For the quarter, net income was $10.5 million, an increase of 85% from $5.7 million in the prior year. Excluding the $2.7 million non-cash fair value gain related to the convertible notes, adjusted net income was $7.8 million, up 81% from adjusted net income of $4.3 million in the same quarter of the prior year.
Diluted earnings per share were $0.32 up 45% from $0.22 per diluted share a year ago. The calculation of diluted earnings per share for both periods assumes full conversion of the Company's convertible notes and thus excludes the gain of $2.7 million and $1.4 million, respectively, related to the change in fair value of the notes.
Nine Month Results
Net sales for the first nine months of the 2010 fiscal year were $55.9
million, up 44% from $38.7 million in the same period the prior year. Gross
profit was $39.6 million, or 71% of sales, up 45% from gross profit of $27.4
million, or 71% of sales, in the first nine months of fiscal 2009. Operating
income was $24.5 million, or 44% of sales, an increase of 52% from $16.1
million, or 42% of sales, t
|SOURCE China-Biotics, Inc.|
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