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American Oriental Bioengineering 4Q profit jumps

Mon, 03/15/2010 - 8:17am
The Associated Press

Drug and nutritional product company American Oriental Bioengineering Inc. said Monday its profit climbed 49 percent in the fourth quarter due to reduced acquisition costs.

The company said it earned $11.7 million, or 14 cents per share. That's up from $7.8 million, or 10 cents per share, a year ago — a result that included $12.3 million in research and development charges related to the purchase of GuangXi HuiKe. Revenue grew 4 percent to $100 million from $96.3 million.

Analysts expected a larger profit of 16 cents per share and $103.4 million in revenue, according to a survey by Thomson Reuters.

In morning trading, American Oriental Bioengineering shares lost 47 cents, or 10 percent, to $4.10.

Pharmaceutical revenue rose 5 percent to $85 million due to greater sales of prescription drugs, including its women's health product Jinji Capsule and its Boke nasal spray. Prescription drug revenue jumped 56 percent to $44.6 million, while revenue from over-the-counter products fell 23 percent to $40.4 million.

American Oriental Bioengineering said nutritional product revenue grew 19 percent to $11.4 million. It also reported $3.9 million in revenue from its Nuo Hua distribution business.

For the full year, the company's profit skidded 12 percent, to $41.4 million, or 53 cents per share, from $47.1 million, or 61 cents per share. Revenue increased 12 percent to $296.2 million from $264.6 million.

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