SOKO Fitness & Spa Group Announces Second Quarter FY2009 Financi...( HARBIN China Jan. 14 Asia-FirstCa...),Health

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,
                                      200
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SOURCE  SOKO Fitness & Spa Group, Inc.
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