Lotus Pharmaceuticals, Inc. (LTUS.OB) Doubles Net Income in Second Quarter
Lotus Pharmaceuticals, Inc. reported Q2 2009 net income of $4.8 million, or $0.10 per share. The company earned $ 2.2 million, or $0.05 per share, in the second quarter of 2008. Revenues totaled $13.6 million, down sharply from the $19.4 million reported in the second quarter of 2008. Lotus Pharmaceuticals, Inc. was able to accomplish a doubling in net income despite the revenue drop due to increased margins. Gross margin ending the quarter was 57.9%. The company cut operating expenses by 63% on a year over year basis. Dr. Zhongyi Liu, the CEO of Lotus Pharmaceuticals, Inc., said, "We are…