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Weikang Bio-Technology Announces Fiscal 2010 Financial Results

HARBIN, China, March 22, 2011 /PRNewswire-Asia-FirstCall/ -- Weikang Bio-Technology Group Co., Inc. (OTC QB: WKBT) ("Weikang" or the "Company"), a leading developer, manufacturer and marketer of Traditional Chinese Medicine (TCM), Western prescription and OTC pharmaceuticals and other health and nutritional products in the People's Republic of China, today announced its financial results for the fiscal year ended December 31, 2010.

Fiscal 2010 Financial Highlights

  • Revenues generated in fiscal 2010 increased 57.0% to $74.6 million, up from $47.5 million in 2009.
  • Gross profit was $45.0 million, an increase of 74.2% compared to $25.8 million in fiscal 2009. Gross margin was 60.4% and 54.4% in fiscal 2010 and 2009, respectively.
  • Operating income in fiscal 2010 was $33.7 million, an increase of 68.5% compared to $20.0 million in 2009. Operating margin was 45.2% and 42.1% in fiscal 2010 and 2009, respectively.
  • Adjusted* net income for fiscal 2010 was $28.3 million, an increase of 81.3% from GAAP net income of $15.6 million in 2009.
  • GAAP net income for fiscal 2010 increased 56.5% to $24.4 million, compared to $15.6 million in 2009.
  • Adjusted* fully diluted earnings per share ("EPS") for fiscal 2010 was $0.95, an increase of 53.2% from fully diluted EPS of $0.62 in 2009.
  • GAAP diluted EPS was $0.87 for fiscal 2010, up 40.3% from diluted EPS of $0.62 in 2009.

  • Fiscal 2010 Financial SummaryFiscal 2010 ResultsFY 2FY 2009ChangeNet Sales$74.6 million  

    $47.5 million57.0%Gross Profit$45.0 million  

    $25.8 million74.2%Adjusted* Net Income

    $28.3 million


    81.3%**GAAP Net Income$24.4 million  

    $15.6 million56.5%Adjusted* Diluted EPS



    53.2%**GAAP Diluted EPS

    $0.87$0.6240.3%* 2010 net income adjusted for $3.88 million non-cash stock-based compensation expenses.

    **Annual percentage c

    SOURCE Weikang Bio-Technology Group Co., Inc.
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