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China Sky One Medical, Inc. Announces Record First Quarter 2009 Results
Date:5/14/2009

its products and the development of patents to generate continued sales growth.

Operating income was $9.1 million for the first quarter of 2009, representing an 84.5% increase from $4.9 million in the first quarter of 2008. Operating margin was 36.4%, compared to 39.1% in the first quarter of 2008.

Provision for income taxes was $1.8 million in the first quarter of 2009, compared to $1.0 million in the same period last year.

Net income for the first quarter of 2009 was $7.2 million, or $0.43 per diluted share, compared to net income of $3.9 million, or $0.26 per diluted share, in the first quarter of 2008. Diluted earnings per share was calculated using a weighted average share count of 16.7 million in the first quarter of 2009, compared to 14.9 million a year ago.

Financial Condition

As of March 31, 2009, China Sky One had $48.8 million in cash and cash equivalents, approximately $65.9 million in working capital, and no debt. Stockholders' equity at March 31, 2009, was $102.3 million, a 7.8% increase over the $94.9 million recorded at December 31, 2008.

The Company generated $8.5 million in net cash flow from operating activities in the first quarter of 2009, up from $5.2 million in the corresponding period of 2008.

The Company is currently constructing a new corporate headquarters which will be completed in 2009 at an additional estimated cost of approximately $5 million. The Company plans to fund the project using internally generated funds.

Recent Events

On April 23, 2009, the Company announced that it obtained approvals from the State Food and Drug Administration (SFDA) in China for the production of Geranium ointment and Musk liniment for pain relief. The two products are estimated to contribute $0.8 million to revenues in 2009 and potentially much more in 2010.

As of May 4, 2009, the Research &a
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SOURCE China Sky One Medical, Inc.
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