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China Sky One Medical, Inc. Announces Record Fourth Quarter and Fiscal Year 2008 Results
Date:4/15/2009

2008, compared to $0.9 million in the same period last year.

Net income for the fourth quarter of 2008 was $6.9 million, or $0.45 per diluted share, compared to net income of $4.1 million, or $0.25 per diluted share, in the fourth quarter of 2007.

Full Year 2008 Results

For the full year 2008, total revenues were $91.8 million, up 86.1% from $49.3 million in 2007. Product sales increased 137% year-over-year to $86.2 million, or 93.8% of total revenues, and contract sales decreased 56.5% year- over-year to $5.7 million, or 6.2% of total revenues, in 2008.

Gross profit for the full year 2008 was $69.4 million, an increase of 80.9% from $38.4 million in 2007. Gross profit margin was 75.6% in 2008 compared to 77.8% in 2007.

Operating income was $35.7 million, up 91.6% from $18.6 million in 2007. Operating margin was 38.8%, up from 37.7% in 2007.

Net income for 2008 was $28.9 million, or $1.87 per diluted share, compared to net income of $15.3 million, or $1.15 per diluted share, in the year 2007.

Financial Condition

As of December 31, 2008, China Sky One had $40.3 million in cash and equivalents, approximately $58.0 million in working capital, and no debt. Stockholders' equity at December 31, 2008, was $94.9 million, a 194.4% increase over the $32.2 million recorded at December 31, 2007. In 2008, the Company raised approximately $23.5 million in net proceeds under a January 2008 private placement of equity.

The Company generated $27.5 million in net cash flow from operating activities in 2008, up from $11.6 million in 2007.

Recent Events of 2009

In January, the Company qualified for a preferential income tax rate of 15%, versus the regular rate of 25%, when three of its wholly-owned subsidiaries -- Harbin Tian Di Ren Medical Science and Technology ("TDR"), Heilongjiang Tianlong Pharmaceutical
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SOURCE China Sky One Medical, Inc.
Copyright©2009 PR Newswire.
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