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Weikang Bio-Technology Announces Fiscal 2010 Financial Results
Date:3/22/2011

y due to a decrease in cost of goods sold as a percentage of sales from 45.6% in 2009 to 39.6% in 2010. Gross profit was $45.0 million for the year ended December 31, 2010, compared to $25.8 million for 2009, representing gross margins of 60.4% and 54.4%, respectively. The increase in gross margin was attributable to strict cost control procedures and improved economies of scale.

Operating IncomeTotal operating expenses were $11.3 million in 2010, compared to $5.9 million in 2009. The increase of 93.6%, or $5.5 million, was mainly attributable to increased promotional, marketing, and advertising expenses for new products; non-cash stock-based compensation expenses of $3.88 million; and R&D expenses of $2.54 million related to licorice flavonoid extraction technology. Income from operations totaled $33.7 million in 2010, an increase of 68.5% or $13.7 million, as compared to $20.0 million in 2009.

Net IncomeNet income for fiscal 2010 was $24.4 million, compared to $15.6 million for 2009, an increase of 56.5% or $8.8 million. The increase was mainly attributable to the increase in revenues, improvement in gross margin due to cost control measures, and other reasons set forth above. The Company generated basic and diluted EPS of $0.87, an increase of 40.3% from basic and diluted EPS of $0.62 in 2009.

About Weikang Bio-Technology Group Co., Inc.Weikang Bio-Technology Group Co., Inc. is principally engaged in developing, manufacturing and distributing Traditional Chinese Medicine (TCM), and health and nutritional supplements in China, in compliance with requisite Chinese licenses and approvals. The Company is also expanding its business scope to develop, manufacture and distribute Chinese herbal extract products and GMP-certified western prescription and OTC pharmaceuticals through its acquisition of Tianfang Pharmaceutical Co., Ltd. For more information, please visit http://www.weikang
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SOURCE Weikang Bio-Technology Group Co., Inc.
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