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China Sky One Medical Announces Fourth Quarter and Fiscal Year 2010 Results
Date:3/15/2011

quarter of 2009 primarily due to higher cost of goods sold and lower sales price of certain products. The increased raw materials costs were mainly due to inflation and unforeseen natural disasters which caused an increase in the price of raw materials we use to produce certain of our products, including Honey Suckle Flower and Notoginseng. Lower sales price of certain products was due to our sales and marketing strategy which is to promote certain of our products with less market competition by coordinating with reputable distributors who have extensive market channels and seek lower margin products. This sales strategy has had and will continue to have a negative impact on our overall gross product margin.

Operating expenses increased 7.0% to $14.7 million in the fourth quarter of 2010. The increase was principally due to higher amortization resulting from acquisition of two proprietary technologies acquired in the fourth quarter of 2009 and the increased research and development expenses. Research and development expenses were $4.3 million, up 9.3% from the fourth quarter of 2009.

Operating income decreased 52.3% year over year to $4.3 million, representing operating margin of 16.2%.

In the fourth quarter of 2010, the Company recorded a non-cash gain in the fair value of its derivative warrant liability of $42,000, compared to a non-cash loss of $6.1 million in the fourth quarter of 2009.

Provision for income taxes was $1.9 million in the fourth quarter of 2010, as compared to $2.5 million in the same period of last year.  

Net income for the fourth quarter of 2010 was $2.5 million, or $0.15 per diluted share, compared to $0.5 million, or $0.03 per diluted share, in the fourth quarter of 2009.

Excluding the effect of non-cash items related to changes in the fair value of the Company's derivative warrant liabilities and the share based compensation expenses, non-GAAP net income was $3.6 million or $0.21 per dil
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SOURCE China Sky One Medical, Inc.
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