China Medical Technologies Reports Third Quarter Financi...(erprise under theNew Law is pending for ...),Health

Date:2/28/2008

erprise under the New Law is pending for the implementation by the relevant government authorities. Before the approval of hi-tech enterprise, the Company is required to pay income tax in accordance with the transitional income tax arrangement where the income tax rate is 18% in 2008. The transitional income tax rates increase gradually from 18% in 2008 to 25% in 2012.

Net income was RMB97.8 million (US$13.4 million) for 3Q FY2007, representing a 10.6% increase from the corresponding period of FY2006.

Adjusted net income excluding stock compensation expense and amortization of acquired intangible assets (non-GAAP) was RMB124.8 million (US$17.1 million) for 3Q FY2007, representing a 34.9% increase from the corresponding period of FY2006. The lower growth rate compared to net revenues was primarily due to convertible note expenses of RMB11.7 million (US$1.6 million), a decrease in interest income and an increase in effective income tax rate.

Stock compensation expense for 3Q FY2007 was RMB5.1 million (US$0.7 million), which was allocated to research and development expenses (RMB0.5 million) and general and administrative expenses (RMB4.6 million), respectively.

Amortization of acquired intangible assets for 3Q FY2007 was RMB21.9 million (US$3.0 million), which was allocated to cost of revenues.

As of December 31, 2007, the Company's cash balance was RMB950.3 million (US$130.3 million). Net operating cash flow for 3Q FY2007 was RMB109.7 million (US$15.0 million).

As of December 31, 2007, the Company's accounts receivable was RMB253.2 million (US$34.7 million), representing an increase of 11.4% from the balance at September 30, 2007. The accounts receivable turnover days improved to 115 days from 119 days in previous quarter.

For the convenience of readers, certain RMB amounts have been translated into U.S. dollars at the rate of RMB7.2946 to US$1.00, the noon buying rate in New York City for cable transfers of RMB per U.
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SOURCE China Medical Technologies, Inc. Copyright©2008 PR Newswire. All rights reserved

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