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Kun Run Biotechnology Reports Fourth Quarter and Fiscal Year

来源:AG88 发布日期2019-01-26

BEIJING, March 30 /PRNewswire-Asia/ -- Kun Run Biotechnology, Inc. (the "Company" or "Kun Run") (OTC Bulletin Board: KURU), a leading bio-pharmaceutical company in China that focuses on manufacturing and sales of peptides and peptide-based drugs, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2009.

Fourth Quarter 2009 Financial Highlights

-- Revenues decreased 19% from the fourth quarter of 2008 to quarterly

revenue of $3.1 million

-- Gross profit was $2.1 million, compared to $2.7 million in the fourth

quarter of 2008

-- Operating income was $1.6 million, an increase of 116% from $0.7

million in the fourth quarter of 2008

-- Net income decreased 45%, compared to $2.5 million in the fourth

quarter of 2008, or $0.06 per basic and fully diluted share.

Fiscal Year 2009 Financial Highlights

-- Revenues increased 14% from 2008 to annual revenue of $13.2 million

-- Gross profit was $9.3 million, compared to $8.2 million in 2008

-- Operating income was $7.6 million, an increase of 60% from $4.8 million

in 2008

-- Net income increased 9%, compared to $6.0 million in 2008, or $0.26 per

basic and fully diluted share.

Fourth Quarter 2009 Financial Results

Net revenue was $3.1 million for the quarter ended December 31, 2009, down 19% from $3.8 million in the fourth quarter of 2008. The special demand for our TP-5 products during the 2008 Beijing Olympic Games are included in the fourth quarter 2008 results. For the three months ended December 31, 2009, the sales of TP-5 products were $1.0 million, accounting for 34% of total sales compared to $2.2 million, or 56% in the same period of 2008. Thymosin Alpha 1 for injection continued as our best selling product, contributing $1.3 million in revenue (42% of total sales) for the three months ended December 31, 2009, representing a 26% increase from the same period of 2008. Meanwhile, DDAVP generated $453,932 or 15% of total sales for the three months ended December 31, 2009, an increase of 28% from $355,829 for the same period in 2008.

Gross profit for the quarter was $2.1 million, a 21% decrease from $2.7 million in the fourth quarter of 2008. Gross margin was 68% in the fourth quarter of 2009.

Operating expenses in the fourth quarter of 2009 were $0.5 million, down 75% from $1.9 million in the fourth quarter of 2009. This decrease was primarily due to fourth quarter 2008 included a Make Good Provision expense not incurred in 2009. The Make Good Provision is related to an agreement that was entered into to secure the Company's commitment to achieve 2008 Guaranteed After-Tax Net Income.

Operating income was $1.6 million, or 52% of revenue, an increase of 116% from $0.7 million, or 20% of revenue, in the fourth quarter of 2008.

Net income was $1.4 million, or $0.06 per share (basic and diluted), compared to a net income of $2.5 million, or $0.10 per share (basic and diluted), in the fourth quarter of 2008.

Fiscal Year Ended December 31, 2009 Results

Net revenue was $13.2 million in the year ended December 31, 2009, up 14% from $11.6 million in 2008. This increase was mainly attributable to the increase in sales of our Thymosin Alpha 1 for injection and DDAVP products. For the year ended December 31, 2009, the sales of TP-5 products were $5.7 million, accounting for 43% of total sales, compared to $6.2 million, or 53% in 2008. Thymosin Alpha 1 for injection, our best selling product, contributed $4.8 million in revenue (36% of total sales) for the year ended December 31, 2009, representing a 48% increase from the same period of 2008. Additionally, DDAVP generated $1.6 million, or 13% of total sales for 2009, an increase of 45% from $1.1 million for the same period in 2008.

Gross profit for the year was $9.3 million, a 13% increase from $8.2 million in 2008. Gross profit margin was 70%, which was slightly lower compared to the same period in 2008.

Operating income was $7.6 million, or 58% of revenue, an increase of 60% from $4.8 million, or 41% of revenue, in 2008. Net income was $6.5 million or $0.26 per basic and fully diluted share, up 9% from $6.0 million, or $0.24 per fully diluted share in 2008.

Financial Condition

As of December 31, 2009, the Company had $0.8 million in cash and cash equivalents. Kun Run generated $7.0 million in cash flow from operations in 2009, compared to $5.8 in 2008. Shareholders' equity stood at $25.1 million, with a debt to equity ratio of 0.46 at the end of December 31, 2009.

Mr. Ye Xiaoqun, Chief Executive Officer of Kun Run Biotechnology stated, "we are pleased with our 2009 results, and with the coming launch of new drugs are excited about the opportunity for Kun Run in 2010.

Kun Run Biotechnology, Inc.

Consolidated Statements of Income and Comprehensive Income

(Stated in US Dollars)

Year ended December 31,

2009 2008

Sales revenue $13,235,756 $11,622,503

Cost of sales 3,980,328 3,410,891

Gross profit 9,255,428 8,211,612

Operating expenses

Administrative expenses 907,804 1,184,864

Research and developments expenses 336,730 271,476

Selling expenses 387,536 687,949

Unusual charge - make good provision -- 1,300,000

1,632,070 3,444,289

Income from operations 7,623,358 4,767,323

Interest income 178,830 50,438

Other income 353,851 222,927

Government subsidy income 129,217 31,003

(Loss)/gain on disposal of property,

plant and equipment (183) 2,416,110

Net finance costs (602,796) (545,995)

Income before income taxes and

noncontrolling interest 7,682,277 6,941,806

Income taxes (1,130,854) (907,439)

Net income before noncontrolling interest 6,551,423 6,034,367

Net income attributable to noncontrolling (57,664) (64,658)

interest

Net income attributable to Kun Run

Biotechnology, Inc. common stockholders $6,493,759 $5,969,709

Net income before noncontrolling interests $6,551,423 $6,034,367

Other comprehensive income

Foreign currency translation adjustments 6,210 860,075

Comprehensive income 6,557,633 6,894,442

Comprehensive income attributable to

noncontrolling interest (57,701) (65,780)

Comprehensive income attributable to

Kun Run Biotechnology, Inc. common

stockholders $6,499,932 $6,828,662

Earnings per share attributable to

Kun Run Biotechnology, Inc. common

stockholders: basic and diluted $0.26 $0.24

Weighted average number of shares

Outstanding: basic and diluted 25,000,000 24,467,808

Kun Run Biotechnology, Inc.

Consolidated Balance Sheets

(Stated in US Dollars)

As of December 31,

2009 2008

ASSETS

Current assets

Cash and cash equivalents $810,809 $433,599

Trade receivables, net 4,284,515 4,732,750

Bills receivable 360,360 117,360

Other receivables, prepayments and

deposits 2,338,971 985,683

Receivables from disposal of properties -- 2,061,793

Inventories 2,248,420 689,415

Amounts due from related companies 4,656,801 5,595,307

Deferred taxes -- 8,362

Total current assets 14,699,876 14,624,269

Intangible assets 86,551 111,004

Property, plant and equipment, net 10,098,529 9,685,374

Land use rights 3,704,660 3,775,540

Deposit for acquisition of property,

plant and equipment 418,594 445,691

Deposit paid to a related company for

acquisition of an intangible asset 7,921,800 --

TOTAL ASSETS $36,930,010 $28,641,878

As of December 31,

2009 2008

LIABILITIES AND EQUITY

LIABILITIES

Current liabilities

Trade payables $452,139 $966,937

Other payables and accrued expenses 3,961,125 1,672,500

Dividend payable to Zhonghe's

former/existing noncontrolling

stockholders 7,209 7,209

Income tax payable 815,435 655,019

Amounts due to a related company -- 936

Secured borrowings 6,051,375 --

Total current liabilities 11,287,283 3,302,601

Deferred taxes 17,215 8,255

Secured long-term borrowings 330,075 6,528,150

TOTAL LIABILITIES 11,634,573 9,839,006

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY

Preferred stock: par value of $0.001 per

share, authorized 10,000,000 shares in

2009 and 2008; none issued and outstanding -- --

Common stock: par value $0.001 per share

Authorized 100,000,000 shares in 2009

and 2008; issued and outstanding

25,000,000 shares in 2009 and 2008 25,000 25,000

Additional paid-in capital 8,903,965 8,969,033

Statutory and other reserves 3,743,028 2,820,850

Accumulated other comprehensive income 1,607,518 1,601,345

Retained earnings 10,789,080 5,217,499

TOTAL KUN RUN BIOTECHNOLOGY, INC.

STOCKHOLDERS' EQUITY 25,068,591 18,633,727

NONCONTROLLING INTEREST 226,846 169,145

TOTAL EQUITY 25,295,437 18,802,872

TOTAL LIABILITIES AND EQUITY $36,930,010 $28,641,878

本文源自: AG环亚游戏

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