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China-Biotics, Inc. Reports Third Quarter 2008 Financial Results
Date:2/13/2008

As of December 31, 2007, the Company had 27 retail outlets in operation, compared to nine stores during the year-ago period.

Operating income increased 24.1% to $5.7 million from $4.6 million a year ago. Operating margin was 48.1%, compared to 52.8% during the same quarter of fiscal 2007. During the quarter, the Company incurred a foreign currency conversion loss of $0.4 million, which was included in other expenses. The loss arose on the conversion of dollars into Renminbi for the capitalization of the Company's subsidiary. This is not expected to recur.

For the third quarter of fiscal 2008, net income was $4.0 million, or $0.23 per diluted share, an increase of 12.3% from $3.6 million, or $0.21 per diluted share, in the same period the prior year. Diluted earnings per share for fiscal 2008 include shares that may be issued on conversion of the $25 million in convertible notes issued in December 2007.

Nine-Month Results

Net sales for the first nine months of fiscal 2008 were $29.3 million, up 31.6% from sales of $22.2 million a year ago. Gross profit was $21.2 million, or 72.5% of sales, up 35.1% from $15.7 million, or 70.7% of sales, in the first nine months of fiscal 2007. Operating income was $13.4 million, or 45.9% of sales, up 21.4% from operating income of $11.1 million, or 49.8% of sales, in the same period of the prior year. For the first nine months of the 2008 fiscal year, net income was $9.6 million, or $0.55 per diluted share, up 18.5% from $8.1 million, or $0.47 per diluted share, in the same period of fiscal 2007. Diluted earnings per share for fiscal 2008 include shares that may be issued on conversion of the $25 million in convertible notes issued in December 2007.

Financial Condition

As of December 31, 2007, the Company had cash and cash equivalents of $59.1 million and working capital of $49.6 million. The increase in cash resulted from the private placement of $25 million of the Company's convertible not
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SOURCE China-Biotics, Inc.
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