Income Taxes: The income tax provision for the first quarter of fiscal 2009 was $260,000, up from $65,000 for the same period in fiscal 2008. The increase in tax provision was mainly due to a change in tax rate for our subsidiaries in China as a result of the Chinese Income Tax reform that came into effect on January 1, 2008.
Net income: Net income increased by 26.94% to $1.48 million, or $0.03 per basic and diluted share, compared to net income of $1.16 million, or $0.03 per basic and diluted share, for the first quarter of last fiscal year. This increase can be attributed to higher sales revenue during the three months ended December 31, 2008 as compared with the same period last year, the decrease in transportation expenses, and improved production management to reduce manufacture cost.
Cash and cash equivalents as of December 31, 2008 were approximately $7.73 million; compared with $6.46 million as of September 30, 2008. The Company's working capital as of December 31, 2008 was $14.88 million compared with $12.37 million as of September 30, 2008. Net operating cash flow during three months ended December 31, 2008 was $1.63 million, an increase of $4.01 million compared with the same period in fiscal 2008.
First Quarter 2009 Operational Highlights
Medical care, Wound care and Home care products in Export Markets
North and South America - Revenue from customers in North and South
America was approximately $4.96 million for the three months ended December 31,
2008, an increase of 105.94% compared to the same period last year. North and
South America accounted for 19.28% of total revenue for the three months ended
December 31, 2008. The Company has been gradually shifting resources and
services to focus on the larger-sized customer segment and su
|SOURCE Winner Medical Group Inc.|
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