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China-Biotics, Inc. Reports Record Quarterly Net Sales for the Third quarter of Fiscal Year 2011
Date:2/9/2011

fiscal year 2010. SG&A expenses as a percentage of revenue was 27.6% in the third quarter of fiscal year 2011 in line with the third quarter of fiscal year 2010.

Operating income increased 21.1% year-over-year to $12.3 million from $10.1 million in the same period of fiscal year 2010. Operating margin was 37.8% in the third fiscal quarter of 2011 compared to 43.4% in the same quarter a year ago.

GAAP net income for the third quarter of fiscal year 2011 increased 26.6% year-over-year to $13.3 million from $10.5 million in the same period of fiscal year 2010. Diluted net earnings per share were $0.59, compared with diluted earnings per share of $0.32 in the same period of fiscal year 2010.

Excluding the non-cash change in the value of convertible notes, non-GAAP net income was $10.4 million, compared with $7.8 million in the third quarter of fiscal year 2010. Non-GAAP diluted earnings per share were $0.44, an increase from $0.32 in the same quarter of fiscal year 2010.

For the three months ended on December 31, 2010, the total shares outstanding on a fully diluted basis were 23,870,598, down from 24,061,575 shares for the three months ended on December 31, 2009. The reduction in diluted share count resulted from redemption of the Company's convertible notes. On December 9, 2010, the Company redeemed $25 million in outstanding 4 percent senior convertible promissory notes for cash before the December 11, 2010 maturity date. The total redemption costs were $25 million of convertible note principal, plus approximately $4.68 million in accrued and unpaid interest. The convertible note principal was equivalent to 2.08 million common shares.

As of December 31, 2010, the Company had cash and cash equivalents totaling $132.3 million, compared with $158.8 million at the end of September 2010. The cash position decrease was mainly due to the redemption of the convertible notes. Total stockholders' equity rose to $203.0 million at Dece
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SOURCE China-Biotics, Inc.
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