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Executives

David Gao – Chief Executive Officer

Fred Powel – Chief Financial Officer

Martyn Greenacre – Chairman of the board

Analysts

Ding Ding – Susquehanna Financial Group

James Roth – Roth Capital Partners

Katherine Lu – Oppenheimer

BMP Sunstone Corporation (BJGP) Q1 2009 Earnings Call May 18, 2009 6:00 AM ET

Operator

Good day ladies and gentlemen and welcome to the BMP Sunstone Corporation First Quarter Earnings Conference Call. My name is (De Maui) and I will be your operator for today. At this time all participants are in a listen-only mode. We will be facilitating a Question and Answer session towards the end of today’s conference. At any time during the call you require assistance please press star followed by zero and an operator will be happy to assist you. As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to Ashley Ammon who will read the company’s Safe Harbor policy. Please proceed.

Ashley Ammon

Thank you operator. Please bear with me as I take you through the company’s Safe Harbor policy. The statements contained in this conference call which are not a historical facts, may deemed to constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those projected in these statements due to a number of risks and uncertainties, all of which are described in the company’s filings with the SEC. BMP Sunstone does not undertake any obligation to update forward looking statements except as required by applicable law.

Now please allow me to turn over the call to David Gao for a strategic overview of the business and then to Fred Powell who will provide a financial review. David.

David Gao

Thank you Ashley. And good afternoon everyone. Thank you for joining us for our Fourth Quarter 2009 Conference Call. I would like to take a moment to point out some of our financial highlights and the key events before Fred goes through our results in more detail. Then I will follow up with the strategy and guidance. And we can take some questions. We are very pleased with our financial performance for the fourth quarter of 2009. Our results reflect our continued revenue growth, operating improvement and cost efficiency. We are also dedicated to cost control in realizing synergy between our subsidiaries. Total revenues for the fourth quarter increased to $39.3 million from $18.1 million in the prior year period. Our gross margin was approximately 53%. Our operating income was $3.2 million. And this compares to a loss from operations of $1.4 million in the fourth quarter of last year. Non-GAAP net income was $3 million, and adjusted EBITDA was a record of $4.6 million.

We are especially pleased given the compact of the global micro economic environment. The market we address is large, growing and promising, and the combination of the branded OTC at Sunstone, we license our asset products at Beijing Med-pharm in our established distribution networks which allow us to control key sales channels, may have very well positioned to capture the great opportunity in this market. Sunstone had a strong quarterly growth with existing products. And we have been actively rolling out new products as we can. In February, we received the business license for Shengda, the manufacture of antibiotic pharmaceuticals and began to integrate its products in Sunstone.

We are pleased to report that integration is on track and in April we launched several key products including Amoxicillin from the Shengda portfolio under the Good Baby brand. We are also in pilot production of our Good Baby multi-vitamin in the Rechang capital for constipation. Our life fixing business Beijing Med-pharm had a record quarter in line with the rest of our business units. We generated operating income, positive cash flow and improved gross margins. Going forward, we are expecting continued increase of revenue and profitability in this business division.

Before I hand the call to Fred, I want to thank our shareholders for their continued support. We are particularly pleased that we were able to enhance our financial flexibility by extending our outstanding convertible notes during the quarter.

At this time I will turn the call over to Fred Powell our Chief Financial Officer who will review our fourth quarter and the full year financial results. Fred?

Fred Powell

Thank you David. Our results this quarter reflect continued revenue performance contribution from higher margin OTC revenues, and significant year over year improvement in continuing operations. Revenues for the first quarter of 2009 more than doubled year-over-year to $39.3 million, from $18.1 million in the first quarter of 2008. Our gross profits increased to $20.7 million from $7.7 million in the first quarter of 2008. Gross margin of 52.6%, up from 42.7% in the prior year period reflects the higher margin revenue contribution from Sunstone and licensed product sales versus distribution revenues. Operating income reached $3.2 million compared to an operating loss of $1.4 million in the first quarter of 2008.

Our general and administrative expenses as a percentage of revenue, improved significantly, decrease in 10% of revenues. This compares to roughly 17% in the prior period last year. We present non-GAAP net income and adjusted EBITA to exclude two non cash items worth pointing out . We recorded $4.6 million and deferred loan cost debt discount and debt premium, relative to the early extinguishment of our debts under the previously outstanding long term debts. And this was offset in other income by $1.6 million gain embedded derivative value in the 2009 convertible notes and the common stock warrants issued as part of the February 2009 equity issuance. We’ve taken steps to limit the ongoing non-cash accounting charges we recognize related to our notes we issued in January 2009 and these warrants we issued in February 2009 in connection with the equity issuance. We’ve fixed the price of our notes at $3. Until May 20th 2009, we will have additional counting from embedded derivatives in the equity offering of February 2009.

Our non-GAAP net income was approximately $3 million in the quarter. This compares to a slight loss in the prior year period, an exclusive deferred loan, debt discount, debt premium cost and the gain on embedded derivative values on convertible notes. Our adjusted EBITA performance was very strong and we reported adjusted EBITA of $4.6 million

This is more than half the EBITA we generated for full year 2008 and compares to $639,000 in the first quarter of last year. Our cash position was $21.2 million and we had notes receivable of 18.8 million totaling approximately $40 million at March 31st .All notes are guaranteed by established banks in China and have maturities of 6 months or less.

During the first quarter we exchanged or called all $23 million of the outstanding notes that were coming due May 1st 2009, and as of today we have $25 million of senior and subordinated notes outstanding which mature in July 2011.This enhanced our financial flexibility significantly but as I have discussed, we are recognizing that $2.9 million non-cash charge in other income related to this. We will continue to focus on utilizing our cash to pursuit profitable growth opportunities to create shareholder value over the long term. Next, I’ll turn the call back to David who will discuss our 2009 outlook.

David Gao

Thank you Fred. Through the rest of 2009, we will continue to focus on our key initiatives. First revenue growth and profitability, we achieved record financial performance this quarter and continue to expect revenues from our operating segments to increase as we boost the sales of existing products and introduce new products. In addition we expect each operating business unit to be profitable for the full year of 2009.

Second, synergy realization and expense control. We continued to carry out cost cutting initiatives throughout our organization in the fourth quarter of 2009. Our biggest goal in 2009 remains delivering enhanced profitability and we believe that additional synergy realization and cost control is essential to driving optimal shareholders value.

Third, Product Portfolio Expansion. We will continue to expand our product portfolio through internal R&D effort, through strategic product focus our position and licensing agreements with global pharmaceutical companies. Most importantly, we will continue to build on our previous achievement to execute our goal of becoming a leading pharmaceutical company for pediatrics and woman’s health in China over the next three to five years.

I would like to take this opportunity to reconfirm our guidance for 2009. We continue to expenct revenue of $150 million to $160 million, (inaudible) year over year growth of35%. Our EBIDTA is estimated to be $16 - $18 million, our non GAAP net income is anticipated to be $9 – $11 million. This net income numbers has been adjusted to account for interest expense, in fact [inaudible] incur through the year related to the convertible debt we issued in March , due in July of 2011, and also absolute adjustments we described today in our press release especially, specifically (inaudible) cost on embedded derivative value and the convertible notes.

As I just mentioned, I believe that each of our operating units will be profitable for the year. We also expect that we will continue to outperform the healthcare market growth in China. That concludes our prepared remarks. Operator we are ready to take any questions

Question and Answer

Operator

[Operator Instructions} Your first question comes from the line of Katherine Lu with Oppenheimer Please proceed.

Katherine Lu - Oppenheimer

Hi. Good morning David, Good afternoon Fred. Congratulations on the good quarter. I noticed you had a very strong 1-Q sales from your Sunstone business and the results looks even more impressive if we take into account the business seasonality and economic slowdown. So I’m just wondering if you can give us some color on your observation of Chinas OTC market in 1Q and what makes your performance to stand out?

David Gao

Katherine, here is David, let me answer your question, probably Fred can make a comment. The Sunstone business in Q1 is very strong as you can see, actually I think the growth is about 29% for the quarter, obviously we are trying to understand why the performance is so strong. I think one of the reasons I think is execution of the sales and marketing with our sales force. I think actually the end of last year we’re starting to do some justification about the sales incentives of the sales force I think that is really working well. The market actually in China as you know there is still some uncertainties, I certainly would not say that because the market with this kind of growth, because there is still some uncertainty for the health care reform which we don’t know how these incentives are going to continue to develop. But again you are right, we have a strong growth especially with our existing products. We will also start to launch some new products, however these new product launch is not a significant contribution to the growth.

Fred Powel

I’d agree with you David, when we took a look at the numbers Katherine, what we saw consistently was growth of our existing products year-over-year and as we continue to expand those products into additional areas in greater penetration, we saw our overall revenue growth. In addition if you remember –we’ve only been together at Sunstone for a full year now since we acquired them in February 2008. So as David said, this is a matter of getting the competition, getting the structure proper and continuing to do the sales and marketing to expand our existing product line

Katherine Lu - Oppenheimer

Okay. Great. Thank you. Let me just have one follow up. You reiterated your ‘09 guidance, I am just wondering in your bottom line guidance or your EBIDTA guidance, does that include contributions from Shengda acquisition because you mentioned you started to integrate Shengda in February.

Fred Powel

Sure, I can answer that one. What we did is, and you’ll see in the 10-Q, if you’ve taken a look at that already is for Shengda. We completed our acquisition of the 50% in February of this year. What we’ve included for the remaining 3 quarters of this year would be the equity pick up from Shengda. If we’re able to acquire additional ownership and consolidate, those results would not be included in our guidance at the present time. It’s really just the equity 50% method pick up that is reflected in our guidance.

Katherine Lu - Oppenheimer

Okay. Great. Thank you.

Operator

[Operator Instructions]Your next question comes from the line of [Ding Ding] from SIG. Please proceed.

Ding Ding - SIG

Thank you . Good evening and good afternoon. Thanks for taking my question. Also, added congratulations for a strong first quarter of ’09. David, on Sunstone can you just share with us in terms of 4 years in terms of growth, how should we look at in terms of the organic growth if I may, caught with the existing product, with the gross rate we’re expecting? And also what are the new product launches that you are planning and what percentage of revenue you expect would be coming from new product launch this year, for Sunstone?

David Gao

Okay, Ding Ding thanks for the questions. As I already mentioned, we had a very strong quarter for Sunstone in Q1. The market – we are actually in China that is still some uncertainty in this market, even the people are starting to get optimistic in China, maybe the economies may bottom up, but however there is still some uncertainty. I think the overall expectation for the market growth is probably somewhere – around 15%. Obviously, I think that at Sunstone we will outperform the market growth from the internal growth point of view with existing products, and as I also mentioned that we do have new products to launch which obviously is going to contribute. So, I think with the internal growth, which is going to be a outperform over 15% and the process on the new products will be launched. So at least we’re anticipating that, there is going to be somehow higher than the market growth but I would sort of hesitate to give you any forward looking perspective. So, Fred do you have any comments?

Fred Powel

I can add a little bit of color to that David and Ding Ding thanks for joining us. With the revenues that David was speaking about what we’ve taken a look at is, assuming that really, in year 2 and year 3 is when we start to see a significant impact from the new product launches. So most of the growth that you see for 15 – 20% there, we will be expecting at Sunstone for next year will come from existing products

Ding Ding

Great. That is very helpful. On the distribution business, sequentially this quarter is slightly down versus the 3rd and 4th quarters last year. What do you think is contributing? What are the factors that’s affecting the sales this quarter? Particularly with one way (inaudible) given the size? Going forward can you share with us about the strategy going forward in terms of both top line growth and improving the margins?

Fred Powel

I’ll handle the first part and then David may want to add into it. If you take a look historically into our financial statements you’ll see Yuan has been the weakest for distribution revenue force. And the reason for that is because of Chinese New Year falling in there and really losing us a fair amount of days for sales whereas in the third and fourth quarters historically have always been our strongest two quarters of the year.

The strongest two quarters of the year. So that repeated itself this year, we weren’t surprised by that result. When we take a look at the overall growth for the full year, we are still looking at a 15% to 20% overall, year over year growth – and when I say year over year growth, that’s the pro-forma growth. Since we acquired Rongheng July 1st, if we took a full year 2008, we would expect full year 2009 to be 15% to 20% higher. The same is true for Wanwei. What we are also trying to do is to weed out the lower margin products that we see at Rongheng and Wanwei to allow us to have, possibly slower revenue growth, but higher gross margins. David?

David Gao

Yes, I just [had] a very short note as the mentioning our strategy Ding Ding. We are trying to, you know, merge [inaudible] on the distribution side, because as you know, that is a low margin business and, I think, our key is trying to, you know, change the product to mix to adding more of our own products to the company, and [ways] of getting, you know, to increase the gross margins. We take over, for example, we take over Rongheng in the middle of last year; at that time the gross margin at the Rongheng is about 5% level. Actually, I think in the Q1 this year, the gross margin is increased, you know, 1.5% to 2.0%. So the gross margin is increasing. So we will continue the effort and try to control the top line growth, and also change the product mix for the [both] distribution companies.

Ding Ding

Great, thank you very much. Lastly if I may, for the in-license business, what’s your expectation for the top line growth this year? And also can you just review with us about the insurance coverage of your main products here?

David Gao

Let me answer this question. Obviously you may recognize our Q1 growth for Beijing Med-Pharm in-licensed business, that is about 17% which is actually low, it’s not as we – you know, because that is the new products – I think one of the reasons for that is, I think one significant reason for that is the Propess. The Propess sales – because in February, actually early this year vis-à-vis the Propess, from a 1.1 millimeter, that is the old product; and to a 0.8 millimeter.

So the switch of the product obviously caused some slowdown of the sales because, you know, the [in-court] authorities in the [inaudible] there is some delay for the product, but we are expecting – so we are going to continue to increase our growth rate as we move forward in the Q2 and Q3. They are still expecting, what we told the investors, we should be, you know, somewhere around 50% growth of Beijing Med-pharm business, especially with the Anpo and Propess, which we feel that is actually a business still in the early development stage.

Ding Ding

The insurance coverage situation, David, if you could share with us again?

David Gao

Insurance?

Ding Ding

Insurance coverage situation of your main products.

David Gao

Okay, actually the Anpo – right now the China developed an essential drugs list, as you know, Anpo was – actually Anpo is the first one in the essential drug list. However, this list is not finalized yet. Chinese government did not self conform this essential drugs list. As I know, it would be some delay until June. So that is what we know today.

Propess, actually we have no intention to put Propess in the essential drug list. As that is really a kind of a one time use, it’s not that price sensitive product.

Ding Ding

Do you expect a margin compression for Anpo if it’s included in EDL this year?

David

Not really, because as I mentioned, the Anpo doesn’t have really a kind of serious competitor in the market. So as long as we don’t have a serious challenge from the competitors, the price and the wars of the margin is going to stay.

Ding Ding

Okay. And overall what’s your expectation for the net margin for the in-licensed business for 2009?

Fred Powel

In-licensed business Ding Ding?

Ding Ding

In-licensed business, yes.

Fred Powel

We are still looking at the gross being in the 50% to 60% with some products being on the high end and some being on the low end but the gross being in the 50% to 60% range. Again it’s going to depend on the product mix.

David Gao

Again Ding Ding answer your question about the profitability. The Anpo actually, as I mentioned is going to be the same, just as giving the same range, like, you know, 75% to 80% range. Propess obviously we will have some improvement. I think the key is the scale, you know, once we increase our sales revenue, also the G and A [inaudible] is going to go down. Obviously we are going to have a continuing improvement with the bottom line.

Ding Ding

Great! Would you, in terms of net margin for the in-licensed business, would you say 1-2% would be fair?

David Gao

Honestly, it’s going to be higher, but I can not tell you the forward looking number.

Ding Ding

Okay, great. Thanks very much. Congratulations again.

David Gao

Thank you.

Operator

Your next question comes from the line of James Tong with Roth Capital. Please proceed.

James Tong

Hi David and Fred, congratulations.

Fred Powel

Thank you, James.

James Tong

So the top line growth, and it certainly looks very good; I just want to mention two things: one of them is that the notes receivable increased about 3 million, and the accounts receivable increased about 7.5 million. I just wanted, Fred, if you could comment on it, or David.

Fred Powel

Sure, no, I can take the lead on that. What happens in China is that it’s typically 108 plus terms for the AR and the notes have a maturity of six months or less. Both the fourth quarter of last year, first quarter of this year were the largest revenue quarters that we’ve seen. So as a result during those quarters, the outstanding balance increases. In the following quarters where the revenues are expected to be lower, we would expect to see the revenues and the notes receivables come down. But it’s really based upon days outstanding and when the revenues occur.

James Tong

Okay, thank you.

Operator

And your next question comes from the line of Chris O’Neal with Stumberg Asset Management. Please proceed.

Chris O’Neal

Hi David, hi Fred. How are you?

David and Fred

Good

Chris O’Neal

Just a quick question if I may. I f I look at the Cap-X of the 1st quarter, it seems to be kind of $1.6 million, $1.7 million which is a big step up from the first quarter, of last year which is for obvious reasons why. But just in time, I’m trying to think of uses of capital for this year. Is that a fair annualized rate or where there some one off items there in the 1st quarter and the actual annual number would be lower than the implied $6.5 million for the quarter?

Fred Powel

Well if you think about last year in the 1st quarter, it was probably just a partial quarter since we completed the acquisition in February of 2008 this was a full year. 1.8 represents capital products. Projects that were indeed budgets of debts and were known, so for the 1st quarter I was not surprised by that taking a look at the run rate I would expect we would see a similar but a run rail going forward for the rest of the year.

Chris O’Neal

Okay, okay thanks. And then just looking quickly and just for the gross margin at the OTC branded OTC segment I mean it was a huge step up in turning it 77 %. Is that a sustainable level going forwards given the current growth that you expect out of business?

Fred Powel

I think, we’re much more comfortable in the 75% or 70 to 75% we have 3 months in the quarter of this year we had full utilization of our plans compared to prior quarters so therefore there was , you know lower fixed cost being applied to the cost of goods sold and for unit basis. I would certainly expect that we would be able to maintain a mid 70 gross margin but I will not expect that we will continue to see the high 70% as in annual amount for 2009.

Chris O’Neal

O that’s great, thanks again and congratulations for the great quarter.

Fred Powel

Thanks Chris

Chris O’Neal

Thank you

Operator

Your next question is a follow up from the line of Katherine Luke with Oppenheimer, please proceed.

Katherine

Hi, thank you for taking my follow up question. Fred, basically I just want to better understand the costs and gains that occurred in Q1 related to debts. I guess it is the lat early extinguish of that is the one time item. And how should we be thinking about the gains on the derivative. I am wondering if you can give a little more details on that and also what are the packs rate associated with those items.

Fred Powel

Sure Katherine, no problem at all. Let me just go back a little and you will remember at the end of 2008 we made a decision at that time. That stands a portion of the $23 million debt that was coming due May 1st of 2009. And then the plan was to do an equity financing to follow up with that to pay off any remaining amount. So in January 2009, we exchanged $10.65 million of notes which were coming due on May 1st 2009. And there were new – we issued new notes which were convertible into common stock, interests bearing and have a maturity date of July 1st 2011. The conversion rate there was at $5 however, it was a very low conversion rate. If we were to issue additional equity or equity related notes or shares prior to a date on the 3rd quarter, on the conversion rate who needed to be adjusted downwards.

In February we completed the equity financing to about $3.6 million and that included warrants which were priced at $4 however, again the warrants were adjustable based upon the future of the logged price.

In March we exchanged additional $1 million in notes that were coming due in May 1st and issued additional new debt for $13.35 million at this point we also called the remaining $11.4 million in debt that was coming due May 1st of 2009. So we actually recalled in those notes and paid it off with the cash that we had received.

Looking at the financials, you need to be a CPA to appreciate this. I am going to try to appreciate it but the derivative liability and the mark to market accounting came about because of the January exchange notes and the warrants did not have a fixed conversion price. The conversion price had potential be adjusted downwards based on future activity or V-wap and that is really where the liability, the derivative liability as well as the gain came about at the end of the quarter.

In Q1, we were then able to fix the price of the notes at $3. It was based on fixing the price at $3 that resulted in the additional gain on the invented derivative, and what I mean by that, is when we actually set up the January notes it was based upon the note value as well a that conversion feature. Once we fixed the price in March that conversion feature was then revalued. The difference from January to March was the gain that we saw coming through the financial statement from about $1.7 million. The $4.6 million, in the early extinguishment of debt would be for the various debt transactions where we wrote off all of the existing discounts the issuance cost, discount cost as well as the value of the conversion feature that we entered into in January of this year.

Going forward, the only mark to market or derivative accounting we will have will be for the February warrants that were issued as part of the equity financing. The conversion price on those warrants were set at $4 however, there was also the opportunity to flow to flow downward to a V-Wap. That V-Wap will expire the 20th of May so, we will continue to see some impact in the 2nd quarter but after the 2nd quarter there will be, we will expect to have zero impact in any type of derivative liability for any early extinguishment or any mark to market accounting.

Katherine Lu

Okay, that’s very helpful

Fred Powel

But if you want to give me a call afterwards I can go into you know more details.

Katherine Lu

Absolutely, but I think the good news is I guess everything will be clear after 2nd quarter. So, I just want to ask what was the tax rate associated with those items?

Fred Powel

Well, the tax rate really doesn’t have an impact because those - the notes from the

equity are issued by the parent companies here in the US. Where we have a tax benefit or a tax expense really would be in China. So there was really no tax impact on the financials as the result of those transactions.

Katherine Lu

Okay I see, so there is no tax consequence associated with those items. The tax rate of this quarter came in a little bit higher, then I think the guidance, I’m just wondering how should we be thinking tax rate in a four year basis.

Fred Powel

I know in prior discussion I know we’ve looked at the tax rate that we have in China. In China we are not permitted to have a consolidated return so where we have the significant revenue and net income if Sandstone we have the 15% tax rate and the rest of the Chinese operations were at 25%. In the US where we have the notes unfortunately there is no benefits for having the loss because we are not allowed to you know there is no revenue on net income to offset that loss, going forward we will continue to see the tax rate for Sandstone at 15% and I think the guidance that’s out there is probably appropriate.

Catherine

Okay great thank you very much for the clarification.

Operator

Next is a follow up from the line of Ding Ding with SIG. Please proceed.

Ding Ding

Thank you for taking the follow up question. Just one more question on Sandstone business, my understanding is for Sandstone products currently the percentage of products that are on or expected to be on 2009 essential drug list or EDL is relatively low, can you just share with us what's your target for the EDL revenue contribution for Sandstone this year given the child health care reform and secondly we are under the impression that most products on EDL list will potentially experience price adjustments. A lot of them will be a downward adjusted by 15 to 20% that's what we are hearing out right now, do you expect that to be the case for one and two for the non-EDL OTC products do you expect any pricing pressure this year?

David Gao

In deed, actually so that's a very good question, yesterday we able to talk about it in more details because right now I mean I'm kind of short so yesterday I might have missed talking about this. The...our objective is not as I mentioned to you before is not trying to get into our products to put our products in the EDL, I think the key is actually the sandstone products is mostly the OTC products they would rather to keep the product out of the EDL you know list. However that is the number one that the EDL drug right now list issued by Chinese government that is not a final one, by latest the information as I mention they still keep changing, maybe they want to significantly reduce the number of the EDL drug list, that is what I heard, may be they want to significantly reduce by 50% so I think most of our products is not going to be on that list.

Number 2 I think actually as part of the China health care reforms there's another 2 insurance drug list facing insurance drug list that is beyond EDL, some of our products they may want to get into that drug list instead of essential drug list so protect our price I think we will have a very limited if that's not zero but is very limited the product is going to be in the EDL drug list so the surprising crush obviously I can now see that will be zero but however I think that we are at good position to deal with this kind of the new trends in the market.

Ding Ding

So you are saying getting into EDL is not financially attractive for you.

David Gao

Not, yeah you are right, absolutely.

Ding Ding

In terms of insurance coverage list, we understand there are two insurance coverage. One is national insurance coverage the other is provincial insurance coverage, which one were you referring to in terms of your efforts and what do you need to do to adjust your product portfolio to maximize the coverage situation?

David Gao

Actually right now we are working quite actively trying to get to the right now were doing in some of the province we have a thousand products under the to the provincial insurance drug list, obviously I think that is our more effort is working on the provincial level insurance policy.

Ding Ding

Provincial insurance coverage list is more attractive to you because you expect less price restriction or pricing adjustments?

David Gao

Yeah I think that is kind of more flexibility about the pricing

Ding Ding

Okay. Do you have a rough estimate as for what percentage of your products are currently OTC products are covered by provincial coverage or national coverage?

David Gao

I don't have the numbers in my head because that is a continuing work.

Fred Powel

And Ding Ding I can certainly get back to you on that one because we actually track down on a quarterly basis so we could certainly get back to you on that one.

Ding Ding

Great, thanks very much

David Gao

Okay

Operator

And you have no further questions.

David Gao

Okay if there is no further questions and we appreciate your taking time to be on our call today and for continuing to follow the company.

Operator

And thank you for participation in today’s conference, this concludes the presentation, you may now disconnect, have a good day.

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Source: BMP Sunstone Corporation Q1 2009 Earnings Call Transcript
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