Aida's earnings per share, net income double in the third quarter

By Lisa Kerner

Charlotte, N.C., Nov. 15 - Aida Pharmaceuticals, Inc. said for the third quarter ended Sept. 30, its earnings per share doubled, its net income more than doubled and its gross margins improved over the figures reported for the second quarter.

Earnings per share in the third quarter were $0.04, compared with $0.02 in the second quarter of 2006 and $0.03 in the third quarter of 2005.

Aida's net income totaled $919,285 for the third quarter, a 130.4% sequential increase from the second quarter and a 25.4% increase from net income of $730,540 reported in the third quarter of 2005.

Gross profit totaled $3.9 million for the three-month period, a 5.8% sequential increase from $3.7 million for the second quarter and a 16.7% decrease from $4.7 million for the third quarter of 2005.

The company reported cash and equivalents totaling approximately $4.9 million at Sept. 30.

Revenues increased 12.4% to $7.0 million for the third quarter from $6.2 million for the third quarter of 2005. However, third-quarter revenues decreased sequentially by 3.6% from about $7.3 million for the quarter ended June 30.

"With our gross margins stabilizing, our sales costs down and future revenues continuing to grow, I believe we're positioned to see strong earnings growth over the near-term," chairman Jin Biao said in a company news release.

"We continue to expect our revenue and earnings growth to average 30% per year over the next five years as a result of strong growth in Etimicin Sulfate consumption, along with our pipeline of new drugs for cancer, hepatitis and stroke and our focus on selective acquisitions."

Aida is a pharmaceuticals company based in Beijing, China.

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