China Medical Technologies Reports FY2008 Fourth Fiscal Quarter and Full Year Unaudited Financi...(y has reduced the gain on the sale of th...),Health

Date:9/1/2009

y has reduced the gain on the sale of the HIFU Business recorded in December 2008 by deferring approximately US$15.5 million of the gain in accordance with GAAP. This accounting treatment does not indicate any agreement of the Company to Chengxuan's request for compensation. The Company seeks to come up with a fair and acceptable solution to both parties. As such, the outcome may be different from the current estimate, and accordingly the amounts that are recorded in our consolidated financial statements for the year ended March 31, 2009 to be included in our annual report on Form 20-F, might be lower than US$15.5 million.

Non-GAAP Measure Disclosures

To supplement its consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company uses non-GAAP measures of income from continuing operations and earnings from continuing operations per ADS, which are adjusted from the results based on GAAP to exclude the impact of stock compensation expense, amortization of acquired intangible assets and acquired IPR&D charge. Non-GAAP financial measures are used by the Company in their financial and operating decision-making because management believes they reflect the Company's ongoing business in a manner that allows meaningful period-to-period comparison. The Company's management believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does, if they so choose. The Company's management also believes the non-GAAP financial measures are useful for itself and investors because it makes more meaningful comparisons of the Company's current results of operations to those of prior periods.

The presentation of this additional financial information is not intended to be c
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SOURCE China Medical Technologies, Inc. Copyright©2009 PR Newswire. All rights reserved

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