Gross profit for the first quarter of 2010 was $8.0 million, compared to $12.5 million for the first quarter of 2009. The gross profit margin for the first quarter of 2010 was 69.8%, compared to 68.6% for the first quarter of 2009.
Selling, general and administrative expenses were $3.5 million for the first quarter of 2010, compared to $3.1 million for first quarter of 2009. The increase was primarily due to increases in bad debts. Selling and administrative expenses as a percentage of sales was 30.7% for the first quarter of 2010, compared to 17.2% for the first quarter of 2009, primarily due to fixed costs which do not increase or decrease in line with sales.
As of March 31, 2010, Tiens had $129.6 million of retained earnings and total shareholders' equity of $179.3 million.
Jinyuan Li, Chairman, President and CEO of Tiens, said, "We are pleased to
report an increase in domestic sales. We are confident that both international
and domestic sales will return to, and potentially exceed, previous levels as
customers and distributors begin to replenish stored up products. We remain
committed to building greater market share in China, expanding our
international customer base, and further implementing our strat
|SOURCE Tiens Biotech Group (USA), Inc.|
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