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SANTA MONICA, Calif., Nov. 15 /PRNewswire-FirstCall/ -- Aida Pharmaceuticals, Inc. today announced that it has filed its form 10Q for the period ended September 30, 2007. Net revenues totaled $7,373,770 for the quarter ended 9/20/07, an increase of 5% over the same period in 2006. Gross profit decreased by 2.66% due to an increase in Costs of Goods Sold. Most notably, sales from Aida's transfusion and injection forms of etimicin sulfate increased markedly. Gross profit margins for Aida remained very strong, decreasing slightly from 55.81% to 51.75%.
Aida management expects the decrease in profits to be temporary. The Chinese pharmaceutical industry is in a state of transition due to policy changes by China's State Food and Drug Administration (SFDA). The new medicine tender system for hospitals in some areas in 2007 requires hospitals to purchase medicines and drugs directly from pharmaceutical manufacturers rather than distributors, which resulted in sales returns from some distributors. Aida has proactively and rapidly revised its distribution channels and is ready to compensate for the national policy changes. Aida also expects a strong showing from the new drugs in its pipeline that are coming to market in the coming quarters. Aida expects that these drugs will ease Aida's reliance on etimicin sulfate as a revenue generator and lessen the fluctuation in the Company's performance. About Aida Pharmaceuticals Aida Pharmaceuticals is a product-focused pharmaceuticals company engaged in the formulation, clinical testing, registration, manufacture, sales and marketing of advanced pharmaceutical and genetic products in mainland China. The Company's mission is to discover, develop and market meaningful new therapies that improve human health. Aida Pharmaceuticals, in operation since March 1999, is headquartered in Hangzhou, China with manufacturing, distribution and sales points throughout mainland China. Aida is GMP certified in China and ISO9002 certified for quality assurance and ISO14000 certified for ecologically-friendly practices. Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectation AIDA PHARMACEUTICALS, INC.
(FORMERLY BAS CONSULTING, INC.) AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
2007 2006 2007 2006
REVENUES, (NET) $7,373,770 $7,023,891 $18,687,283 $19,659,235 COST OF GOODS SOLD (3,557,685) (3,103,516) (9,740,952) (9,679,567) GROSS PROFIT 3,816,085 3,920,375 8,946,331 9,979,668 Selling and
distribution 1,387,818 1,175,000 3,515,776 4,728,989 General and
administrative 991,216 1,306,226 3,006,799 2,896,205 Research and
development 74,514 45,323 238,159 45,111 INCOME FROM
OPERATIONS 1,362,537 1,393,826 2,185,597 2,309,363 OTHER INCOME
(EXPENSES) Interest expense,
net (465,282) (459,511) (1,180,813) (1,114,105) Government grants 46,131 551,420 95,998 1,097,724 (Loss) gain on
sales of
investment (10,457) -- (10,457) 12,490 Gain on sale of
marketable
securities -- -- 120,356 -- Other income
(loss), net (3,478) (77,358) (122,876) (120,734) INCOME BEFORE INCOME
TAXES 929,451 1,408,377 1,087,805 2,184,738 INCOME TAXES (153,182) (217,720) (191,349) (445,047) INCOME BEFORE
MINORITY INTERESTS 776,269 1,190,657 896,456 1,739,691 MINORITY INTERESTS (257,208) (271,372) (563,068) (413,018) NET INCOME 519,061 919,285 333,388 1,326,673 OTHER COMPREHENSIVE
INCOME
Foreign currency
translation gain 30,098 73,643 492,663 160,785 OTHER COMPREHENSIVE
INCOME BEFORE INCOME
TAXES 30,098 73,643 492,663 160,785 INCOME TAXES RELATED
TO OTHER
COMPREHENSIVE
INCOME (7,946) (24,302) (130,063) (54,012) OTHER COMPREHENSIVE
INCOME, NET OF
INCOME TAXES 22,152 49,341 362,600 106,773 COMPREHENSIVE INCOME $541,213 $968,626 $ 695,988 $1,433,446 WEIGHTED AVERAGE
SHARES OUTSTANDING
BASIC AND DILUTED 27,000,000 25,000,000 27,000,000 25,000,000 NET INCOME PER COMMON
SHARE, BASIC AND
DILUTED $0.02 $0.04 $0.01 $0.05
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