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Winner Medical Reports Second Quarter Fiscal 2009 Results
Date:5/13/2009

period of fiscal 2008. Gross margin was 26.76%, versus 23.52% achieved in the six months ended March 31, 2009. The increase in gross margin was mainly due to the unit product cost decrease as a result of better economies of scale, and the improvement of the Company's cost control, equipment technical improvement and lean production management that increased production efficiency and reduced production waste; and the decrease of material purchasing price as the Company combined individual purchases by each subsidiary into larger scale orders to create more bargaining power.

Operating Expenses: Selling, general and administrative expenses increased by 20.19% to $8.32 million during the six months ended March 31, 2009, from $6.93 million during the six months ended March 31, 2008. The increase in operating expenses was mainly due to the increased provision for decline in value of inventory, increase in research and development expenses, increase in salary and welfare for the management and administrative staff, and increase in related administrative expenses such as depreciation and amortization for Winner Medical (Huanggang) Co., Ltd.

Operating Income: During the period, operating income was $3.84 million, an increase of 122.58% compared with $1.73 million of the same period of 2008. The increase was mainly attributed to decreased export transportation fees, economies of scale related to higher sales revenue, and improved production management to reduce manufacture cost.

Income Taxes: The income tax provision for the six months ended March 31, 2009 was $720,000, up from -$159,000 for the same period in fiscal 2008. The increase in tax provision was mainly due to a change in tax rate for the Company's subsidiaries in China as a result of the Chinese Income Tax reform that came into effect on January 1, 2008, and the write off for over-provision of income taxes in the second fiscal quarter of 2008.


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SOURCE Winner Medical Group Inc.
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