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China Sky One Medical, Inc. Announces Record Third Quarter 2008 Results
Date:11/10/2008

ompany's existing portfolio. Production at Jin Chuang, which commenced manufacturing on October 14, is progressing smoothly and according to the Company's schedule.

Third Quarter 2008 Results

Total revenue for the third quarter of 2008 increased 77.1% to $29.7 million from $16.8 million in the third quarter of 2007. This was primarily driven by the Company's strong sales distribution channel, a successful marketing and advertising campaign that was launched in the second quarter, and revenue generated from the products of Heilongjiang Tianlong Pharmaceutical, Inc., ("Tianlong") which it acquired in April, 2008. Product sales in the third quarter increased 127% year-over-year to $28.2 million, accounting for 94.8% of total revenues. Contract sales decreased 65% to $1.5 million and accounted for 5.2% of revenues during the quarter. In 2008, the Company began to discontinue contract sales as part of its strategy in order to focus on developing its portfolio of proprietary products.

Gross profit in the third quarter of 2008 was $22.3 million, an increase of 70% over the same period a year ago. Gross margin was 75.2% of total revenues, a slight decrease compared to gross margin of 78.1% for the third quarter of 2007. The sequential decrease is attributable to higher Research & Development costs tied to clinical trials for the Company's products and expenses related to preparations for the Company's acquisition of Jin Chuang.

Operating expenses in the third quarter of 2008 were $10.6 million, up 62.5% from $6.5 million in the third quarter of 2007. This increase was less than the increase in sales, and was primarily a result of higher selling, general and administrative expenses associated with marketing the Company's products, and the acquisitions of Tianlong and Jin Chuang. Research and development expenses were $2.7 million in the third quarter, compared to $1.4 million in the third quarter of 2007. The increased expense was primarily due to
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SOURCE China Sky One Medical, Inc.
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