Operating expenses during the quarter were $4.3 million, or 37.0% of sales, compared to $2.6 million, or 33.9% of sales, a year ago.
Operating income for the quarter was $3.8 million, compared to $3.0 million a year ago.
Other income of $2.0 million in the second quarter of 2009 consisted of a $1.9 million book gain related to the change in the fair value of the $25 million convertible notes issued in December 2007.
Net income for the second quarter was $4.5 million. Excluding the $1.9 million gain on the revaluation of the convertible notes, net income was $2.6 million, up 30.4% from $2.0 million during the same quarter a year ago.
Diluted earnings per share were $0.13, calculated on a weighted average basis, compared with $0.11 per diluted share in the second quarter of fiscal 2008. The calculation of diluted earnings per share for the second quarter of 2009 assumes full conversion of the convertible notes and thus excludes the gain from the change in fair value of the notes.
Six Month Results
Net sales for the first six months of fiscal 2009 were $22.9 million,
up 31.9% from $17.3 million in the same period the prior year. Gross profit
was $16.1 million, or 70.6% of sales, up 29.4% from gross profit of $12.5
million, or 72.0% of sales, in the first half of fiscal 2008. Operating
income was $8.1 million, or 35.4% of sales, up 5.1% from operating income
of $7.7 million, or 44.4% of sales, the prior year. Net income for the
first six months of fiscal 2009 was $7.7 million, or $0.37 per diluted
share, up from $5.5 million, or $0.
|SOURCE China-Biotics, Inc.|
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