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

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HARBIN, China, Aug. 16 /PRNewswire-Asia-FirstCall/ -- Weikang Bio-Technology Group Co., Inc. (OTC Bulletin Board: 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 fiscal 2010 second quarter results for period ended June 30, 2010.

Second Quarter Highlights -- Revenue was $10.5 million -- Gross profit was $6.1 million with gross margin of 58.3% -- Net Income was $1.9 million with fully diluted earnings per share of $0.07 -- Adjusting for non-cash, stock-based compensation of $0.9 million, non- GAAP net income was $2.8 million and non-GAAP fully diluted earnings per share was $0.10

"During the second quarter we experienced severely harsh weather which disrupted business operations and impacted our sales. In early May, 2010, the southern and central region of China experienced an unusual amount of heavy rainfall resulting in extreme flooding and high humidity. This extreme weather caused disruption to transportation in the region which in turn prompted a portion of our sales to be postponed," commented Dr. Ying Wang, Chairman & CEO of Weikang Bio-Technology Group Co., Inc. "However, we are pleased to note that the majority of the problems caused by the extreme weather have been resolved and with our strong product offering as well as new therapeutics to be launched this year, we are looking forward to return to healthy revenue and net income growth for the rest of 2010."

Revenue for the second quarter of 2010 was $10.5 million, down 20.5% from revenue of $13.2 million in the second quarter of 2009. Revenue from Tianfang was $7.0 million, or 66% of total sales, and revenue from WeiKang was

SOURCE Weikang Bio-Technology Group Co., Inc.
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