Beijing Med-Pharm Corp.

Pharmaceutical marketing company to restate prior results

Published in Lab Business Week, September 25th, 2005

Beijing Med-Pharm Corporation announced that it intends to restate its financial statements as of and for the period ended December 31, 2004, principally to correct a $51,000 overstatement of revenue.

As a result of the restatement, revenues reported for the fiscal year ended December 31, 2004, will be reduced from $260,000 to $209,000, resulting in an increased loss in the company's earnings per share from $0.15 per share to $0.16 per share. The overstatement resulted from the erroneous recording of an advance payment from a distributor as revenue in the first quarter of 2004.

The company discovered the misstatement in connection with the...

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Source: Lab Business Week (2005-09-25)

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