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AIDA AIDA Pharmaceuticals Inc (CE)

0.0003
0.00 (0.00%)
05 Nov 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
AIDA Pharmaceuticals Inc (CE) USOTC:AIDA OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.0003 0.00 00:00:00

Aida Files 10Q

15/11/2007 4:43pm

PR Newswire (US)


AIDA Pharmaceuticals (CE) (USOTC:AIDA)
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SANTA MONICA, Calif., Nov. 15 /PRNewswire-FirstCall/ -- Aida Pharmaceuticals, Inc. (OTC:AIDA) (BULLETIN BOARD: AIDA) 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 DATASOURCE: Aida Pharmaceuticals, Inc. CONTACT: Ashley Hull of ProPublic Media, LLC, +1-310-903-6858, , for Aida Pharmaceuticals, Inc.

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