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Skystar Bio-Pharmaceutical Announces Second Quarter 2007 Results
Date:8/19/2007

econd quarter of 2007 was 58.2% compared to gross margin of 45.5% in the comparable quarter a year ago. Gross margin for the quarter benefited from the decline in the cost of raw materials for microorganisms and feed additives as well as the production of higher margin new veterinary medicines. The new veterinary medicines have an average gross margin greater than 50%. Skystar expects gross margin to remain in the range of 55%-60%.

Research and development costs were $75,225, or 2.2% of revenue, in the second quarter of 2007 compared to $85,747, or 3.1% of revenue, in the same period a year ago. Skystar's research and development efforts are dedicated to launching new products and developing new technologies to reduce the cost of raw materials.

Selling expenses in the second quarter of 2007 were $148,139, or 4.4% of revenue, compared to $75,574, or 2.7% of revenue, in the same period a year ago. The increase in selling expenses is primarily the result of enhanced marketing and advertising efforts. Skystar expects that selling expenses will

remain at 5%-8% of revenue for the remainder of 2007 as the Company continues to aggressively market its products.

General and administrative ("G&A") expenses were $405,071, or 12.0% of revenue, in the second quarter of 2007, up from $104,835, or 3.8% of revenue, in the second quarter 2006. The increase in G&A expenses reflects professional fees and associated costs of being a U.S. publicly traded company.

Income from operations for the second quarter of 2007 was $1.2 million up 90.0% from $648,651 in the second quarter of 2006. Operating margin for the quarter was 36.5% compared to operating margin of 23.5% in the second quarter of 2006.

Net income for the second quarter of 2007 was $148,311 compared to net income in the second quarter of 2006 of $483,343. Fully diluted earnings per share for the quarter of ($0.22) reflect the non-cash conversion expense of the convertible debentures. Fully dil
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SOURCE Skystar Bio-Pharmaceutical Co.

Copyright©2007 PR Newswire.

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