AOBO Announces 23 percent Revenue Increase, 25 Percent Increase in Earnings per Share for Second Quarter and Predicts Strong Earnings Momentum for Second Half of 2004.HONG KONG Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. -- America Oriental oriental having some connection with the Orient. oriental avian eye fluke see philophthalmusgralli. oriental blood fluke schistosomajaponicum. oriental cattle plague see rinderpest. Bioengineering bioengineering Application of engineering principles and equipment to biology and medicine. It includes the development and fabrication of life-support systems for underwater and space exploration, devices for medical treatment (see Inc, (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AOBO AOBO Australian Opera and Ballet Orchestra AOBO Accept on Behalf Of AOBO All Out Blow Out (Sioux City, IA annual event) ), a rapidly growing Chinese company which produces and distributes a broad range of pharmaceutical and nutraceutical nu·tra·ceu·ti·cal n. A food or naturally occurring food supplement thought to have a beneficial effect on human health. nutraceutical products, today reported results for the second quarter ended June 30, 2004. Revenue for the second quarter of 2004 increased 23 percent to USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $6.0 million compared to USD $4.87 million in the second quarter of 2003. Gross profit for the second quarter was USD$4.16 million, a 41 percent increase compared to USD $2.96 million in the period ended June 30, 2003. Net income for the second quarter of 2004 increased 17 percent to USD $1.51 million or USD $0.05 per share, compared to net income of USD $1.29 million or USD $ 0.04 per share in the second quarter of 2003, a 25 percent increase. Tony (Shujun) Liu, Chairman and Chief Executive Officer of American Oriental Bioengineering Inc., commented, "Our revenue growth for the quarter was attributable to the growing demand for our products throughout China and the increasing acceptance of our brand by consumers. We continue to expand distribution of our products, which are currently available at 10,000 locations through a network of supermarkets, pharmacies This article is a list of major pharmacies (also known as chemists and drugstores) by country. Australia Pharmacies in Australia are mostly independently-owned by pharmacists, often operated as franchises of retail brands offered by the three major and over 1,000 clinics and hospitals." Liu continued, "The Company is transitioning from its position as a predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. nutraceutical company to a producer of both pharmaceuticals and nutraceuticals with proprietary technologies. These include Cease-Enuresis Soft Gel for incontinence incontinence Inability to control excretion. Starting and stopping urination relies on normal function in pelvic and abdominal muscles, diaphragm, and control nerves. Babies' nervous systems are too immature for urinary control. Later incontinence may reflect disorders (e.g. and a broad range of soybean soybean, soya bean, or soy pea, leguminous plant (Glycine max, G. soja, or Soja max) of the family Leguminosae (pulse family), native to tropical and warm temperate regions of Asia, where it has been peptide peptide, organic compound composed of amino acids linked together chemically by peptide bonds. The peptide bond always involves a single covalent link between the α-carboxyl (oxygen-bearing carbon) of one amino acid and the amino nitrogen of a second amino acid. products. This shift in product mix will have a positive effect on margins in the second half of the year." Liu concluded, "In addition, the announced acquisition of Heilongjiang Songhuajiang Pharmaceutical (HSPL HSPL High-Speed Perceptual Learning ), which we expect to complete in the second half, should add significantly to our annual revenue and asset base. The acquisition of HSPL will also broaden our product palette (1) In computer graphics, a range of colors used for display and printing. See color palette. (2) A collection of on-screen painting tools. (3) A toolbar that contains a set of functions for any kind of application. palette - colour palette through HSPL's suite of antivirals. With HSPL as part of the AOBO, we expect a very strong and profitable second half." About American Oriental Bioengineering, Inc. American Oriental Bioengineering, Inc. (OTC BB: AOBO) is a leading Chinese biotechnology company that uses proprietary processes for producing soybean protein peptide more efficiently than traditional extracting techniques. These techniques are used to manufacture and formulate formulate /for·mu·late/ (for´mu-lat) 1. to state in the form of a formula. 2. to prepare in accordance with a prescribed or specified method. supplemental and medicinal products medicinal product, n a substance administered to humans or animals through injection, application, oral ingestion, inhalation, and so forth, whose purpose is to ultimately restore health or eliminate disease in an individual. . Soybean peptides are used widely in general food, health food products and medicines, among other applications. AOBO also produces Cease-Enuresis Soft Gel, the only Chinese FDA-approved first grade, prescription medicine that is specially formulated for·mu·late tr.v. for·mu·lat·ed, for·mu·lat·ing, for·mu·lates 1. a. To state as or reduce to a formula. b. To express in systematic terms or concepts. c. to help alleviate Alleviate To make something easier to be endured. Mentioned in: Kinesiology, Applied bed-wetting and incontinence. The Company is a leading producer of products in both the nutriceuticals and pharmaceuticals areas in China. For more information, visit http://www.bioaobo.com.
AMERICAN ORIENTAL BIOENGINEERING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
JUNE 30, DECEMBER 31,
2004 2003
(UNAUDITED)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 4,922,240 $ 5,366,857
Trade receivables, net 3,249,216 3,112,998
Other receivables 422,696 143,809
Note receivable 2,441,928 --
Inventories 3,581,535 2,546,810
Prepayments for goods 729,410 868,458
Advances to employees 85,198 55,116
Deferred taxes 78,439 78,439
Deferred merger costs 16,668 33,334
Deferred consulting expenses 1,108,576 1,569,442
Total current assets 16,635,906 13,775,263
PROPERTY, PLANT AND EQUIPMENT, NET 7,023,398 7,264,822
DEPOSIT FOR MACHINERY 379,934 --
DEPOSIT FOR LEASEHOLD IMPROVEMENTS 386,000 --
OTHER ASSETS, NET 587,350 632,531
Total assets $ 25,012,588 $ 21,672,616
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 1,509,264 $ 1,253,826
Prepayments for materials 164,241 76,593
Bank loans 1,445,783 1,445,783
Taxes payable 336,861 310,480
Obligation under finance leases within
one year 6,972 6,780
Payable to related party 88,666 43,243
TOTAL CURRENT LIABILITIES 3,551,787 3,136,705
LONG-TERM LIABILITIES
Obligation under finance leases 21,340 25,449
TOTAL LIABILITIES 3,573,127 3,162,154
SHAREHOLDERS' EQUITY
Preferred stock, $0.001 par value;
2,000,000 shares authorized; 1,000,000
shares issued or outstanding at
June 30, 2004 and December 31,2003
respectively 1,000 1,000
Common stock, $0.001 par value, 60,000,000
shares authorized: 32,931,827 and
32,725,827 shares and outstanding
at June 30, 2004 and December 31,
2003, respectively 32,932 32,726
Additional paid-in capital 10,209,738 10,048,734
Retained earnings
Restricted portion 534,177 534,177
Unrestricted portion 10,661,614 7,893,825
TOTAL SHAREHOLDERS' EQUITY 21,439,461 18,510,462
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 25,012,588 $ 21,672,616
AMERICAN ORIENTAL BIOENGINEERING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
THREE MONTHS SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
2004 2003 2004 2003
SALES $ 6,003,960 $ 4,876,978 $11,910,579 $ 9,375,640
COST OF SALES 1,842,825 1,921,310 3,662,586 3,553,672
GROSS PROFIT 4,161,135 2,955,668 8,247,993 5,821,968
SELLING AND
ADMINISTRATIVE
EXPENSE 550,423 417,839 1,029,154 704,314
ADVERTISING 761,431 537,497 1,607,204 1,172,695
GENERAL AND
ADMINISTRATIVE
EXPENSES 841,347 382,179 1,865,044 773,163
MERGER COSTS 8,333 8,333 16,666 16,666
DEPRECIATION AND
AMORTIZATION 145,572 135,315 291,055 261,710
INCOME FROM
OPERATIONS 1,854,029 1,474,505 3,438,870 2,893,420
INTEREST, NET (23,811) (23,409) (47,791) (46,707)
OTHER INCOME 14,392 84,970 26,742 80,152
INCOME BEFORE INCOME
TAXES 1,844,610 1,536,066 3,417,821 2,926,865
INCOME TAXES 336,861 246,477 650,033 467,597
NET INCOME $ 1,507,749 $ 1,289,589 $ 2,767,788 $ 2,459,268
NET INCOME PER SHARE
BASIC $ 0.05 $ 0.04 $ 0.08 $ 0.10
DILUTED $ 0.05 $ 0.04 $ 0.08 $ 0.09
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING
BASIC 32,909,190 31,625,827 32,817,508 25,798,147
DILUTED 32,936,131 32,625,827 32,848,200 26,510,854
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