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

and operating margin was 35.8%.

Net income was $1.9 million in the second quarter of 2010, down 42.5% from $3.3 million in net income from the same period a year ago. Fully diluted earnings per share were $0.07 compared to fully diluted earnings per share of $0.13 in the second quarter of 2009. Excluding the non-cash, stock-based compensation, non-GAAP net income and fully diluted earnings per share for the second quarter of 2010 was $2.8 million and $0.10, respectively.

Financial Condition

As of June 30, 2010, Weikang Bio-Technology Group Co., Inc. had $20.5 million in cash and cash equivalents, $20.3 million in working capital and $13.4 million in total liabilities. Net cash provided by operating activities for the first six months of 2010 was $7.2 million. Shareholders' equity stood at $34.2 million, up from $23.4 million at year end 2009.

Six Months Financial Results

Revenue for the first six months of fiscal 2010 was $24.5 million, up 5% from $23.3 million in the same period a year ago. Gross profit was $14.4 million, up 13.3% from gross profit of $12.7 million for the first six months of fiscal 2009. Gross margin was 59.0% compared to 54.7% for the comparable period a year ago. Operating income was $9.2 million, up slightly from $9.1 million in the first six months of fiscal 2009. Adjusting for $1.9 million in non-cash, stock-based compensation, non-GAAP operating income was $11.1 million. Net income was $6.5 million, down 10.0% from $7.2 million in the same period a year ago. Fully diluted earnings per share were $0.23 compared to $0.28 in the first six months of fiscal 2009. Excluding the non-cash, stock-based compensation, non-GAAP net income and fully diluted earnings per share for the first six months of 2010 was $8.3 million and $0.30.

Recent Events

Mr. Baolin Sun was appointed as
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SOURCE Weikang Bio-Technology Group Co., Inc.
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