HARBIN, China, April 15 /PRNewswire-Asia-FirstCall/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") (Nasdaq: CSKI), a leading fully integrated pharmaceutical company producing over-the-counter drugs in the People's Republic of China ("PRC"), today announced record financial results for the fourth quarter and fiscal year ended December 31, 2008.
Fourth Quarter 2008 Highlights -- Total revenues increased 104.0% year-over-year to $26.0 million -- Gross profit increased 95.2% year-over-year to $19.3 million -- Operating income increased 80.4% to $8.9 million from $4.9 a year ago -- Net income increased 68.8% year-over-year to $6.9 million, or $0.45 per diluted share Full Year 2008 Highlights -- Total revenues increased 86.2% to $91.8 million -- Gross profit increased 80.9% to $69.4 million -- Operating income increased 91.6% to $35.7 million -- Net income increased 88.2% to $28.9 million, or $1.87 per diluted share -- Common shares began trading on the NASDAQ Global Market under the symbol "CSKI" on September 15, 2008 -- Completed the acquisitions of Heilongjiang Tianlong Pharmaceuticals Inc., Heilongjiang Haina Pharmaceuticals Inc., and Peng Lai Jin Chuang Pharmaceutical Company -- Received SFDA final approval for 19 drugs -- Reached an agreement to acquire a proprietary breast drug from Harbin Medical University
"We are happy to report another quarter of excellent results and a very
strong year filled with many accomplishments. We achieved record financial
performance in 2008 with significant increases in revenue and net income as we
successfully executed our business strategy and made solid progress in
establishing ourselves as a leading pharmaceutical company in China," said Mr.
|SOURCE China Sky One Medical, Inc.|
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