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SOKO Fitness & Spa Group Announces Third Quarter FY2009 Financial Results
Date:4/15/2009

HARBIN, China, April 15 /PRNewswire-Asia-FirstCall/ -- SOKO Fitness & Spa Group, Inc. (OTC Bulletin Board: SOKF), a leading operator of fitness clubs and spas in Northern China, announced its operating results for the fiscal third quarter ended February 28, 2009.

Total revenue for the quarter was $5.1 million, an increase of 42% over the same quarter in the previous year. For the nine months ended February 28, 2009, revenues were $14 million, an increase of 55% 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 29% to $1.85 million from $1.43 million for the same quarter of 2008. For the nine months ended February 28, 2009, net income increased to $5.2 million, an increase of 49%. Third quarter Earnings per share were $0.11 vs. $0.13 in the prior period. The decline was caused by the dilution from the stock offering. EPS for the 9 months were $0.30 vs. $0.32 in the previous year. Higher earnings were offset by a higher share count.

Revenue growth was driven primarily by the opening of two spas during the period. We increased product sales in our spas. Fitness and yoga membership fee revenues increased by 135% year to year, mainly as a result of the acquisition of a majority interest in Letian in March 2008. Letian contributed about 52% to our fitness revenue for Q3 FY2009.

Operating margin increased to 64.6%, compared to 62.5%. The increase in our gross profit margin was mainly driven by our ability to obtain high volume discounts because of our larger size as well as by the increases in our fitness segment.

Operating expenses increased by approximately $0.6 million to $1.4 million for the three months ended February 28, 2009 year to year. As a percentage of revenues, expenses increased to 28.2% fro
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SOURCE SOKO Fitness & Spa Group, Inc.
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