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

additional clinical trials and the developing of patents. Operating expenses were 35.6% of total revenues in the third quarter of 2008, down from 38.8% in the third quarter of 2007, due to efficiencies as the Company grows in scale.

Operating income was $11.8 million, up by 78.3% compared to $6.6 million in the third quarter of 2007. Operating margin was 39.5%, compared to 39.3% in the third quarter of 2007. Provision for income taxes was $2.6 million in the third quarter of 2008, compared to $1.1 million in the same quarter of the previous year.

Net income for the third quarter of 2008 increased 82.6% to $9.9 million, or $0.60 per diluted share, compared to $5.4 million, or $0.44 per diluted share, in the third quarter of 2007. Diluted weighted average shares increased to 16,492,414 from 12,502,332 in the third quarter of 2007 due to common stock associated with the Company's private placement in February 2008, the Tianlong and Jin Chuang acquisitions, and the conversion of warrants.

Nine Month Results

For the nine months ended September 30, 2008, revenues increased to $65.9 million, up 80% from $36.6 million in the corresponding period of 2007. Gross profit increased 76% to $50.1 million in the nine months ended September 30, 2008, versus $28.5 million in the same period a year ago. Gross margin was 76.1% in the nine months ended September 30, 2008, compared to 77.9% during the nine months ended September 30, 2007. Operating income in the nine months ended September 30, 2008, grew 95.6% to $26.7 million compared to $13.7 million in the nine months ended September 30, 2007. Net income for the first nine months of 2008 was $21.9 million or $1.39 per diluted share, up from $11.2 million, or $0.90 per diluted share in the nine months ended September 30, 2007.

Financial Condition

As of September 30, 2008, China Sky One had $50.9 million in cash and equivalents, approximately $53 million in working capital, and no debt. Stockho
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SOURCE China Sky One Medical, Inc.
Copyright©2008 PR Newswire.
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