Aoxing Pharmaceutical Company, Inc. Announces Consolidated Earnings Results for the Year Ended June 30, 2015; Provides Earnings Guidance for the Fiscal Year 2016
October 12, 2015
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Aoxing Pharmaceutical Company, Inc. announced consolidated earnings results for the year ended June 30, 2015. The company announced that, for the year ended June 30, 2015, the company doubled revenue to $25,481,199, compared to $12,739,371 in revenue for fiscal 2014. The company recorded net income from operations in fiscal 2015 of $8,695,657 versus a loss of $3,334,879 in the prior year. After accounting for interest expense of $5,768,094 and a tax benefit of $2,704,369, the company had net income in fiscal 2015 of $5,818,473, or $0.09 per basic and diluted share. This compares to a net loss of $8,634,380, or $0.16 per basic and diluted share, in fiscal 2014. The doubling of revenue over the prior fiscal year was primarily the result of the company eliminating most third-party distributors during fiscal 2015, enabling the company to expand its sales team and sell its products directly to the end customer including large chain drug stores at higher prices. The company's fiscal 2015 performance was also boosted by a sharp decrease in the market prices of raw materials, which resulted in a lower year-over-year aggregate on cost of goods sold. Income before income taxes was $3,114,104 against loss before income taxes of $8,634,380 a year ago.
With this diversification of product line, as well as entry in the narcotic product sector C a sector as yet underdeveloped in China the company is expecting fiscal 2016 revenue to increase substantially, to about $45 million. The company expected the company's clinical trial expenses in fiscal 2016 to be minimal, thus helping the company to maintain a strong bottom line for the year.
Aoxing Pharmaceutical Company, Inc. is a specialty pharmaceutical company specializing in research, development, manufacturing and distribution of a range of narcotic, pain-management and addiction treatment pharmaceutical products. The Company holds approximately 140 drug production certificates covering narcotic pain-management, prescription medicines, over-the-counter (OTC) and active pharmaceutical ingredient (API) products. Its products include prescription drugs, such as Tilidine hydrochloride, Zhongtong'an and Humifuse Euphorbia Herb Tablet, and OTC drugs, such as Shanmei Capsule, Shaoshang Tincture, Yiqi Qiangshen Granule, Xiaopiling Granule, Xiongjushangqing Tablet, Juyuansuanbijia Oral Solutions, Longdanxiegan Tablet, Fenka Tablet, Shujinhuoxue Tablet, Fuketiaojing Tablet, Qingnao Jiangya Tablet, Yuanhu Pain Management Tablet, Bushenqiangshen Tablet, Baiziyangxin Pill, Qingguo Pill, Liuweidihuang Pill, Zhibaidihuang Pill, Xiaoyao Pill and Tianwangbuxin Pill.
Aoxing Pharmaceutical Company, Inc. Announces Consolidated Earnings Results for the Year Ended June 30, 2015; Provides Earnings Guidance for the Fiscal Year 2016