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China-Biotics, Inc. Reports Fourth Quarter and Full Year Fiscal 2008 Financial Results
Date:7/10/2008

ations costs for new retail stores and increased salary expense stemming from new hires to support the Company's expansion.

Operating income increased 26.3% to $4.9 million from $3.9 million the prior year, while operating margin declined to 38.4% from 46.1% a year ago.

Other income was $4.4 million, up from other expense of $0.3 million a year ago. The increase largely resulted from a $3.4 million book gain recorded in the fourth quarter of 2008 related to the change in the fair value of the Company's convertible bonds.

Net income for the fourth quarter of the 2008 fiscal year was $8.0 million. Excluding the book gain associated with the revaluation of the convertible bonds, net income was $4.6 million, up 62.4% from $2.8 million a year ago.

Diluted earnings per share were $0.26 calculated on a weighted average basis, compared with $0.17 per diluted share in the fourth quarter of fiscal 2007. The calculation of diluted earnings per share for the fourth quarter of 2008 assumes full conversion of the convertible bonds and thus excludes the gain from the change in fair value of the bonds.

Fiscal Year 2008 Results

For the 2008 fiscal year, net sales were $42.3 million, up 38.3% from $30.6 million in fiscal 2007. The sales increase was attributed to increased sales volume and increases in average selling prices because of a change in the sales mix. Shining Essence, the Company's best-selling product, accounted for 48.6% of sales during the year, compared with 61.6% during the prior year. Newly launched products, including Shining Essence Stomach Protection Capsules, Shining Probiotics Protein Powder and other products, accounted for 13.6% of total sales during the year ended March 31, 2008, compared to 1.9% during the prior year. The Company's Shining-branded retail stores helped to promote new products by precisely targeting existing regular customers who had benefited from taking probiotics products.

Gross profit during
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SOURCE China-Biotics, Inc.
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