LIUZHOU CITY, Guangxi, China, March 7, 2011 /PRNewswire-Asia-FirstCall/ -- China BCT Pharmacy Group, Inc., (OTC Bulletin Board: CNBI), ("China BCT" or the "Company"), a leading pharmaceutical distributor, retail pharmacy, and manufacturer of pharmaceutical products in Guangxi Province, China, today announced selected estimated unaudited financial results for the fourth quarter and fiscal year ended December 31, 2010.
For the fourth quarter ended December 31, 2010, the Company expects net revenue to be between $58 million and $64 million, or 58% to 75% higher than fourth quarter 2009 revenue of $36.6 million. Fourth quarter 2010 net income, excluding both the non-cash gain of $1.0 million related to change in the fair value of warrant liabilities and the non-cash charge of share based compensation stock of $0.6 million, is expected to be between $6.6 million and $8.1 million, or 61% to 98% higher than the prior year figure of $4.1 million.
For the year ended December 31, 2010, the Company expects net revenue to be between $192 million and $198 million, or 41% to 45% higher than full year 2009 revenue of $136.1 million. Full year 2010 net income, excluding both the non-cash gain of $0.6 million related to change in the fair value of warrant liabilities and non-cash charge of share based compensation stock of $1.3 million, is expected to be between $25.5 million to $27.5 million, or 31% to 41% higher than the prior year figure of $19.5 million.
These selected estimated results have not been audited or reviewed by the Company's independent registered public accounting firm and are subject to the Company's normal, annual and quarter-end closing procedures. The Company's actual results may differ from these selected estimated results..
"We are delighted to announce preliminary fourth quarter and full year 2010 results, highlighted by robust top- and bottom-line growth," said Mr. Huitian Tang, Chairman and CEO of China BCT Pharmacy. "We closed 2010 on a positive note and believe our momentum will continue in 2011 as we execute on our strategy to enhance our wholesale distribution network, rapidly grow our retail pharmacy chain within Guangxi province, and vertically integrate these businesses along with our manufacturing operations to improve overall profitability."
The Company expects to hold a conference call to discuss audited results for the fourth quarter and fiscal year 2010 at the end of March 2011. Prior to the call the Company will issue an earnings press release and provide dial in information for investors wishing to participate on the call.
About China BCT
China BCT is engaged in pharmaceutical distribution, pharmacy retailing, and the manufacture of pharmaceuticals products through its subsidiaries Guangxi Liuzhou Baicaotang Medicine Limited, Hefeng Pharmaceutical Co. Limited, and Guangxi Liuzhou Baicaotang Medicine Retail Limited in Guangxi province, China. It operates a large regional retail network in Guangxi province, consisting of 187 directly owned retail stores in Guangxi province and currently over 8,000 products are distributed through the Company's wholesale distribution network. For more information, please visit www.china-bct.com .
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include estimates and other statements reflecting expectation and involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including: changes from anticipated levels of sales; future international, national or regional economic and competitive conditions; changes in relationships with customers; access to capital; difficulties in developing and marketing new products and services; marketing existing products and services; customer acceptance of existing and new products and services; and other factors detailed in the Company's periodic filings with the Securities and Exchange Commission (http://www.sec.gov). Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.
Investor Relations Contact:
Ms. Shelly Zhang, Chief Financial Officer
China BCT Pharmacy Group, Inc.
Tel: (86) 772-363-8318
CCG Investor Relations
Mr. Crocker Coulson, President
Mr. Kalle Ahl, CFA, Account Manager
SOURCE China BCT Pharmacy Group, Inc.