American Oriental Bioengineering, Inc. issued an update on recent financial and operating events at the company.
American Oriental Bioengineering, Inc. said that the company’s Board of Directors has approved the share buyback program announced recently by the company. The company now has the authority to repurchase up to $20 million of common stock over the next two years.
American Oriental Bioengineering, Inc. has 78.6 million shares outstanding and estimates that the buyback would cover approximately 11.8 million shares using the current stock price.
American Oriental Bioengineering, Inc. recently issued financial results for the 2010 fiscal year, and reported sales of $305.9 million in 2010, up 3% from the $296.2 million reported in 2009. The company attributed the increase to higher demand from its customers and greater sales coverage.
Although American Oriental Bioengineering, Inc. reported higher sales, this did not translate into higher net income for the year. The company reported net income attributable to controlling interest at $16.3 million, or $0.22 per diluted share, in fiscal 2010, compared to $41.4 million, or $0.53 per diluted share, in fiscal 2009.
American Oriental Bioengineering, Inc. is involved in the design and manufacturing of over the counter and prescription medicine.
For more information on the company, go to www.bioaobo.com