Actively Holding and Accumulating GNPH
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Look like you were right!!
Well look who's rising from the unknown and forgotten - JGBO!
As compared to other Chinese stocks JGBO's revenue is very steady and predictable. Adding new drugs now and bringing the TCM factory inline should really boost revenue growth rates upward.
Everyone loves to see a company beat expectations. Can JGBO do it??
I think it can. JGBO is a very good buy from here.
Only negative is how many shres Pope will get out of the deal. You know they were late with the payment and uplisting listing remember. Maybe with NAZ status Chinese government will let JGBO move some money out of the country now.
GLTA
bigplay
I'm long TIVO for the win!
Listen to the analysts, longs don't panic any more!
TIVO is way oversold. If you must sell to free dead money at least wait for $13 by end of next week.
REMEMBER! Buy when there is blood in the streets and sell when the party starts!
Friday was a classic sell and ask questions later. Wise money will buy TIVO Monday and force shorts to cover. Way to much support @ $10
Bullwind knows the law of the jungle!
This kind of action is sooo predictable!
Enjoy
What was the projected date to uplist?
What was the projected date to uplist?
I held for a long time when the price was $4
You guys are really brave to buy before the news.
GLTA
Bigplay
Hello Guys and Gals,
Its April and getting close to uplisting??
I've benn watching for some news, gotta be soon!
GLTA
bigplay
When is 10K due?
I'll keep an eye out...
GLTA
big
Herbie and all...
Thats why I have sold all and am sitting on cash with a profit. Not where I wanted to go but, JGBO just got too risky for me.
I had three occasions I could have sold for $14. I'm did not take them. My bad!
JGBO was special to me is why I held so long, since Oct 2007.
All you guys and gals? are really great.
Actually feels good to be in all cash. Looking for my next BIGPLAY.
bye big
Micro I don't either. But I swear it was there
Curious, but JGBO just popped up on my NASDAQ top 10 loss list for just a second. I had to look twice to see what list it was, but sure enough it was there.
Hmmmmmm.......
big
Good comments and analysis....
We will know more when we hear the CC.
I think we are all disappointed, BUT JGBO is a very solid company.
Introduction of new drugs will change everything, only question is when?
I bit my tongue on other things I would like to say.
Go JGBO
big
No news from Crocker or Elsa...
Just feel its taking a long time to uplist.
big
I'm very optimistic for JGBO...
I'm just changing my stategy for my major holdings. Witch is to go to cash. China will do well and JGBO will do well also.
$40 is possible. This year I don't know. I've been holding JGBO for three years now and I don't like that stratigy. Too many opportunities for good swing trades I could do if my JGBO holdings were cash.
I'm definately holding through uplisting, maybe longer. BUT, I asking the BIG question: What if JGBO doesn't uplist????
Here is a question I'm asking and researching: Have there been any Chinese stocks that tried to uplist but failed???
Any insight on that would be appreciated
Big
Judging by the market JGBO is OK so far
Was rather lame excuse I think too. But with New Year, new accounting firm, wanting to be NASDAQ perfect and all I can give them te benefit of te doubt.
I have a feeeling numbers will be better than expected. With their position in China you just don't run out of product. Remember they are not touching the factory that produces their main drugs.
Holding for $18.00 and I'm out. Was higher but heck I'm OK with 250%
10Q will be filed on or before the fifteenth calendar day following the prescribed due date
Chinese New Year comes first Looks like Tuesday
Hopefully guidence in PR and notice of CC
I see $140+ millions in the bank
I expect a PR friday Conf call tuesday
JGBO will be an accelerated filer
I beleive JGBO meets qualifications. They always determine the accelerated filer status on second quarter 10-Q.
Could some verify this. What I'm wondering is would JGBO file in 45 days the 2nd Q or 3rd Q?
big
non-GAAP adjusted net income was 125% better then same qtr last year.
non-GAAP adjusted net income was $9.1 million, $.86 per share
$.60 fully diluted - 125% better then same qtr last year.
September 30, 09, the Company had $122.9 in cash and additional $14.6 million in restricted cash
Jiangbo Pharma Announces First Quarter Fiscal Year 2010 Results
China, Nov. 17, 2009 (PRNewswire-Asia-FirstCall) -- Jiangbo Pharmaceuticals, Inc. (OTC Bulletin Board: JGBO) ("Jiangbo" or the "Company"), a pharmaceutical company with its principal operations in the People's Republic of China, today announced its financial results for its first quarter of fiscal year 2010 ended September 30, 2009.
First Quarter Fiscal Year 2010 Highlights:-- Revenues were $24.4 million-- Gross profit was $18.1 million-- Operating income rose 72.6% year-over-year to $12.7 million compared to$7.3 million in the first quarter of fiscal year 2009-- Net income was $2.0 million, or $0.18 per fully diluted share-- Excluding non-cash expenses related to the change in fair value fromderivative liabilities of $4.8 million and the amortization of debtdiscount and debt issuance costs related to convertible debentures of$2.3 million, non-GAAP adjusted net income was $9.1 million, or $0.60per fully diluted share for the three months ended September 30, 2009,up 128.5% from non-GAAP adjusted net income of $4.0 million, or $0.28per fully diluted share, for the quarter ended September 30, 2008.(*)
"Our first quarter fiscal 2010 results reflect the restructuring of our distribution and sales system, which we began in January 2009," said Mr. Wubo Cao, Chairman and Chief Executive Officer. "Although summer is usually the slowest season for our sales, we believe that we were able to still achieve strong growth in our operating income as we efficiently managed our selling and marketing expenses. We believe that our strong cash position will provide us with significant flexibility to pursue continued organic growth and strategic acquisitions."
First Quarter Results
Total revenue was $24.4 million, an 11.5% decrease compared to $27.6 million for the first quarter of 2009. While the quantities sold for Clarithromycin sustained-released tablets and Baobaole chewable tablets increased this quarter compared to the same period last year, the decrease in the total revenue was primarily attributable to the decrease of the per unit price by an average of 26% for Clarithromycin sustained-released tablets, Itopride Hydrochloride granules and Baobaole chewable tablets, the Company's top three selling products, for the period ended September 30, 2009. The three products accounted for approximately 86.5% of total revenue for the quarter.
In January 2009, the Company restructured its distribution and sales system to sell its products primarily through 28 large independent regional distributors and lowered the per unit prices of the three major products to the distributors. The Company also significantly reduced the commission paid to its sales representatives on those products.
The decrease in the revenue generated from the three major products was partially offset by the increase in revenue from Radix Isatidis dispersible tablets which were first released in the second quarter of fiscal year 2009. Radix Isatidis dispersible tablets experienced a significant increase in demand caused by H1N1 concerns during the three months ended September 30, 2009.
In the first quarter of fiscal 2010, sales of traditional Chinese medicines ("TCMs") accounted for 39.2% of total revenues, compared to 26.7% for the comparable period of fiscal 2009.
Gross profit decreased 16.9% to $18.1 million from $21.8 million in the comparable period of fiscal 2009. Gross margin was 74.3%, compared to 79.1% in the first quarter of fiscal 2009, primarily due to the lower unit price charged as a result of the previously mentioned sales network restructuring.
Selling, general and administrative expenses decreased 67.5% to $4.3 million from $13.4 million in the same period of fiscal 2009, primarily because the Company significantly reduced the commissions paid to its sales representatives and better managed its marketing, advertising, and promotional spending.
Operating income rose 72.6% to $12.7 million, as compared to $7.3 million in the same period of fiscal 2009. Operating margin as a percentage of revenue increased 25 percentage points to 52.0% from 26.7% in the same period of fiscal 2009.
Other expenses were $7.4 million compared to $2.2 million for the three months ended September 30, 2008. The increase in other expenses was primarily due to non-cash expenses related to the change in fair value from derivative liabilities of $4.8 million, which the Company did not incur in the prior corresponding period, and the amortization of debt discount and debt issuance costs related to convertible debentures of $2.3 million versus $0.7 million in the prior year period.
Net income was $2.0 million, or $0.18 per fully diluted share, versus $3.1 million, or $0.32 per fully diluted share, in the same period last year. Excluding non-cash expenses related to the change in fair value from derivative liabilities of $4.8 million and the amortization of debt discount and debt issuance costs related to convertible debentures of $2.3 million, non-GAAP adjusted net income was $9.1 million, or $0.60 per fully diluted share, for the three months ended September 30, 2009, up 128.5% from non-GAAP adjusted net income of $4.0 million, or $0.28 per fully diluted share, for the quarter ended September 30, 2008.(*)
(*) See the reconciliation table at the end of this press release for areconciliation of net income and EPS to non-GAAP adjusted net incomeand EPS.
Financial Condition
As of September 30, 2009, the Company had $122.9 million in cash and an additional $14.6 million in restricted cash, as compared to $104.4 million and $7.3 million, respectively, at the end of fiscal 2009. Working capital was $66.3 million versus $99.8 million as of June 30, 2009. Shareholder's equity was $90.2 million, as compared to $126.1 million at the end of fiscal 2009. The decrease in working capital and shareholder's equity is the result of the reclassification of the Company's derivative instruments from the equity section to the liability section of the balance sheet. The Company generated $17.9 million in cash flow from operating activities for the first quarter of fiscal 2010.
Business Outlook and Guidance
While the Company expects its sales from TCMs to continue to grow, its sales from western pharmaceutical medicines will have minimal growth as both Clarithromycin sustained-release tablets and Itopride Hydrochloride granules have entered into their maturity phase. In terms of its TCM business, the Company expects sales of Radix Isatidis dispersible tablets to remain strong, in part due to the threat posed by the H1N1 flu. In addition, the Company expects its TCM business to benefit from the renovation of the Hongrui production facility, which is on track and scheduled to be fully online by April 2010. The Company believes that Hongrui's TCM products have good sales potential, and some of those products have been classified by the PRC government as appropriate for early treatment of the H1N1 flu. The Company continues to expect that once production has been ramped up, Hongrui's products should contribute between $4.5 million and $8 million in revenues per year.
The Company anticipates that it will receive final SFDA approval for the production of Felodipine sustained release tablets in the third quarter of fiscal 2010, which is expected to have a gross margin of approximately 85%. The Company continues to expect revenues for fiscal 2010 of between $96 million and $98 million and operating income of between $42 million and $44 million. The Company's current outlook reflects only the drugs that it has in production today and will be subject to update as the Company upgrades its Hongrui production facility, prepares for the introduction of new drugs, and pursues additional opportunities for both organic growth and potential strategic acquisitions.
Mr. Cao concluded, "We continue to remain confident with respect to our future prospects. We are leveraging our sales network and expect to maximize the contribution of our products that are in their maturity phase. We believe that our TCM business is healthy, with strong growth in our Radix Isatidis dispersible tablets product. Additionally, we are looking forward to the full re-opening of our Hongrui production facility in a couple of months. Overall, we continue to believe that fiscal 2010 will be a transition year for the Company, as we lay the groundwork and make the investments necessary for our next phase of growth."
Conference Call
Jiangbo Pharmaceuticals, Inc. management will host a conference call at 9:00 a.m. Eastern Time on Wednesday, November 18, 2009, to discuss financial results for the first quarter of fiscal year 2010, three months ended September 30, 2009. Mr. Wubo Cao, Chairman and CEO, and Ms. Elsa Sung, CFO, of Jiangbo will host 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: (800) 688-0796. International callers should call +1 (617) 614-4070. The conference passcode is 61681613. A replay of the conference call will be available from Wednesday, November 18, 2009, at 11:00 a.m. Eastern Time for 14 days. To access the replay, call (888) 286-8010. International callers should call +1 (617) 801-6888. The conference passcode is: 46413398.
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 expenses 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.
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 further information, please contact:Jiangbo Pharmaceuticals, Inc.Ms. Elsa Sung, CFOPhone: +1-954-727-8435Email: elsasung@jiangbo.comWeb: http:// www.jiangbopharma.comCCG Investor RelationsMr. Crocker Coulson, PresidentPhone: +1-646-213-1915Email: crocker.coulson@ccgir.comWeb: http://www.ccgirasia.com
Great buy! Could not pass up!
I have had an eye on BCON for over a year. First time shareholder.
IPO and end year tax selling make a perfect storm for BCON lows. I think its pretty easy to see funds in above $.75 just can't stomoch the losses on the end of year books. At the same time other funds are just taking all they can get!
The bloodshed has been going on long enough! I bet tommorow BCON ends the day @ $.48 or more.
I'm in just under $.46
BCON is my next BIGPLAY!
GLTA
I think your right! jonzz128
"i feel as tough this stock is going to fall to 10 bucks.. wth.. i wish i could of gotten in with the lucky suckers at 13"
AONE is a great short!
Way over valued!!
Cash doubled from 08 to 09 $61,269,936 to $122,865,467 Amazing!
'tika1_sharma'
We don't know it all but, some of those shares were sold to cover the lawsuits that are now settled and paid. There is still a line in the 10K for securities, but we don't know what they are.
The company is loaded with cash, and I'm confident they will do good things with it.
big
No doubt volume is getting JGBO noticed...
We have some serious players at the table. This kind of money is looking for "substantial" gains.
This is what I call "SMART" money!
big
herbieholt57 So true!
195,300 share trade WOW! $2,419,767 worth of JGBO
Nice!
big
A comment....
"On the long term, after these debts have been repaid or converted, I see a bright future ahead."
Hi all,
Remmeber, debts do not get paid back, they just get converted. Most are converted @ $8.00, some at $10 which is more income to JGBO. Except for dilution the debt is not a bad thing.
Welcome new names and good to see steady volume with steady rise in SP
bigplay777
I just spoke with Elsa...
What was not clear in the CC is that JGBO has submitted their application to the NASDAQ and they are now in the comment period. We should see more news on this soon.
Everything else is matter-of-fact, it is what it is.
ericteg has some good comments.
big
Uplisting is KEY still on track by end of 2009
Record Volume 42,959 shares traded!
Overall the 10K is EXCELLANT!
Yahoo!
big