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

uted earnings per share were $0.05 in the second quarter of 2006. During the quarter, Skystar recognized non-cash interest expenses related to the debenture interest payment and warrants totaling $622,730. The company did not incur these expenses in the second quarter of 2006.

Adjusting net income to exclude non-cash debt financing and other expenses related to the Company's debenture interest payment and warrants, non-GAAP net income for the second quarter of 2007 was up 59.5% to $771,041 from $483,343 in the second quarter of 2006. Adjusted non-GAAP profit margin was 22.8% compared to 17.5% in the same quarter a year ago. Adjusted non-GAAP fully diluted earnings per share were $0.04 compared to fully diluted earnings per share of $0.05 in the second quarter of 2006.

Six Month Results

Revenues for the first half of 2007 were $4.7 million, up 26% from $3.8 million during the first half of 2006. Gross profit was $2.6 million, or 56% of revenues, up 52% from $1.7 million, or 46% of revenues, in the first half of 2006. Operating income was $1.1 million, or 23% of revenues, up 31% from $829,916, or 22% of sales, in the first half of 2006. Net loss for the first half of 2007 was $222,409, or ($0.26) per diluted share, compared to net income of $637,235, or $0.07 per diluted share, in the same period a year ago. Fully diluted earnings per share for the first six months reflect the one-time non-cash conversion expense of the convertible debentures. Adjusting net income to exclude non-cash debt financing and other expenses related to the Company's convertible debentures and warrants of $755,524, non-GAAP net income was $533,116 million, or $0.03 per fully diluted share, in the first six months of 2007.

Financial Condition

As of June 30, 2007, Skystar Bio-Pharmaceutical had $2.9 million in cash and restricted cash, total liabilities of $2.8 million and working capital of $3.9 million. Shareholders' equity increased to $15.0 million from $9.7 mil
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SOURCE Skystar Bio-Pharmaceutical Co.

Copyright©2007 PR Newswire.

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