EX-99 2 aida8k112107ex991.htm EX. 99.1 PRESS RELEASE DATED NOVEMBER 15, 2007 99.1

Exhibit 99.1


Press Release

Source: Aida Pharmaceuticals, Inc


Aida Files 10Q

Thursday November 15, 11:43 am ET


SANTA MONICA, Calif., Nov. 15 /PRNewswire-FirstCall/ -- Aida Pharmaceuticals, Inc. (OTC Bulletin Board: AIDA - News) 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

 

FOR THE NINE

 

 

MONTHS ENDED

 

MONTHS 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