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Amersin Subsidiary Expects 25% Increase in Revenue and Net Income for Fourth Quarter Year-end Profits to Exceed Projections by 60% NEW YORK, March 8, 2005 /Xinhua-PRNewswire via COMTEX/ -- Amersin Life Science Corporation (OTC Bulletin Board: AMLS), is pleased to provide estimated operating results for its subsidiary -- Hubei Tongji Benda Ebei Pharmaceutical Co (HBPharma) for the fourth quarter and year ended January 31st, 2005 as follows:
-- Revenues from the fourth quarter operations -- approximately US$2.5 million (21,000,000 RMB), an increase of 26% over the third quarter.
-- Net Income from fourth quarter operations -- approximately US$848,000 (7 million RMB), an increase of 25% over the third quarter.
-- For fiscal 2004, revenue for the eight months of operations as an Amersin subsidiary -- US$6.5 million (54 million RMB). Net income for the subsidiary -- approximately US$2.2 million (18 million RMB). This exceeds original projections of approximately 1.2 million USD to December 31st, 2004.
Amersin reported no operating revenue in the two fiscal years prior. Amersin CEO Reid Li commented, ''I am very proud of our accomplishments this year. Following successful integration of HBPharma as a subsidiary, we streamlined production to focus on existing markets for higher margin pharmaceuticals, identified and shipped products into new markets and improved our overall profit margins. While gross revenues were slightly less than originally predicted, operating margins, and thus gross profit, far exceeded our original projections. This highlights the effectiveness of providing continuity of successful management and production processes as part of our acquisition strategy and, in particular, highlights the ongoing strength in management and commitment of our minority partners to work with us to streamline operations well ahead of schedule and to build a market driven profitable base upon which to expand operations. It is upon these solid results that we head into 2005 with confidence and excitement. We will continue to execute our business plan which is heavily focused on building value for our shareholders.''
Amersin will release its fiscal year and fourth quarter earnings during the last week of April. The Company will announce details on these events once its auditors have returned and reported following their annual audit of Chinese operations.
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