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China Sky One Medical, Inc. Announces Record Fourth Quarter and Fiscal Year 2007 Results
Date:4/2/2008

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2007 2006

Cash flows from operating activities

Net Income $ 15,332,945 $ 624,415

Adjustments to reconcile net cash provided by

operating activities

Depreciation and amortization 443,063 246,556

Share-based compensation expense 235,468 2,878,031

Preferential conversion feature of note -- 177,803

Net change in assets and liabilities

Accounts receivables and other receivables (7,478,964) (1,994,678)

Inventories (73,142) 105,655

Construction in progress -- 2,517,215

Prepaid expenses and other 93,463 (87,979)

Accounts payable and accrued liabilities 1,963,542 101,698

Related party payable -- (18,540)

Wages payable 102,534 141,776

Welfare payable 70,280 45,056

Taxes payable 960,170 433,419

Deferred revenue (47,879) 12,112

Net cash provided by operating activities 11,601,480 5,182,539

Cash flows from investing activities

Purchases of fixed assets (2,222,448) (3,022,448)

Land deposit (8,003,205) --

Purchase of intangible assets (35,280) (1,574,059)

Net cash used in investing activities (10,260,933) (4,596,507)

Cash flows from financing activities

Sale of common stock for cash -- 2,715,000

Issuance of convertible notes -- 200,000

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SOURCE China Sky One Medical, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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