Non-GAAP net income was $7.2 million, or $0.19 per diluted share, in 2008 compared to a net loss of $9.0 million, or $0.32 per share, in 2007. On a GAAP basis, the Company reported a net loss of $3.4 million in 2008, compared to $11.6 million in 2007.
As of December 31, 2008, the Company had cash and cash equivalents of $15.7 million and notes receivable of $15.8, totaling $31.5 million. Notes receivables are notes accepted from customers for the settlement of trade receivable balances. All notes receivables are guaranteed by established banks in China and have maturities of six months or less.
As previously announced, for the fiscal year 2009, revenue is anticipated to increase at least 35% year over year to reach $150 to $160 million.
The Company announced today that it expects EBITDA for the full year 2009 to reach $16 million to $18 million.
The Company is also adjusting its 2009 net income guidance to reflect interest costs and debt discount amortization related to newly issued convertible debt due in July 2011. The Company expects GAAP net income to be between $2 million and $4 million and expects non-GAAP net income to be between $9 million and $11 million.
David Gao, Chief Executive Officer of BMP Sunstone, stated, "We expect 2009 to be another record year for our Company, with revenue growth of over 35% at the low end of our guidance range. We are actively transforming BMP Sunstone from a low margin distribution business into a high margin OTC and prescription specialty pharmaceutical company, and our guidance for 2009 reflects a more mature, diversified company with significant ability to drive shareholder value."
Gao continued, "Our 2009 financial guidance reflects sales and marketing
expansion in China resulting from continued performance
|SOURCE BMP Sunstone Corporation|
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