GAAP net income for the second quarter of 2011 was $6.1 million, as compared to $12.2 million in the second quarter of 2010. Excluding the non-cash gain related to the change in fair value of derivative warrant liability, the Company's non-GAAP adjusted net income declined 42.0% to $5.9 million, or $0.35 per diluted share, as compared to $10.2 million, or $0.60 per diluted share, in the prior year period.
Financial ConditionAs of June 30, 2011, China Sky One had $44.3 million in cash and equivalents, with a current ratio of 6.2. Working capital was approximately $61.2 million, up from $57.4 million at December 31, 2010. Stockholders' equity at June 30, 2011, was $179.9 million, 9.7% higher than the $164.0 million recorded at December 31, 2010.
Accounts receivable turnover days decreased to 51.6 for the six months ended June 30, 2011, as compared to 53.4 days in the same period of 2010. Inventory turnover days increased to 46.0 for the first six months of 2011 from 30.4 days in the year ago period.
The Company generated $13.0 million in net cash flow from operating activities in the first six months of 2011, compared to $19.3 million in the year ago comparable period. Management believes current working capital and borrowing capabilities are sufficient to cover their operating and capital requirements in the near future.
Conference CallChina Sky One will conduct a conference call at 9:30 a.m. Eastern Time (ET) on Wednesday, August 10, 2011, to discuss second quarter 2011 financial results. A full version of the Company's quarterly report will be filed with the SEC on Form 10-Q prior to the call. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (866) 395-5819. International callers should dial (706) 643-6986. The
|SOURCE China Sky One Medical, Inc.|
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