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AmexDrug Corp.: AmexDrug Corporation Reports Growth and Profitability in Second Quarter 2009

^{Published on 2009-09-08 03:26:09 - Market Wire}
 

BEVERLY HILLS, CA--(Marketwire - September 8, 2009) - AmexDrug Corporation (OTCBB: [ AXRX ]), a vertically integrated pharmaceutical and cosmeceutical company, today announced second quarter 2009 financial results.

"Our second quarter and months earlier this year showcase the most significant developments since the company's inception," said Jack Amin, President and CEO of AmexDrug Corp.

Second Quarter 2009 Highlights:

-- Revenues increased 65.7% year-over-year to a record of $2.43 million.

-- Gross profit increased $256,928, compared to the second quarter of 2008, representing a gross margin increase of 209.3%.

-- Costs of Goods Sold increased 57.1% year-over-year to a record of $2.17 million.

-- Expenses increased 22.0% year-to-year to a record of $115,493.

-- Net income was up to $79,159, a significant increase from the prior year largely attributed to the increase in sales.

"AmexDrug Corporation is expanding. Our profits are increasing. And our cultivated company culture is attracting the best talent in the country," said Amin. "With our latest expansion into Asia Pacific, our affiliated network offices are fine-tuned and expected to increase revenues moving into 2010."

About AmexDrug Corporation (OTCBB: [ AXRX ]):

AmexDrug Corp. is a vertically integrated pharmaceutical and cosmeceutical company. With its subsidiaries BioRx Pharmaceuticals, Dermagen, Inc., and Allied Med, Inc., AmexDrug Corp. develops, manufactures, markets, and distributes private-label over-the-counter pharmaceuticals, innovative skin care products and prescription packaging to the nation's largest wholesalers and distributors. In addition, the company distributes prescription drugs to independent pharmacies. AmexDrug Corp. has an experienced executive team, advanced manufacturing facility and broad distribution network, allowing the company to integrate various phases of operations into one efficient business entity. For more information about AmexDrug Corp., please visit [ www.amexdrug.com ].

Safe Harbor Statement:

Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, economic conditions in the industry and the financial strength of the company's customers and suppliers. The company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.