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China Sky One Medical Announces Preliminary First Quarter 2010 Results; Reschedules Earnings Conference Call
Date:5/10/2010

es that application of the new accounting standard in question is required," said Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical. "I want to emphasize that the pending 2009 restatement is solely related to the non-cash, non-operating charge related to change in the valuation of the Warrants and will have no impact on our previously reported income from operations or cash flow."

Preliminary First Quarter 2010 Results

Based on unaudited preliminary information, the Company expects first quarter results to be as follows:

    -- Revenue growth of approximately 17% to approximately $28.9 million,
    -- Income from operations rose 11% to approximately $10.1 million, and
    -- Comprehensive income of between $12.1 million and $13.1 million,
       including a preliminary, estimated non-cash gain of $4.5 million to
       $5.5 million on change in the fair value of the Warrants, as compared
       to $7.4 million for the three month period ended March 31, 2009.

Change in Accounting Standard

On January 1, 2009, Accounting Standards Codification (ASC) 815-40, "Derivatives and Hedging - Contracts in Entity's Own Equity," formerly Emerging Issues Task Force Issue No. 07-05, "Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity's Own Stock," became effective. ASC 815-40 provided new guidance for determining whether equity linked financial instruments are indexed to a Company's own stock and, as a result, whether those contracts should be marked-to-market each period. The Company recently completed an assessment and believes its Warrants issued under the January 31, 2008 private placement memorandum are within the scope of ASC 815-40 due to a Warrant provision (containing a reset feature)
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SOURCE China Sky One Medical, Inc.
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