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China YCT International Group, Inc. Announces Third Quarter Fiscal 2009 Results
Date:2/18/2009

n January 2008, the income tax rate imposed by the government of China was reduced from 33% to 25%. The new tax provisions added to our improved results. Our net income for the third quarter of fiscal 2009 was $2.2 million compared to net income of $0.9 million in the prior year period. Fully diluted income per share was $0.08 compared to fully diluted earnings per share of $0.03 in the comparable period a year ago. Weighted average diluted shares outstanding for the quarter remained at 29.3 million.

Nine Months Financial Results

Revenues for the first nine months of fiscal 2009 were $21.9 million, up 106.7% from revenues of $10.6 million in the first nine months of fiscal 2008. Gross profit was $12.3 million, up 108.9% from gross profit of $5.9 million for the nine months of fiscal 2008. Gross margin was 56.1% compared to 54.9% for the comparable period a year ago. Operating income was $8.6 million, up 152.9% from operating income of $3.4 million in the first nine months of fiscal 2008. Net income was $6.4 million, up 188.4% from net income of $2.2 million in the same period a year ago. Fully diluted earnings per share were $0.22 compared to $0.08 in the first nine months of fiscal 2008. Diluted weighted average shares outstanding stayed at 29.3 million.

Financial Condition

As of December 31, 2008, the Company had $9,798,162 in working capital. Cash and cash equivalents were $10,297,023. In addition to $10,297,023 in cash and cash equivalents, the other significant portion of our current working capital consists of a loan receivable of $954,818 from Changqing Paper Co., an affiliated company also majority owned by our chairman, Mr. Yan Tinghe. Shareholders' equity was $15.7 million, compared to $9.0 million as of March 31, 2008. The Company generated $9.7 million in cash flow from operating activities in the first nine months of fiscal 2009.

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SOURCE China YCT International Group Inc.
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