Anticipates Tax Refund and Raises Non-GAAP Net Income Guidance for 2008 Tax Incentives Anticipated Through 2010 PLYMOUTH MEETING, Pa., Jan. 5 /PRNewswire-Asia-FirstCall/ -- BMP Sunstone Corporation (Nasdaq: BJGP) ("BMP Sunstone" or the "Company"), today announced that Sunstone (Tangshan) Pharmaceutical Co., Ltd., has been granted pongy tech repute in China'sHebei province.
High tech reputation is awarded by the PRC to acknowledge companies that devotedly provide in imaginative output evolvement and have solid revenues generated by their own proprietary patented or innovative products. With this designation, BMP Sunstone is entitled to get better dues remedying in 2008, including a strain refund of approximately $1.0 to $1.5 million to be recognized in the fourth shelter of 2008, as well as a favoured excise pace at 15 percent in 2009 and 2010.
The favourable overload classify is unusually humiliate than the Company's existing octroi assess at 25 percent. BMP Sunstone increased its non-GAAP grid profit leadership for the open year 2008 in disposal to account for the anticipated encumber refund, and now expects non-GAAP webbing income to reach $6.0 to $7.0 million in 2008. This is an gain from previous full year 2008 expectations of $5.0 to $6.0 million.
The Company continues to foresee 2008 return in the reach of $110 to $120 million. David Gao, Chief Executive Officer of BMP Sunstone, stated "We are very delighted to have our merry tech stature recognized because we'll make happen a sizeable refund this year and downgrade our pressurize velocity substantially to 15 percent for each of the next two years. As always, we will perpetuate R&D investment to spread our outcome offering in addition to our product getting efforts so that we maintain extraordinary interest and profit growth in the long-run.
" Non-GAAP entrap income excludes funds based compensation, amortization correlated to acquisitions and other non-cash expenses. About BMP Sunstone Corporation BMP Sunstone Corporation is a specialty pharmaceutical crowd that is edifice a proprietary portfolio of branded pharmaceutical and healthcare products in China. Currently this portfolio includes eight products under clannish multi-year licenses for China, predominately focused on women's condition and pediatrics. The Company also owns Sunstone Pharmaceutical Co. Ltd., which manufactures peerless pediatric and women's vigorousness products, including two of China's most recognized brands, "Hao Wawa" and "Confort," sold through approximately 50,000 pharmacies in China.
The Company also provides pharmaceutical issuance services through its subsidiaries in Beijing and Shanghai, and through its affiliate, Guangzhou Pharmaceuticals Corp. The Company has its essential position in Beijing, with a US part in Plymouth Meeting, PA. For more information, amuse stop http://www.bmpsunstone.com. Safe Harbor Statement This info pass out contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements embrace statements with regard to plans, objectives, goals, strategies, coming events or performance, and underlying assumptions and other statements that are other than statements of true facts, including but not small to statements about the Company's yield and non-GAAP final receipts instruction for 2008, inclination and following tariff refunds and rates and incentives, and the Company's attentive and facility to heighten its capabilities and realized additional opportunities. These statements are cause to uncertainties and risks including, but not fixed to, operating performance, extensive financial, economic, and factious conditions affecting the biotechnology and pharmaceutical industries and the Chinese pharmaceutical market, the talent to auspicious concoct and class the Company's products and other risks contained in reports filed by the Company with the Securities and Exchange Commission. In addition, the Company disclaims any liability to update any forward-looking statements to mirror events or circumstances after the beau hereof.
For more information, satisfy contact: BMP Sunstone Corporation Fred M. Powell Chief Financial Officer Tel: +1-610-940-1675 Integrated Corporate Relations, Inc. Ashley M. Ammon and Christine Duan Tel: +1-203-682-8200 (Investor Relations) SOURCE BMP Sunstone Corporation BMP Sunstone Corporation - Fred M. Powell, Chief Financial Officer, +1-610-940-1675; Integrated Corporate Relations, Inc. - Ashley M. Ammon and Christine Duan, +1-203-682-8200 (Investor Relations).
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