In the news release "American Oriental Bioengineering Reports First
Quarter 2009 Financial Results", issued earlier today by American
Oriental Bioengineering, Inc. over PR Newswire, we are advised by
the company that the column headings in the Balance Sheet under
"LIABILITIES AND SHAREHOLDERS' EQUITY" should be "March 31, 2009"
and "December 31, 2008", not as originally issued inadvertently.
Full corrected text follows: American Oriental Bioengineering
Reports First Quarter 2009 Financial Results NEW YORK, May 11
/PRNewswire-Asia-FirstCall/ -- American Oriental Bioengineering,
Inc. (NYSE:AOB), a pharmaceutical company dedicated to improving
health through the development, manufacture and commercialization
of a broad range of prescription and over the counter ("OTC")
products in China, today announced financial results for the first
quarter ended March 31, 2009. Financial Results Revenue in the
first quarter of 2009 increased 18.9% year over year to $46.1
million from $38.8 million, reflecting continued demand for the
Company's core pharmaceutical and nutraceutical products. Revenue
from pharmaceutical products increased 8.9% to $34.7 million from
$31.9 million in the prior year's first quarter. Prescription
pharmaceutical products revenue increased 14.5% to $16.2 million
during the first quarter of 2009, reflecting prescription
formulation Jinji and CCXA products, which offset declines in
Shuanghuanglian Injection Powder ("SHL"). OTC pharmaceutical
products generated $18.5 million in revenue during the first
quarter of 2009, roughly flat to the prior year period, reflecting
continued demand for Boke nasal spray and Jinji Yimucao products
and a shift of Jinji Capsule products from OTC to prescription
sales. Nutraceutical products generated revenue of approximately
$8.9 million in the first quarter of 2009, up 29.0% from the prior
year period, reflecting continued demand for peptide products and
an expanded distribution network versus the prior year's first
quarter. The Company generated $2.5 million in distribution revenue
in the first quarter of 2009 from Nuo Hua's majority owned
subsidiary. Gross profit in the first quarter of 2009 increased
8.1% to $28.4 million from $26.3 million in the first quarter of
2008. Gross margin was 61.7%, compared with 67.8% in the prior year
period, reflecting lower margin distribution revenue and CCXA's
generic product sales. Operating income in the first quarter was
$11.2 million compared with $12.0 million in the prior year period,
reflecting a 20.2% increase in operating expenses to $17.2 million
in the first quarter of 2009 from $14.3 million in the prior year
period. General and administration expenses as well as selling and
marketing expenses increased 9.3% to $9.8 million from $8.9 million
in the prior year period. The increase primarily reflects marketing
and promotional initiatives related to Jinji and Boke products.
Advertising expense increased 26.7% to $5.6 million in the first
quarter of 2009, compared to $4.4 million in the prior year period.
Net income for the first quarter of 2009 was $7.9 million, compared
to $9.4 million in the prior year period. Excluding the $1.7
million of interest expense related to the Company's outstanding
convertible notes in the first quarter of 2009, which did not occur
in the first quarter of 2008, net income performance was roughly
flat on a year over year basis. Net income per diluted share was
$0.11 in the first quarter of 2009 compared to $0.12 per diluted
share in the first quarter of 2008. As of March 31, 2009, the
Company had $73.9 million in cash and generated approximately $3.6
million of operating cashflow during the quarter. Mr. Tony Liu,
Chairman and Chief Executive Officer of American Oriental
Bioengineering, commented, "We are pleased with our first quarter
performance and have met our key near-term objective to foster a
dynamic business model that is diversified across prescription, OTC
and nutraceutical products. Notably, our distribution business
began to strengthen overall performance this quarter, contributing
to net income as anticipated, and enlarging our distribution reach,
particularly for our prescription pharmaceutical products. We are
more flexible today than we were one year ago and, because of this,
we can quickly adapt to change and capitalize on new opportunities
despite the uncertain regulatory environment. Our marketing
capabilities, extensive distribution platform, compelling product
portfolio and ongoing rural expansion offset anticipated challenges
in SHL sales during the first quarter of 2009 and we remain focused
on becoming a top five pharmaceutical company in China." Conference
Call The Company will hold a conference call at 8:00 am ET on May
11, 2009 to discuss first quarter 2009 results. Listeners may
access the call by dialing 1-866-798-2884 or 1-617-614-6207 for
international callers, access code: 34266051. A webcast will also
be available through AOBO's website at http://www.bioaobo.com/ . A
replay of the call will be available through May 18, 2009.
Listeners may access the replay by dialing 1-888-286-8010 or 1-617-
801-6888 for international callers, access code: 57318398. About
American Oriental Bioengineering, Inc. American Oriental
Bioengineering, Inc. is a China-based pharmaceutical company
dedicated to improving health through the development, manufacture
and commercialization of a broad range of prescription and over the
counter products. Statements made in this press release are
forward-looking and are made pursuant to the safe harbor provisions
of the Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties that may cause actual results to
differ materially from those set forth in these statements. The
economic, competitive, governmental, technological and other
factors identified in the Company's filings with the Securities and
Exchange Commission, including the Form 10-K for the year ended
December 31, 2008, may cause actual results or events to differ
materially from those described in the forward looking statements
in this press release. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
because of new information, future events, or otherwise. AMERICAN
ORIENTAL BIOENGINEERING, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED) THREE MONTHS ENDED March 31 2009 2008 REVENUES
$46,077,190 $38,768,598 COST OF GOODS SOLD 17,660,338 12,477,636
GROSS PROFIT 28,416,852 26,290,962 Selling and marketing 5,211,502
5,029,708 Advertising 5,567,357 4,394,341 General and
administrative 4,565,643 3,912,683 Depreciation and amortization
1,858,915 977,210 Total operating expenses 17,203,417 14,313,942
INCOME FROM OPERATIONS 11,213,435 11,977,020 EQUITY IN EARNINGS
(LOSS) FROM UNCONSOLIDATED ENTITIES 437,794 -- INTEREST INCOME
(EXPENSE), NET (1,579,269) 16,847 OTHER (EXPENSE), NET (98,609)
(101,790) INCOME BEFORE INCOME TAXES 9,973,351 11,892,077 INCOME
TAXES 2,103,299 2,469,948 NET INCOME 7,870,052 9,422,129 NET INCOME
ATTRIBUTABLE TO NON- CONTROLLING INTEREST (3,551) -- NET INCOME
ATTRIBUTABLE TO CONTROLLING INTEREST 7,866,501 9,422,129 OTHER
COMPREHENSIVE INCOME Foreign currency translation gain, net of tax
378,466 6,934,434 OTHER COMPREHENSIVE INCOME, NET OF TAX 378,466
6,934,434 COMPREHENSIVE INCOME $8,244,967 $16,356,563 NET INCOME
PER COMMON SHARE BASIC $0.11 $0.12 DILUTED $0.11 $0.12 WEIGHTED
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC 74,538,593
78,191,242.00 DILUTED 86,917,603 78,192,795.00 AMERICAN ORIENTAL
BIOENGINEERING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS ASSETS March 31, DECEMBER 31, 2009 2008 UNAUDITED
CURRENT ASSETS Cash and cash equivalents $73,899,602 $70,636,510
Accounts receivable, net of reserve of $130,631 and $226,330 at
March 31, 2009 and December 31, 2008, respectively 31,812,778
36,982,167 Inventories, net of provision for slow moving
inventories 17,954,075 13,042,123 Advances to suppliers 2,241,176
3,593,979 Notes receivable 1,039,914 708,076 Refundable deposit
6,397,106 6,396,996 Tax refund claims 823,737 -- Deferred tax
assets 456,444 347,216 Other current assets 863,554 744,903 Total
Current Assets 135,488,386 132,451,970 LONG-TERM ASSETS Plant and
equipment, net 97,192,300 98,154,443 Land use rights, net
148,319,092 148,988,870 Deposit for long-term assets 6,355,148
6,347,174 Construction in progress 25,675,899 25,385,835 Deferred
tax assets 1,322,194 1,313,832 Other intangible assets, net
22,426,393 23,690,440 Goodwill 28,543,226 28,543,226 Investments in
and advances to equity investments 55,554,438 54,963,064
Unamortized financing costs 3,983,911 4,215,983 Total Long-Term
Assets 389,372,601 391,602,867 TOTAL ASSETS $524,860,987
$524,054,837 LIABILITIES AND SHAREHOLDERS' EQUITY March 31,
December 31, 2009 2008 UNAUDITED CURRENT LIABILITIES Accounts
payable $10,355,431 $12,287,887 Notes payables 3,277,285 3,262,877
Other payables and accrued expenses 13,578,351 19,766,652 Taxes
payable -- 420,671 Short-term bank loans 7,441,276 7,140,148
Current portion of long-term bank loans 59,022 58,659 Other
liabilities 2,738,113 2,253,440 Deferred tax liability 999,454
846,026 Total Current Liabilities 38,448,932 46,036,360 LONG-TERM
LIABILITIES Long-term bank loans 789,579 804,521 Long-term notes
payable -- 269,908 Deferred tax liabilities 16,102,048 16,083,768
Convertible Note 115,000,000 115,000,000 Total Long-Term
Liabilities 131,891,627 132,158,197 TOTAL LIABILITIES 170,340,559
178,194,557 EQUITY SHAREHOLDERS' EQUITY Preferred stock, $0.001 par
value; 2,000,000 shares authorized; 1,000,000 shares issued and
outstanding at March 31, 2009 and December 31, 2008, respectively
1,000 1,000 Common stock, $0.001 par value; 150,000,000 shares
authorized; 78,291,735 and 78,249,264 shares issued and outstanding
at March 31, 2009 and December 31, 2008, respectively 78,292 78,249
Common stock to be issued 177,000 376,335 Prepaid forward
repurchase contract (29,998,616) (29,998,616) Additional paid-in
capital 196,352,466 195,741,544 Retained earnings (the restricted
portion of retained earnings is $29,532,699 at March 31, 2009 and
December 31, 2008) 157,790,182 149,923,681 Accumulated other
comprehensive income 29,464,472 29,086,006 Total Shareholders'
Equity 353,864,796 345,208,199 NONCONTROLLING INTEREST 655,632
652,081 TOTAL EQUITY 354,520,428 345,860,280 TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $524,860,987 $524,054,837 DATASOURCE: American
Oriental Bioengineering, Inc. CONTACT: At Integrated Corporate
Relations, Inc., Ashley M. Ammon, +1-203-682-8208, for AOB Web
Site: http://www.bioaobo.com/
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