Mindray Medical International Announces Third Quarter 20...(d quarter 2007 was RMB154.6 million (US$...)

Date:11/1/2007

d quarter 2007 was RMB154.6 million (US$20.6 million), representing a 59.5% increase from RMB96.9 million in the third quarter 2006. Non-GAAP operating margins were 30.1% in the third quarter 2007, compared to 29.4% in the third quarter 2006 and 32.5% in the second quarter 2007. GAAP operating margins were 27.0% in the third quarter 2007 compared to 26.9% in the third quarter 2006 and 29.1% in the second quarter 2007.

The company noted the increase in non-operating income during the third quarter 2007 was largely due to unrealized marked-to-market gains from foreign exchange appreciation.

Net Income

Third quarter 2007 non-GAAP net income increased 71.5% year-over-year to RMB172.1 million (US$23.0 million) from RMB100.4 million in the third quarter 2006. Third quarter 2007 GAAP net income was RMB154.8 million (US$20.7 million) compared with RMB91.0 million in the third quarter 2006. Non-GAAP net margins were 30.0% in the third quarter 2007, from 27.8% in the third quarter 2006 and 31.1% in the second quarter 2007. GAAP net margins were 27.0% in the third quarter 2007 compared to 25.2% in the third quarter 2006 and 27.9% in the second quarter 2007. Third quarter 2007 income tax expense was RMB25.1 million (US$3.4 million), representing an effective tax rate of 14.0% compared to 6.6% effective tax rate in the third quarter 2006, or an increase of 289.2% from the third quarter 2006. GAAP net income for the first nine months of 2007 was RMB433.7 million (US$57.9 million) compared to RMB255.8 million in same period of 2006, a year-over-year increase of 69.5%.

Third quarter 2007 basic and diluted non-GAAP earnings per share were RMB1.61 (US$0.22) and RMB1.52 (US$0.20), respectively. Third quarter 2007 GAAP basic and diluted earnings per share for the quarter were RMB1.45 (US$0.19) and RMB1.37 (US$0.18), respectively. Shares used in the computation of diluted earnings per share increased from 96.9 million in the third quarter 2006 to 113.0 million in
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SOURCE Mindray Medical International Limited Copyright©2007 PR Newswire. All rights reserved

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