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

uted share, as compared to $7.9 million, or $0.47 per diluted share a year ago.

Full Year 2010 Results For the full year 2010, total revenues were $132.7 million, up 2.0% from $130.1 million in 2009. Of the 120 products commercialized by China Sky One Medical in 2010, ointments, patches, sprays, drops, suppositories, diagnostic kits and other products accounted for 28.9%, 21.7%, 10.6%, 9.0%, 5.9%, 4.1% and 19.7% of total revenues, respectively.

Gross profit was $96.7 million, down 1.8% from $98.4 million in 2009. Gross margin was 72.9% in 2010, as compared to 75.7% in 2009. Operating income was $37.6 million, down 18.7% from $46.3 million in 2009. Operating margin was 28.4% in 2010 versus 35.6% in 2009.

In 2010, the Company recorded a non-cash gain in the fair value of its derivative warrant liabilities of $8.9 million, as compared to a non-cash loss of $4.8 million in 2009.

Net income for 2010 was $36.0 million, or $2.14 per diluted share, up 16.1% from $31.0 million, or $1.86 per diluted share, in 2009. Excluding the effect of non-cash items related to changes in the fair value of the Company's derivative warrant liabilities and share based compensation expenses, non-GAAP net income was $28.2 million, or $1.68 per diluted share, as compared to $37.0 million or $2.22 per diluted share in 2009.

Financial ConditionAs of December 31, 2010, China Sky One had $43.1 million in cash and equivalents, with a current ratio of 8.0. Working capital was approximately $57.4 million. Stockholders' equity at December 31, 2010, was $164.0 million, a 35.7% increase over the $120.9 million recorded at December 31, 2009.

Average accounts receivable turnover days increased to 60.8 days in 2010 from 51.6 days in 2009. Average inventory turnover days for 2010 increased to approximately 36.7 days from 21.6 days for 2009. The Company increased its inventory levels since the second half of 2009 in anticipation of certain cost increase
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SOURCE China Sky One Medical, Inc.
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