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

h quarter of 2006. Operating expenses were 38.8% of total revenues in the fourth quarter of 2007, improved from 96.7% in the fourth quarter of 2006 due to efficiencies as the Company grows in scale.

Operating income was $4.9 million, compared with a loss of $532,262 in the fourth quarter of 2006. Operating margin was 38.9%, compared to negative 13.5% in the fourth quarter of 2006.

Provision for income taxes was $0.9 million in the fourth quarter of 2007, compared to $0.3 million in the same quarter of the previous year.

Net income for the fourth quarter of 2007 was $4.1 million, or $0.31 per diluted share, compared to loss of $1.0 million, or ($0.08) per diluted share, in the fourth quarter of 2006.

Full Year 2007 Results

For the full year 2007, total revenues were $49.3 million, up 148% from $19.8 million in 2006. Product sales increased 171% year-over-year to $36.3 million, or 74% of total revenues, and contract sales increased 104% year-over-year to $13.0 million, or 26% of total revenues, in 2007. Gross profit for the full year 2007 was $38.4 million, an increase of 159% from $14.8 million in 2006. Gross profit margin increased from 74.5% in 2006 to 77.8% in 2007. Operating income was $18.6 million, up 863% from $1.9 million in 2006. Operating margin was 37.7%, up from 9.7% in 2006. Net income for 2007 was $15.3 million or $1.15 per diluted share, compared to $0.6 million, or $0.05 per diluted share, in 2006.

Financial Condition

As of December 31, 2007, China Sky One had $9.2 million in cash and equivalents, approximately $15.4 million in working capital, and no debt. Stockholders' equity at December 31, 2007 was $32.2 million, a 125% increase over the $14.3 million recorded at December 31, 2006. The Company generated $11.6 million in net cash flow from operating activities in 2007, up from $5.2 million in 2006.

In February 2008, the Company completed a private placement of its common stock and warrants gen
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SOURCE China Sky One Medical, Inc.
Copyright©2008 PR Newswire.
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