China Sky One Medical Completes Previously Announced Amendment to 2006 ... ( HARBIN China Nov. 8 /Xinhua-- Chi...)

China Sky One Medical Completes Previously Announced Amendment to 2006 Form 10KSB

Date:11/8/2007

HARBIN, China, Nov. 8 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical, Inc. (OTC Bulletin Board: CSKI), a manufacturer, marketer and distributor of pharmaceutical, medicinal and diagnostic products in China, today announced that it has completed the previously announced amendment to the Company's Form 10KSB for the year 2006. In working with new auditors and in completing the Form 10QSB for the three, six and nine month periods ended September 30, 2007, management determined that certain items were accounted for improperly in the year 2006.

Today's amendment does not impact financial results reported in the year 2007.

The restatement necessitates that net income for the year 2006 be adjusted to account for $3.67 million of costs that were incorrectly treated, including roughly $1.8 million of one-time costs related to the Company's 2006 recapitalization, as well as approximately $1.8 million of capitalized research and development costs which should have been charged to operations when incurred. As such, full year 2006 net income has been adjusted to $630,000 from $4.3 million.

About China Sky One Medical, Inc.

China Sky One Medical, Inc., a Nevada corporation, is a holding company whose principal operations are through its subsidiaries, which are engaged in the manufacturing, marketing and distribution of pharmaceutical, medicinal and diagnostic kit products. Through its wholly-owned subsidiaries, Harbin Tian Di Ren Medical Science and Technology Company ("TDR") and Harbin First Bio- Engineering Company Limited ("First"), the Company's principal revenue source is the manufacture and sale of over-the- counter pharmaceutical products. http://www.skyonemedical.com.

Safe Harbor Statement

Certain of the statements made in the press release constitute forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statem
'/>"/>

0

GOOD

Page: 1 2
Related medicine news :

1. Chinas 1-child policy could backfire on its elderly
2. Omnicom Acquires Leading Healthcare Marketing Communications Firm in China
3. Expanding Prevalent Population Will Drive Dramatic Growth for the Asthma Drug Market in China
4. Bridgetech Announces Addition of the Agency for Healthcare Research and Quality as Content Provider in its Development of a Healthcare Web Portal in China
5. China Holdings Appoints Ronald Shon Chairman of Advisory Board to Its Wholly-Owned Subsidiary China Power, Inc.
6. China Bionanometer Industries Corporation Promotes New Cosmetics Product Line in China
7. China Shenghuo Pharmaceutical Holdings, Inc. Begins Full-Scale Launch of 12Ways(R) Chinese Herbal Skin Care Product Line
8. Statement by Mike Leavitt Secretary of Health and Human Services on the United States-China Bilateral Meetings on Food and Drug Safety
9. Supplier Assessments to Help Buyers Identify Reliable China Exporters
10. Study shows lead-based paint problem isnt isolated to China
11. Bracco Announces Initiative to Save Children in China at 2007 Annual Meeting of CGI

Post Your Comments:

China Sky One Medical Completes Previously Announced Amendment to 2006 ...( HARBIN China Nov. 8 /Xinhua-- Chi...),Health