gain access to their knowledge of and access to specific local markets.
The Company lowered its unit prices charged to independent distributors by an average of 26.0% for Clarithromycin Sustained-released tablets, Itopride Hydrochloride granules and Baobaole chewable tablets. The decrease in revenue from lower prices for these three major products was partially offset by an increase in sales revenue from Radix Isatidis Dispersible tablets, a new product launched in December 2008, and other Traditional Chinese Medicines acquired from Hongrui in January 2009.
Sales volume for Clarithromycin Sustained-released tablets and Baobaole chewable tables was higher in the three months ended March 31, 2009 than in the three months ended March 31, 2008. Clarithromycin Sustained-released tablets, Itopride hydrochloride granules and Baobaole chewable accounted for approximately 88.6 % of the total revenue in the three months ended March 31, 2009. Sales volume for Radix Isatidis Dispersible tablets grew throughout the three months ended March 31, 2009.
Gross profit in the third quarter of fiscal year 2009 was $18.9 million, compared to $21.8 million in the prior year's corresponding period. Gross margin was 73.4%, compared to 77.4% in the prior year's corresponding period because of the impact of lower unit sale prices for the Company's three major products.
Research and development costs were $1.1 million for the three months ended March 31, 2009, compared to $1.0 million for the three months ended March 31, 2008.
Selling, general and administrative expenses were $4.5 million for the three months ended March 31, 2009, a decrease of 63.1% from $12.1 million in the three months ended March 31, 2008. Salaries, wages and related benefits decreased by 73.1% from $7.5 million for the three months ended March 31, 2008 to $2.0 million for the three months ended March 31, 2009 primarily because of the significant decrease in commissions paid to the Company's sales representatives. Overall sales commissions declined as a result of cost savings associated with the increased use of 28 independent distributors.
Income from operations was $13.3 million for the three months ended March 31, 2009, a 53.6% increase from $8.7 million for the three months ended March 31, 2008.
Other expense, comprised primarily of interest earned, interest owed and amortized debt discount, was $1.1 million compared to $2.0 million for the three months ended March 31, 2008.
Net income for the three months ended March 31, 2009 was $8.9 million, $0.44 diluted earnings per share, compared to $4.5 million, and $0.46 diluted earnings per share, for the three months ended March 31, 2008.
Excluding a loss from discontinued operations of $103,008, a gain on trading securities of $204,134, and amortization of debt discount and issuance costs related to convertible debentures of $1.2 million, non-GAAP adjusted net income for the three months ended March 31, 2008 was $10.0 million, $0.97 per share, compared to adjusted net income of $6.0 million, $0.61 per share, for the three months ended March 31, 2008.
Nine Month Operating Highlights
Total revenue for the nine month period ended March 31, 2009 was $86.2 million, up 21.0% from $71.3 million for the nine month period ended March 31, 2008.
Gross profit for the nine month period ended March 31, 2009 totaled $66.5 million, up 24.2% from $53.5 million for the nine month period ended March 31, 2008. Gross profit margin was 77.1% for the nine month period ended March 31, 2009, compared to 75.1% for the corresponding period in 2008.
Operating income for the nine month period ended March 31, 2009 totaled $32.1 million, a 45.3% increase from $22.1 million in the corresponding period in 2008. The Company's operating margin increased to 37.2% from 31.0% compared to the same period in 2008, as result of the Company's continuing efforts to reduce its expenses and control its costs.
Net income for the nine month period ended March 31, 2009 was $17.4 million, $1.27 diluted earnings per share, compared to $12.9 million, $1.14 diluted earnings per share, for the corresponding period in 2008. Total shares outstanding as of May 14, 2009 were 10,351,448.
Excluding a loss from discontinued operations of $1.7 million, a loss on trading securities of $1.3 million, and amortization of debt discount and issuance costs related to convertible debentures of $3.2 million, non-GAAP adjusted net income for the nine month period ended March 31, 2008 was $23.5 million, $2.37 per share, compared to adjusted net income of $14.8 million, $2.28 per share, for the nine month period ended March 31, 2008.
Financial Condition
As of March 31, 2009, the Company had $86.1 million in cash and restricted cash. Working capital was $85.6 million, up from $72.5 million as of June 30, 2008. Current liabilities were $27.4 million and convertible debt, net of $29.8 million discount, was $5.0 million. Shareholders' equity was $113.9 million, compared to $95.5 million as of June 30, 2008.
The Company generated $41.1 million in cash flow from operating activities in the first nine months of its fiscal year 2009, compared to $17.7 million for the first nine months of its fiscal year 2008. The Company believes that its strong cash position will sustain its future working capital needs and successfully implement its growth strategies which include the expansion of manufacturing facilities.
Recent Events
On April 23, 2009, the Company announced that it changed its corporate name from 'Genesis Pharmaceuticals Enterprises, Inc.' to 'Jiangbo Pharmaceuticals, Inc.' to align the name of the public company with the name of its products. Management wants to associate the brand name 'Jiangbo' with the Company while it continues to develop its brand and corporate image, and expands its product line.
Jiangbo's stock started trading on the Over the Counter Bulletin Board under ticker symbol "JGBO" on May 12, 2009. The Company's shares ceased trading under the ticker symbol "GNPH" at the close of business on May 11, 2009. The Company's shares are identified under a new CUSIP Number: 47737 R 10 1. The Company still plans to apply to list its common stock on a senior U.S. stock exchange.
In April, the Company announced that it began marketing and selling three Traditional Chinese Medicines. They are Yi Mu Cao Gao (a motherwort herb electuary sticky syrup), Gan Mao Zhi Ke Ke Li (an antipyretic and antitussive granule), and Kang Gu Sui Yan Pian (an osteomyelitis treatment tablet). In April, Jiangbo started to produce Laiyang Pear Cough Syrup and New Compound Foliumisatidis Tablets. Laiyang Pear Cough Syrup helps relieve coughs arising from colds and other illnesses. Market feedback has shown that children like its fresh pear taste. New Compound Foliumisatidis Tablets address influenza symptoms and includes both western chemical ingredients and traditional Chinese herbs.
Sales of these five products are expected to be $2.0 million in the fourth quarter of the Company's fiscal year 2009, which ends on June 30, 2009, and an estimated $8.0 million in fiscal year 2010.
Business Outlook and Guidance
In April, the Company reaffirmed operating income guidance of $40 to $43 million for its fiscal year ending June 30, 2009, and adjusted its revenue guidance for its fiscal year ending June 30, 2009 from a range of $122 million to $130 million to a range of $111 million to $116 million. This adjustment to revenue guidance was mainly because of the Company's charging lower unit prices to the 28 independent distributors which sell and distribute the Company's three major products. The Company expects to meet or exceed its fiscal year 2009 guidance.
On April 6, 2009, China unveiled its 'Guideline of Deepening the Reform of Health Care System' ('Guideline'), a blueprint for health care over the next decade. By 2020, the world's most populous nation plans to have a basic health care system that can provide "safe, effective, convenient and affordable" health services to urban and rural residents. The State Council announced an investment of 850 billion Yuan (US $124 billion) to implement the health care reform plan in China.
'We believe that the Chinese government's planned reforms for China's healthcare system will increase demand for Jiangbo's products because a number of Jiangbo products are used to treat common and widespread illnesses. Several of our products should be good candidates for inclusion on provincial and the national drug lists, which are used to stock clinics and hospitals. We look forward to working with the government's planned programs to help meet the needs of an increasing number of China's consumers,' concluded Mr. Cao.
Conference Call
Jiangbo Pharmaceuticals, Inc. management will host a conference call at 9:30a.m. Eastern Time on Tuesday, May 19, 2009 to discuss financial results for the quarter ended March 31, 2009. Mr. Wubo Cao, Chairman and CEO, Mr. Haibo Xu, COO and Ms. Elsa Sung, CFO, of Jiangbo will be present for the conference call. To participate in this live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time of 9:30 a.m. Eastern Time on Tuesday, May 19, 2009: (888) 481-7939. International callers should call (617) 847-8707. The Conference Passcode is 564 145 01. Replay of the conference call will be available from Tuesday, May 19, 2009 at 11:30 a.m. Eastern for 14 days. To access the replay, call (888) 286-8010. International callers should call (617) 801-6888. The Conference Passcode is: 547 268 69.
Use of Non-GAAP Financial Information
This press release includes certain financial information, adjusted net income and adjusted fully diluted earnings per share, which are not presented in accordance with GAAP. Adjusted net income was derived by taking net income and adjusting it with a loss from discontinued operations, unrealized losses on trading securities and non-cash amortization of debt discount and debt issuance costs related to convertible securities. The Company's management believes that these non-GAAP 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 GAAP basis, the Company has provided non-GAAP financial information, which is adjusted net income and adjusted earnings per share, excluding the impact of these items in this release. The non-GAAP information is not meant to be considered in isolation or as a substitute for GAAP financials. The non-GAAP financial information provided by the Company may also differ from non-GAAP information provided by other companies. A table below provides a reconciliation of the non-GAAP financial information to the nearest GAAP measure.
About Jiangbo Pharmaceuticals, Inc.
Jiangbo Pharmaceuticals, Inc. is a U.S. public company engaged in the research, development, production, marketing and sales of pharmaceutical products in the People's Republic of China. Its operations are located in Eastern China in an Economic Development Zone in Laiyang City, Shandong province. Jiangbo is a major pharmaceutical company in China producing both western and Chinese herbal-based medical drugs in tablet, capsule, granule, syrup and electuary (sticky syrup) form. http://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.
For more information, please contact:
Jiangbo Pharmaceuticals, Inc.
Ms. Elsa Sung, CFO
Tel: +1-954-727-8435
Email: elsasung@jiangbo.com
Web: http://www.jiangbopharma.com
CCG Investor Relations, Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY GENESIS PHARMACEUTICALS ENTERPRISES, INC.)
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
(UNAUDITED)
For the Three Months Ended For the Nine Months Ended
March 31, March 31,
2009 2008 2009 2008
REVENUES:
Sales $25,725,837 $26,231,191 $85,991,330 $66,648,051
Sales-related
parties -- 1,869,092 243,943 4,611,849
TOTAL REVENUE 25,725,837 28,100,283 86,235,273 71,259,900
Cost of sales 6,853,810 5,896,113 19,705,020 16,626,461
Cost of sales -
related parties -- 441,709 54,500 1,117,918
COST OF SALES 6,853,810 6,337,822 19,759,520 17,744,379
GROSS PROFIT 18,872,027 21,762,461 66,475,753 53,515,521
RESEARCH AND
DEVELOPMENT EXPENSE 1,098,675 967,930 3,295,125 2,170,240
SELLING, GENERAL AND
ADMINISTRATIVE
EXPENSES 4,477,356 12,136,164 31,111,752 29,269,330
INCOME FROM OPERATIONS 13,295,996 8,658,367 32,068,876 22,075,951
OTHER (INCOME) EXPENSE:
Other (income)
expense, net (281,570) 1,244,892 1,062,959 1,217,385
Other (income)-
related parties (76,552) (27,415) (313,276) (80,851)
Non-operating
(income) expense 150,466 (529) (471) (232)
Interest expense,
net 1,241,843 526,509 4,143,968 925,993
Loss from
discontinued
operations 103,008 228,812 1,693,830 341,743
OTHER EXPENSE, NET 1,137,195 1,972,269 6,587,010 2,404,038
INCOME BEFORE PROVISION
FOR INCOME TAXES 12,158,801 6,686,098 25,481,866 19,671,913
PROVISION FOR INCOME
TAXES 3,302,953 2,211,265 8,093,320 6,808,625
NET INCOME $8,855,848 $4,474,833 $17,388,546 $12,863,288
OTHER COMPREHENSIVE
INCOME:
Unrealized holding
(loss) gain $(200,025) $(270,351) $(2,147,642) $1,347,852
Foreign currency
translation
adjustment (201,173) 1,960,948 378,284 3,428,779
COMPREHENSIVE
INCOME $8,454,650 $6,165,430 $15,619,188 $17,639,919
BASIC WEIGHTED AVERAGE
NUMBER OF SHARES 10,277,762 9,740,129 9,937,190 6,507,435
BASIC EARNINGS PER
SHARE $0.86 $0.46 $1.75 $1.98
DILUTED WEIGHTED
AVERAGE NUMBER OF
SHARES 10,907,231 9,740,129 10,599,615 7,081,791
DILUTED EARNINGS PER
SHARE $0.44 $0.46 $1.27 $1.14
[\pre]=
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY GENESIS PHARMACEUTICALS ENTERPRISES, INC.)
CONSOLIDATED BALANCE SHEETS
A S S E T S
March 31, June 30,
2009 2008
(Unaudited)
CURRENT ASSETS:
Cash $82,338,527 $48,195,798
Restricted cash 3,713,775 7,839,785
Investments 672,682 2,055,241
Accounts receivable, net of allowance for
doubtful accounts of $525,268 and
$155,662, respectively 21,688,723 24,312,077
Accounts receivable - related parties 187,766 673,808
Inventories 3,863,947 3,906,174
Other receivables 81,784 152,469
Other receivables-related parties 317,412 --
Advances to suppliers and other assets 130,088 1,718,504
Total current assets 112,994,704 88,853,856
PLANT AND EQUIPMENT, net 14,162,421 11,225,844
OTHER ASSETS:
Restricted investments 400,050 2,481,413
Financing costs, net 1,406,717 1,916,944
Intangible assets, net 17,404,557 9,916,801
Total other assets 19,211,324 14,315,158
Total assets $146,368,449 $114,394,858
L I A B I L I T I E S A N D S H A R E H O L D E R S' E Q U I T Y
CURRENT LIABILITIES:
Accounts payable $5,523,666 $2,341,812
Short term bank loans 2,197,500 2,772,100
Notes payable 3,713,775 5,843,295
Other payables 4,074,203 3,671,703
Customer deposit 4,102,000 --
Other payables - related parties 176,666 324,972
Accrued liabilities 754,315 173,604
Liabilities assumed from reorganization 1,613,935 1,084,427
Taxes payable 5,276,690 166,433
Total current liabilities 27,432,750 16,378,346
CONVERTIBLE DEBT, net of discount $29,820,431
and $32,499,957 as of March 31, 2009 and
June 30, 2008, respectively 5,019,569 2,500,043
Total liabilities 32,452,319 18,878,389
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preferred stock Series ($0.001 par value;
20,000,000 shares authorized; none issue,
or outstanding) -- --
Common stock ($0.001 par value,
22,500,000 and 15,000,000 shares authorized,
respectively; 10,435,099 and 9,767,844
shares issued and outstanding, respectively) 10,436 9,770
Paid-in-capital 76,168,319 45,554,513
Capital contribution receivable (27,845,000) (11,000)
Retained earnings 56,390,950 39,008,403
Statutory reserves 3,253,878 3,253,878
Accumulated other comprehensive income 5,931,547 7,700,905
Total shareholders' equity 113,916,130 95,516,469
Total liabilities and shareholders' equity $146,368,449 $114,394,858
JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY GENESIS PHARMACEUTICALS ENTERPRISES, INC.)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Nine Months Ended
March 31,
2009 2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $17,388,546 $12,863,288
Loss from discontinued operations 1,693,830 341,743
Income from continuing operations 19,082,376 13,205,031
Adjustments to reconcile net income
to cash, net of acquisition
provided by (used in) operating
activities:
Depreciation 464,094 375,456
Amortization of intangible assets 371,925 113,578
Amortization of deferred debt
issuance costs 510,227 47,583
Amortization of debt discount 2,679,526 671,296
Bad debt expense 368,840 (112,459)
Gain on sale of marketable securities (106,865) 19,819
Unrealized loss (gain) on trading
securities 1,255,522 1,150,516
Other non-cash settlement (20,000) --
Stock-based compensation 43,340 28,750
Changes in operating assets and
liabilities
Accounts receivable 2,353,566 (7,246,740)
Accounts receivable - related parties 488,646 (1,403,383)
Notes receivables -- 59,790
Inventories 205,471 27,542
Other receivables 63,170 (254,886)
Other receivables- related parties (317,303) (81,384)
Advances to suppliers and other
assets 1,602,693 (391,526)
Accounts payable 3,171,180 1,159,105
Accrued liabilities 682,145 301,290
Other payables 194,283 2,146,659
Other payables - related parties (58,580) (962,509)
Customer deposit 4,100,600 --
Liabilities assumed from
reorganization (1,164,323) (1,162,133)
Taxes payable 5,107,831 10,006,057
Net cash provided by
operating activities 41,078,364 17,697,452
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash used in acquisition (8,581,970) --
Proceeds from sale of marketable
securities 167,623 605,882
Prepayment for land use right -- (8,246,830)
Cash receipt from reverse
acquisition -- 534,950
Purchase of equipment (130,814) (401,302)
Net cash used in investing
activities (8,545,161) (7,507,300)
CASH FLOWS FINANCING ACTIVITIES:
=Restricted cash 4,149,305 (5,361,849)
Proceeds from sale of common stock
and options exercised -- 337,500
Proceeds from sale of treasury stock -- 1,977
Proceed from convertible debt -- 5,000,000
Payments on debt issuance costs -- (354,408)
Payments for dividend -- (10,520,000)
Proceeds from bank loans 2,196,750 3,255,360
Payments for bank loans (2,782,550) (5,425,600)
Proceed from officers -- 27,128
Proceeds from notes payable 7,009,097 10,729,040
Principal payments on notes payable (9,161,912) (5,367,191)
Net cash provided (used) in
financing activities 1,410,690 (7,678,043)
EFFECTS OF EXCHANGE RATE CHANGE IN CASH 198,836 1,324,727
INCREASE (DECREASE) IN CASH 34,142,729 3,836,836
CASH, beginning of the period 48,195,798 17,737,208
CASH, end of the period $82,338,527 $21,574,044
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Interest paid $1,130,837 $331,431
Income taxes paid $4,883,039 $3,615,867
Non-cash investing and financing
activities:
Common stock issued to acquire Hongrui $2,597,132 --
GENESIS PHARMACEUTICALS ENTERPRISES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP NET INCOME
For Three Months Ended For Nine Months Ended
March 31 March 31, March 31 March 31
2009 2008 2009 2008
Net Income 8,855,848 4,474,833 17,388,546 12,863,288
Loss from discontinued
operations 103,008 228,812 1,693,830 341,743
Unrealized loss (gain) on
trading securities, net (204,134) 1,159,409 1,255,522 1,150,516
Amortization of debt
discount and debt
issuance costs related to
convertible debentures 1,203,365 118,149 3,189,752 481,589
Adjusted Net Income 9,958,087 5,981,203 23,527,650 14,837,136
Basic Weight Average
Number of Shares 10,277,762 9,740,129 9,937,189 6,507,435
Adjusted Earnings Per
Weighted Average Number of
Shares $0.97 $0.61 $2.37 $2.28
http://finance.yahoo.com/news/Jiangbo-Pharmaceuticals-prnews-15277985.html?.v=1
On the website of the chinarising conference a powerpoint presentation of JGBO can be found:
http://investor.shareholder.com/ccgir/eventdetail.cfm?eventid=69096
By the way, isn't 82 million in cash an awfull lot of money?!
They could:
- pay a nice dividend or
- pay back the loans of Pope and Ardsley or
- buy another pharma-company or
- do a lot of R&D or
- buyback approx. 101% of the outstanding shares
In the last nine months the increase in cash was 34 million, that is enough to repay the loans. And these loans are due 2011-2012 or something like that. JGBO is o.k. !!!!
I can't find any real negatives that don't have bigger positives
on the other side.
Jiangbo is performing well. Below the net income from the last three quarters:
Q1 3.2 million
Q2 5.3 million
Q3 8.9 million
Three quarters total up to 17.4 million.
Last Q4 a net income of $ 9.6 million was realised. If the current Q4 gives the same result that would total up to 9.6 + 17.4 = 27.0 million. That means a growth in net income of 20%. Nice!
An answer which dissapoints me:
In November 2008, the Board of the Directors of the Company authorized a share buyback program to purchase the Company’s common stock in the open market with a $2,000,000 limitation. As of March 31, 2009, the Company has not purchased any shares in the open market.
See page 42.
Do they think the pps isn't at a low? Do they expect to be buying at lower levels in the future?
Or is it just a matter of lack of US money?
Page 26 gives an answer to one of our questions on the list: will there be a possible dividend? Not to be expected.
Quote:"(4) zero expected dividends."
Nice to see that they are making double the net income on the same revenues, good find Bigplay777!!
That is a part of the key to our investment: bad, good, better or best?!
It would be nice if they were putting money aside to repay these financing deals. But then we would still have to face the warrants...
China Rising Investment Conference to Ring The NASDAQ Stock Market Closing Bell
What:
Representatives from Chinese companies will visit the NASDAQ
MarketSite in New York City's Times Square to mark the China Rising
Investment Conference at the Yale Club on May 18th, 2009.
In honor of the occasion, Crocker Coulson, President of CCG Investor
Relations, will preside over the Closing Bell. He will be joined by
representatives from Chinese companies.
Who:
Some of the participating companies include:
* Zhongpin Inc. (NasdaqGS:HOGS - News)
* Yuhe International Inc (OTC BB:YUII.OB - News)
* Silicon Motion (NasdaqGS:SIMO - News)
* Puda Coal, Inc (OTC BB:PUDC.OB - News)
* Jiangbo Pharmaceuticals, Inc. (OTC BB:JGBO.OB - News)
* Hong Kong Highpower Technology, Inc. (AMEX:HPJ - News)
* Dragon Pharmaceutical Inc. (OTC BB:DRUG.OB - News)
* China Yida Holding (OTC BB:CYID.OB - News)
* China Wind Systems, Inc. (OTC BB:CWSI.OB - News)
* China Transinfo Technology (NasdaqCM:CTFO - News)
* China Nutrifruit Group Limited (OTC BB:CNGL.OB - News)
* China Medicine Corporation (OTC BB:CHME.OB - News)
* China Biologic Products, Inc. (OTC BB:CBPO.OB - News)
* China-Biotics, Inc. (NasdaqGM:CHBT - News)
* ATA, Inc. (NasdaqGM:ATAI - News)
* Asia Biochem Group Corp. (CDNX:ABC.V - News)
* American Lorain Corporation (OTC BB:ALRC.OB - News)
Where:
NASDAQ MarketSite - 4 Times Square - 43rd & Broadway - Broadcast Studio
When:
Monday, May 18th, 2009 at 3:45 p.m. to 4:00 p.m. ET
Contacts:
Mabel Zhang
CCG Investor Relations
(310) 954-1353 (office)
Mabel.zhang@ccgir.com
NASDAQ MarketSite:
Robert Madden
(646) 441-5045 (office)
Robert.Madden@NASDAQOMX.com
The Closing Bell is available from 3:50 p.m. to 4:05 p.m. on AMC-3/C-3 (ul 5985V; dl 3760H). The feed can also be found on Ascent fiber 1623. If you have any questions, please contact Robert Madden at (646) 441-5045.
Radio Feed:
An audio transmission of the Closing Bell is also available from 3:50 p.m. to 4:05 p.m. on uplink IA6 C band / transponder 24, downlink frequency 4180 horizontal. The feed can be found on Ascent fiber 1623 as well.
Webcast:
A live webcast of the NASDAQ Closing Bell will be available at: http://www.nasdaq.com/about/marketsitetowervideo.asx
Photos:
To obtain a high-resolution photograph of the Market Close, please go to http://www.nasdaq.com/reference/marketsite_events.stm and click on the market close of your choice.
About China Rising Investment Conference:
The China Rising Investment Conference will host more than 30 public and private growth companies from China in sectors including consumer staples, agriculture, pharmaceuticals, infrastructure, information technology, advanced materials, capital goods, and alternative energy.
For more information please visit http://www.ccgirasia.com or the conference website at http://www.chinarisingconference.com/.
About CCG Investor Relations:
CCG is one of the nation's leading investor relations and strategic communications agencies. In business for more than 30 years, the agency provides a complete range of investor communications and counseling services to nearly 80 clients across multiple capital markets. CCG has been awarded a number of industry honors for its handling of complex investor relations and crisis communications matters. The agency's corporate headquarters is in Los Angeles with additional offices in New York; San Francisco; Beijing; Shanghai; Shenzhen; Frankfurt; Tel Aviv; and Dallas, Texas. For further information, contact CCG directly, or visit the Company's Web sites at http://www.ccgir.com and http://www.ccgirasia.com.
About NASDAQ OMX in China:
Currently there are a total of 96 companies listed on NASDAQ from Greater China, of which 78 are from Mainland China, 13 are from Hong Kong/Macao and 5 are from Taiwan. NASDAQ OMX technology powers some of the leading exchanges in Asia including the Hong Kong Exchanges and Clearing Ltd. (HKEX). In December, 2007, NASDAQ was the first U.S. exchange to open its office in Beijing, China.
About NASDAQ OMX:
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with over 3,800 listed companies. NASDAQ OMX Group offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North; and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs. NASDAQ OMX Group technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX Group exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit http://www.nasdaqomx.com.
NDAQA
http://finance.yahoo.com/news/China-Rising-Investment-pz-15258116.html
Makes you wonder: will we see a lot of new shares added to the float if we manage to pass the magic $8? (Conversion price, anyone?)
Give us the numbers for Q3 so we have something to crunch on !
Please.