BEIJING, Aug. 17, 2007 (PRIME NEWSWIRE) -- Lotus Pharmaceuticals, Inc. (OTCBB:LTUS) released its second quarter results, in a 10-QSB filing with the S.E.C. Financial results showed revenues topping $21 million, net profits of $4.1 million, and net assets of $17 million.
CFO Adam Wasserman reported: "Total revenues for the six months ended June 30, 2007 were $21,095,000 as compared to total revenues of $16,047,000 for the six months ended June 30, 2006, an increase of $5,048,000 or approximately 31.5%.
"Lotus reported income from operations of $4,691,000 for the six months ended June 30, 2007 as compared to income from operations of $3,069,000 for the six months ended June 30, 2006. The Company's working capital position increased $4,783,000 to $13,429,000 at June 30, 2007 from $8,646,000 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 $100 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") controls 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 number of high-tech personnel. Lotus East has business and office facilities of 2,000 square meters, warehouse of 1,000 square meters and operates ten retail pharmacies in the Beijing area. 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.