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SOKO Fitness & Spa Group Announces Record Financial Results for Fiscal Year; Sets Conference Call to Discuss Results
Date:9/1/2009

HARBIN, China, Sept. 1 /PRNewswire-Asia-FirstCall/ -- SOKO Fitness & Spa Group, Inc. (OTC Bulletin Board: SOKF), a leading operator of fitness centers and beauty salons and spas in Northeast China, today announced record financial results for the fiscal year ended May 31, 2009.

    Fiscal 2009 highlights:
    -- Revenue increased 40% year-over-year to $19.6 million
    -- Net profit increased 36% year-over-year to $7.0 million
    -- Gross margin was 66%, compared to 64% in the prior year period
    -- Operating income increased 31% year-over-year to $7.1 million
    -- Fitness membership increased 30% year-over-year to 13,000
    -- Beauty salon & spa customers increased 95% year-over-year to 19,500

Results of Operations

Compared to fiscal year 2008, beauty and spa revenues increased by 29.35%. The increase was driven by the increasing number of clients and the opening of new facilities. Fitness and yoga revenues increased by 98.70%. These results were driven by marketing efforts to an increase in memberships, and the acquisition of Yoga Wave and increased revenues associated with add-on services provided to members. Other revenues, which consist of beauty school tuition and related student costs, increased by 79.25%, driven by the increasing number of students and new courses.

SOKO achieved gross profits of $12.98 million for the year ended May 31, 2009, compared to $8.95 million for the previous year, an increase of 45% or approximately $4.03 million. As a percentage of revenues, gross profit margin was 66% for fiscal 2009 compared to 64% in fiscal 2008. The margin improvement was mainly driven by the shift from lower margin services and product sales to higher margin services during the year.

Operating expenses increased 66.9% year over year. The increase in operating expenses was attributable to the increase in amortization of leasehold impr
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SOURCE SOKO Fitness & Spa Group, Inc.
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