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

requiring a weighted average adjustment to the exercise price if the Company issues certain types of securities at a price below the Warrant exercise price. As a result, the Company is reclassifying its Warrants as a derivative liability, instead of as equity instruments, and is recognizing the quarterly change in the fair value in the consolidated statement of operations and comprehensive income. The Company has retained an independent third party to calculate the fair value of the Warrants at the date of adoption of ASC 815-40 in January 2009 and for each quarter since then through March 31, 2010.

Marking-to-market the quarterly change in the fair market value of the Warrants will result in a non-cash, non-operating expense or gain to the Company's GAAP net income results going forward. The change in the fair value of the Warrants, a below the operating line item, is the sole issue delaying the filing of the Company's Form 10-Q for the three months ended March 31, 2010 and the amendment of the Form 10-K for the 12 months ended December 31, 2009. Based on the Company's assessment of materiality, the Company believes that its previously filed Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2009, June 30, 2009 and September 30, 2009 will not require restatement.

The Company's reported 2009 income from operations of $46.3 million and cash flow from operations of $33.4 million will not be affected by the restatement. The Company expects to restate 2009 GAAP net income to include a non-cash charge of estimated $4.5 to $5.5 million to reflect a change in the fair value of the Warra
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SOURCE China Sky One Medical, Inc.
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