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

the year was $30.0 million, an increase of 38.3% from $21.7 million the prior year. Gross margin was 70.9% in fiscal 2008, unchanged from fiscal 2007. The Company continues to expect gross margin of around 70% during the 2009 fiscal year.

Operating expenses were $11.7 million in fiscal 2008, compared to $6.8 million a year ago. The increase primarily resulted from the rapid expansion of the Shining retail network and additional administrative and research expenses, including costs associated with new product development and construction of the new bulk additives facility.

Full-year operating income increased 22.7% to $18.3 million from $14.9 million in fiscal 2007. Operating margin was 43.3% in fiscal 2008, compared to 48.8% the prior year.

Other income was $4.2 million, up from $0.2 million in fiscal 2007. 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 notes.

Net income for the 2008 fiscal year was $17.5 million. Excluding the book gain associated with the change in the fair value of convertible notes, net income was $14.2 million, an increase of 30.0% from a year ago.

Diluted earnings per share were $0.80 calculated on a weighted average basis, compared with $0.64 per diluted share during the 2007 fiscal year. The calculation of diluted earnings per share for 2008 assumes full conversion of the convertible bonds and thus excludes the gain from the change in fair value of the bonds.

Financial Condition

As of March 31, 2008, the Company had cash and cash equivalents of $64.3 million and working capital of $53.1 million. The increase in cash resulted in part from the private placement of $25 million of the Company's convertible notes in December 2007. In fiscal 2008, China-Biotics generated $19.4 million in cash flow from operations and recorded $10.3 million in capital expenditures for the purchase
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SOURCE China-Biotics, Inc.
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