-- Expects Revenue of $88 to $90 Million and Net Income of $27 to $28
HARBIN, China, Sept. 25 /Xinhua-PRNewswire-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 that it has increased its revenue and earnings guidance for the full-year 2008 period.
China Sky One Medical raised its full-year 2008 revenue guidance to $88- $90 million, up from its prior guidance of $81-$83 million, previously announced on August 12, 2008. In addition, the Company now estimates that full-year 2008 net income will be in the range of $27-$28 million, up from its previous estimate of $25.9-$26.6 million. China Sky One Medical expects 2008 gross margin to be approximately 77%. The Company's previous estimate for 2008 gross margin was 78.5%.
The increase in the Company's 2008 financial estimates is primarily due to strong results from an advertising campaign for its products that was launched in the second quarter, as well as expected contributions from acquisitions made in 2008. The Company recently started production at Peng Lai Jin Chuang Company ("Jin Chuang"), a newly established pharmaceutical company acquired in June. While Jin Chuang is expected to have a positive impact on 2008 results, it will take time for the Company to ramp up its manufacturing capacity and optimize efficiency in order to achieve large scale production. The Company is also increasing its level of R&D spending in the second half of 2008 to support its growing new product pipeline.
"Our business continues to perform well, and
|SOURCE China Sky One Medical, Inc.|
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