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

ney">$3.5 million, or 34% of total sales. Revenue for the quarter was adversely impacted due to the harsh rainfall in southern and central China which caused extreme flooding as well as an unusually high level of humidity in Harbin which impacted distribution as well as operations. Both conditions have improved considerably and operations have resumed to their regular production level.

Gross profit for the quarter decreased 13.7% to $6.1 million from 7.1 million in the same period of 2009. Gross margin for the second quarter of 2010 was 58.3% compared to 53.7% in the second quarter of 2009. The increase in gross margin over the previous year period is the result of an increase of the percent of total sales of the Company's higher margin products.

Operating expenses were $3.3 million or 31.1% of sales, compared to $3.0 million or 22.5% of sales in the second quarter of 2009. The increase in operating expenses was attributable to an increase in transportation expense due to the disruption in transportation as a result of the harsh weather conditions. The Company also recognized $900,485 in non-cash, stock-based compensation expenses that it did not incurred in the comparable period a year ago. Adjusting for the non-cash, stock-based compensation, operating expenses were $2.4 million or 22.5% of total sales. The non-cash, stock-based compensation relates to the private placement done on January 20, 2010 and associated investor relation expense as well as compensation to four Directors and a key employee. The Company has recorded $2.6 million as total deferred compensation.

Operating income for the second quarter was $2.9 million, down 30.8% from $4.1 million in the second quarter of 2009. Operating margin was 27.2% compared to 31.3% in the same period a year ago. Adjusting for the previously mentioned non-cash, stock-based compensation, non-GAAP operating income was $3.8 million in the second quarter of 2010
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SOURCE Weikang Bio-Technology Group Co., Inc.
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