China Medicine (CHME.OB) Reports 54% Increase in Q1 Net Income
China Medicine (CHME.OB), a developer and distributor of prescription pharmaceuticals and traditional Chinese medicines in the People’s Republic of China, today reported solid first quarter 2008 results. Revenues increased 39% year over year, rising to $7.1 million, in what is seasonally the company’s slowest quarter. Net income improved 54% to $1.2 million or 8 cents per share vs. prior year results. Chairman and CEO Senshan Yang said, “We are very pleased with the healthy performance of our sales of prescription and over-the-counter medicines as well as our traditional Chinese medicines. This increase in revenues was attributed to the expansion of…