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China Sky One Medical, Inc. Announces Record First Quarter 2008 Results

HARBIN, China, May 13 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical, Inc. (OTC Bulletin Board: CSKI) ("China Sky One" or "the Company"), a China based developer, manufacturer, marketer and international distributor of pharmaceutical, medicinal and diagnostic products, today announced record financial results for the first quarter ended March 31, 2008.

First Quarter 2008 Highlights as compared to First Quarter 2007

(All first quarter numbers are unaudited).

-- Total revenues increased 140% year to year to $12.4 million

-- Gross profit increased 136% in 2008 to $9.6 million

-- Gross margin remained stable at 77%

-- Operating income increased 154% to $4.9 million

-- Operating margin improved to 39% from 37% a year ago

-- Net income increased to $3.9 million, or $0.26 per diluted share, up

from $1.5 million, or $0.12 per diluted share in 2007

-- Filed an application to list its shares on the American Stock Exchange

-- Appointed four new independent directors

-- Established finance, executive, compensation and corporate governance

and nominating committees

-- Entered agreement to acquire Heilongjiang Tianlong Pharmaceutical, Inc.

("Tianlong") for $8.0 million in cash and stock

-- Completed a private placement financing generating $25 million in

gross proceeds

"We are very pleased to report a strong first quarter to start off 2008. We achieved significant growth in revenues, as we continued implementing our strategy of hiring direct territory managers and sales agents to further strengthen our distribution channels," said Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical, Inc. "We are continuing our research and development efforts in the areas of stem cell research and our cancer treatment drug Endothelin-1 and expect to begin clinical testing of eight biological testing kits in 2008. We also plan to market our AMI diag

SOURCE China Sky One Medical, Inc.
Copyright©2008 PR Newswire.
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