Navigation Links
SOKO Fitness & Spa Group Announces Second Quarter FY2009 Financial Results
Date:1/14/2009

HARBIN, China, Jan. 14 /PRNewswire-Asia-FirstCall/ -- SOKO Fitness & Spa Group, Inc. (OTC Bulletin Board: SOKF), a leading operator of fitness clubs and spas in Northern China, today announced its operating results for the fiscal second quarter ended November 30, 2008.

Total revenue for the quarter was $4.61 million, reflecting an increase of 38% from the prior year. For the six months ended November 30, 2008, revenues were $8.88 million, an increase of 63% from the prior year. SOKO also reaffirmed its previous FY2009 revenue guidance in a range of $16.3 to $18.3 million and its pro forma net income guidance of $6.5 to $7.1 million.

Net income during the quarter grew 57% to $1.68 million, or $0.10 EPS per diluted share. This compares to net income of $1.07 million for Q2 2008.

Revenue growth was driven by increasing sales from existing customers as well as the opening of new facilities. Sales from the more mature facilities were $4.15 million and sales from new facilities were $0.45 million.

The gross profit margin increased to 76%, compared to 64% for the prior year's quarter driven by the mix of higher margin service revenue from fitness and yoga and beauty school revenue. Management believes a sustainable gross margin will settle at an average level of 74%.

Operating expenses increased by approximately $0.66 million to $1.72 million for the three months ended November 30, 2008. This represents an increase from 32% to 37% of revenue. The increase in SG&A expense is mainly driven by the cost of being a public company and building up the management team for the new facilities.



                                   FOR THE SIX MONTHS   FOR THE THREE MONTHS
                                           ENDED                ENDED
                                        NOVEMBER 30,         NOVEMBER 30,
                                      2008       2007       2008       2007

    Revenue                     $8,885,158 $5,454,937 $4,608,291 $3,333,376

    Cost of Sales               (2,072,083)(1,715,396)(1,100,242)(1,198,587)

    Gross Profit                 6,813,075  3,739,541  3,508,049  2,134,788
    Gross Profit Margin                 77%        69%        76%        64%
    Operating expenses           3,319,689  1,708,109  1,724,190  1,066,977

    Net Income                   3,319,746  2,030,726  1,676,405  1,066,433
    Diluted Income per common
     share                           $0.20      $0.19      $0.10      $0.10
    Weighted average common
     share outstanding
          Diluted (restated)    17,000,000 10,725,000 17,000,000 10,725,000


CEO Liu, Tong, CFO Yu, Xia, and corporate secretary Mu, Yan will host a conference call for shareholders at 8 am EST on Thursday, Jan. 15, 2009 to discuss second quarter 2009 results.

    Dial-In Number(s):
     * US/Canada Toll Free Dial-in #:    (866) 811 - 8933
     * Int'l/Local Dial-In #:            +1 (706) 645 - 9773
     * North China Dial-In #:            +86 (10) 8007130924

     SOKO 2nd Quarter Earnings Conference ID # 81397571

NOTE: In order to join this conference call, all speakers and participants will be required to provide the Conference ID Number listed above.

About SOKO Fitness & Spa Group, Inc.:

SOKO Fitness & Spa Group, Inc., is a leading operator of fitness clubs and spas in Northeast China. The Company provides programs, services, and products uniquely combined with exercise, education, and nutrition to help their members lead a healthy life and achieve their fitness goals. For further information, please go to http://www.sokofitness.com .

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about SOKO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. SOKO does not undertake any obligation to update any forward- looking statement, except as required under applicable law.

    For more information, please contact:

     The U.S. Office:
     Mu Yan
     Tel:   +1-484-716-1081
     Email: muyan@sokofitness.com

     China Office:
     Yu Xia
     Tel:   +86-451-8770-2255
     Email: yuxia@sokofitness.com

'/>"/>
SOURCE SOKO Fitness & Spa Group, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. SOKO Fitness & Spa Group Announces Changes to Previously Issued Financial Statements
2. Brain Fitness Coming to Senior Exercise Classes
3. MyFitness Planner really moves you
4. MyFitness Planner Really Moves You
5. More Screen Time Linked to Poor Fitness in Girls
6. Neuroactive Bike: America's First And Only Mind-Body Fitness Equipment Used For The Ultimate Brain Fitness Gym Program Launched This Month At Lady Of America Fitness Center
7. SOKO Fitness & Spa Group, Inc. Announces Participation in the ICR XChange Conference
8. New SMHEART LINK(TM) Technology Allows iPhones to Double as Fitness Monitors
9. Universal Music Enterprises (UMe) and Body By Jake Global Create the Worlds First Digital Fitness Music Label
10. MAKE IT FIT(TM) Offers Virtually Free Fitness Service to All Mississippi Residents on Make Mississippi Fit Day
11. Resolve for Results: 10 Tips From Equinox Fitness Club to Help You Keep Your Resolutions in 09
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/6/2016)... , ... December 06, 2016 , ... ... availability of the newly updated International Audit Protocol Consortium (IAPC) EHS audit protocol ... audit protocols to understand the scope of their EHS regulatory obligations and rapidly ...
(Date:12/6/2016)... ... 06, 2016 , ... U.S. Security Associates (USA) was named ... their industry leading training methods that engage their associates and link their achievements ... elite in employer-sponsored training and development programs. , “The 2017 Training Top 125 ...
(Date:12/5/2016)... , ... December 05, 2016 , ... ... its latest transitional care facility – Avamere Transitional Care of Puget Sound ... foot short-term, post-acute health care center will provide patients recovering from illness or ...
(Date:12/5/2016)... St. Petersburg, Fla. (PRWEB) , ... December 05, 2016 , ... ... effects concussions have on the growing brains of young athletes. Over the course of ... to the head through unique mouth guards. The mouth guards, equipped with special sensors, ...
(Date:12/5/2016)... ... December 05, 2016 , ... Physicians Education Resource®, ... International Congress on Hematologic Malignancies®: Focus on Leukemias, Lymphomas, and Myeloma, on February ... are honored to have Amy E. Herman present at this year’s conference, her ...
Breaking Medicine News(10 mins):
(Date:12/5/2016)... Research and Markets has announced the addition of ... & Biochemical Research, Disease Diagnostics), End User (Academic & Research Institutes, ... to their offering. ... , The western blotting market ... 574.8 Million in 2016, growing at a CAGR of 4.9%. ...
(Date:12/5/2016)... 5, 2016   BIOTRONIK today announced the ... study evaluates the safety and feasibility of performing the ... setting. BioMonitor 2 is an insertable cardiac ... placed underneath a patient,s skin to help physicians accurately ... fibrillation is a leading cause of stroke and heart ...
(Date:12/5/2016)... Dec. 5, 2016  CVS Health, the nation,s largest ... a perfect score of 100 percent on the Corporate ... CEI is an annual national benchmarking survey and report ... administered by the Human Rights Campaign Foundation. ... that our colleagues, customers and suppliers bring to CVS ...
Breaking Medicine Technology: