BEIJING, May 22, 2007 (PRIME NEWSWIRE) -- Lotus Pharmaceuticals, Inc. (OTCBB:LTUS) released its first quarter results on Monday, in a 10-QSB filing with the S.E.C. Year-to-year quarterly revenues increased by 26.73%, while working capital reached nearly $10 million.
CFO Adam Wasserman reported: "Total revenues for the three months ended March 31, 2007 were $8,289,535 as compared to total revenues of $6,541,095 for the three months ended March 31, 2006, an increase of $1,748,440 or approximately 26.73%.
"Lotus reported income from operations of $1,129,779 for the three months ended March 31, 2007 as compared to income from operations of $1,155,984 for the three months ended March 31, 2006, a decrease of $26,205 or approximately 2.3%. Management attributed this small decline to a significant increase in expenses in operating as a U.S. public company. The Company's working capital position increased $1,292,456 to $9,938,532 at March 31, 2007 from $8,646,076 at December 31, 2006."
Dr. Liu Zhongyi, Chief Executive Officer, reiterated: "The performance of Lotus is a tribute to our superior products and personnel. We firmly believe our existing operations can realize organic growth of 20% per year for the coming years.
"In addition, through complementary acquisitions, we expect to achieve aggregate yearly revenues in excess of $140 million. With expected profit margins of 12-15%, after planned acquisitions, Lotus would be on the fast track to leverage the synergy inherent in our enhanced operations. Achieving these objectives should place Lotus amongst the top 100 pharmaceutical companies in China."
About Lotus Pharmaceuticals, Inc.
Lotus Pharmaceuticals, Inc. ("Lotus") owns and operates Liang Fang Pharmaceutical, Ltd. ("Liang") and En Zhe Jia Shi Pharmaceutical, Ltd. ("En Zhe"), two Chinese pharmaceutical companies located in Beijing. Liang and En Zhe form a large comprehensive enterprise, which deals in an integration of the production, trade, sales and marketing of pharmaceuticals. Together, they possess some of the most advanced pharmaceutical-production equipment used in China, workshops authenticated by the National GMP, a suite of various medicines produced by Liang and/or En Zhe (together, "Lotus East"), and a large number of high-tech personnel. Lotus East has business and office facilities of 2,000 square meters and a warehouse of 1,000 square meters. Lotus East performs scientific research on new medicines, and the production, wholesale and retail sale of medicines. For more information, visit http://www.LotusEast.com.