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Weikang Bio-Technology Reports Second Quarter 2010 Financial Results
Date:8/16/2010

ting income, net 34,477 488,096 18,723 244,542 Income before income tax 11,135,417 9,626,405 3,775,653 4,372,541 Income tax 2,798,867 2,438,475 957,758 1,038,216 Net income 8,336,550 7,187,930 2,817,895 3,334,325 Basic and diluted weighted average shares outstanding 27,692,734 25,268,474 28,021,751 25,306,723 Basic and diluted net earnings per share $0.30 $0.28 $0.10 $0.13 WEIKANG BIO-TECHNOLOGY GROUP CO., INC RECONCILIATION OF NON- GAAP FINANCIAL MEASURES FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2010 Net Income Diluted Net Income Diluted Net Income (Loss) and Diluted EPS EPS EPS Adjusted Amount Non-GAAP $2,817,895 $0.10 $8,336,550 $0.30 Adjustments Compensation adjustment (1) 857,170 0.03 1,769,180 0.064 Stock-based compensation adjustment (2) 43,315 0.00 108,515 0.003 Amount per consolidated statement of operations 2,130,745 0.07 6,458,855 0.23 (1) Non cash compensation expense in connection with the private placement done on January 20, 2010 and associated investor relation expense, the Company recorded $2.4 million total as deferred compensation. (2) Amortized stock-based compensation issued to a key employee and four Directors. WEIKANG BIO-TECHNOLOGY GROUP CO, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) SIX MONTHS ENDED JUNE 30, 2010 2009 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $6,458,855 $7,187,930 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 599,057 587,162 Stock issued for consulting expenses 65,200 127,500 Deferred compensation 1,812,494 -- Changes in deferred tax (178,885) (50,671) (Increase) decrease in current assets: Accounts receivable -- (73,178) Advances to suppliers and other receivables (124,277) (49,501) Inventory (755,128) (275,882) Increase (decrease) in current liabilities: Accounts payable 927 -- Unearned revenue (11,721) (219,533) Other payables 109,948 5,296 Taxes payable (743,596) 364,740 Net cash provided by operating activities 7,232
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SOURCE Weikang Bio-Technology Group Co., Inc.
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