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Revenue for the first quarter of 2009 increased 42 percent to $18.2 million, compared to $12.8 million for the first quarter of 2008, reflecting a significant increase in international sales. Net income attributable to the company for the quarter rose 138.1 percent to $8.6 million, or 12 cents per share, compared to net income of $3.6 million, or 5 cents per share, for the 2008 first quarter.
For the first quarter of 2009, international revenue increased to $15.5 million, or 130.7 percent over $6.7 million for the same period in 2008, mainly due to greater sales in Indonesia and Vietnam. Additionally, export restrictions have been reduced since China’s Administration of Quality Supervision, Inspection and Quarantine ended in late 2008 its national campaign against unsafe food and substandard products, which began in August 2007.
For the first quarter of 2009, revenue in China was $2.7 million, a 55.1 percent decrease from $6.1 million for the same period in 2008.
Gross profit for the first quarter of 2009 was $12.5 million, an increase of 42.4 percent compared to $8.8 million for the same period in 2008. As of March 31, 2009, Tiens had $114.9 million of retained earnings and total shareholders’ equity of $157.8 million.
“We are pleased to report positive results, which include significant increases in total revenue, net income and international revenue, and are confident that international sales will continue to be strong,” said Jinyuan Li, Chairman, President and CEO of Tiens. “Tiens remains committed to gaining greater market share in China, continuing to expand our growing international customer base, and further implementing our strategic plans for long-term growth.”
Tiens Biotech Group (USA) Inc. conducts its business operations from Tianjin, People’s Republic of China. Tiens primarily engages in the research, development, manufacturing and marketing of nutrition-supplement products, including wellness products and dietary supplements. Tiens derives its revenue principally from product sales to affiliated companies in China and in 52 countries.
