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BMP Sunstone Reports Fourth Quarter and Full Year 2008 Financial Results
Date:3/17/2009

mproved significantly year over year to $1.8 million in the fourth quarter compared with an operating loss of $5.4 million in the fourth quarter of 2007.

Non-GAAP net income was $3.8 million, or $0.09 per diluted share, compared to a net loss of $5.3 million, or ($0.17) per diluted share, in the fourth quarter of 2007. On a GAAP basis, the Company reported net income of $1.1 million compared to a net loss of $6.6 million in the fourth quarter of 2007.

Full Year 2008 Financial Results

Revenue in the fiscal year 2008 increased to $114.9 million from $31.0 million in 2007, reflecting approximately $65.7 million in revenue from Sunstone, which was acquired in February of 2008. Revenue from distribution increased 57% to $43.7 million from $27.9 million in the year 2007, reflecting the acquisition of Rongheng in July 2008 and the sales growth of Wanwei's major products. Revenue from licensed products increased to $5.4 million from $3.1 million in 2007, reflecting sales and marketing efforts of Propess, Anpo, Ferriprox and Galake compared to the prior year.

Gross profit increased to $57.3 million from $4.3 million in 2007, and gross margin for the year was 49.9%, compared with 13.8% in 2007. The higher margin was largely due to revenue from the sales of the Company's branded OTC products, which yielded a gross margin of 77.2% in 2008.

Non-GAAP operating income reached $10.5 million in 2008 compared to a loss of $8.9 million in the prior year, primarily reflecting the significant increase in revenues contributed from acquired businesses in the year over year period. Operating expenses of $17.4 million reflect increased advertising and marketing, employee benefits, selling expenses and the amortization of intangibles resulting from the acquisition of Sunstone. On a GAAP basis, the Company's operating income improved significantly year over year to $3.7 million compared with an opera
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SOURCE BMP Sunstone Corporation
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