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China Sky One Medical Announces Third Quarter 2011 Results
Date:11/9/2011

HARBIN, China, Nov. 9, 2011 /PRNewswire-Asia/ -- China Sky One Medical, Inc. ("China Sky One" or "the Company") (NASDAQ: CSKI), a leading fully integrated pharmaceutical company producing over-the-counter drugs in the People's Republic of China ("PRC"), today announced financial results for the third quarter of 2011.

Third Quarter 2011 Financial Highlights

  • Total revenues decreased 26.6% year-over-year to $26.6 million
  • The Company marketed 85 products, compared with 115 products in the quarter ended September 30, 2010
  • Gross profit fell 38.1% to $16.3 million
  • Operating income declined to $1.3 million
  • GAAP net income, including a non-cash gain from change in the fair value of derivative warrant liability, was $0.5 million, or $0.03 per diluted share
  • "Our third quarter revenue declined 26.6% compared to the third quarter last year due to an increasingly challenging market environment and the appropriate restructuring of our products portfolio," said Mr. Yan-Qing Liu, Chairman and CEO of China One Medical, Inc.

    "We remain confident in the fundamentals of our business and believe that we continue to be well poised to deploy our financial resources so as to emerge in the marketplace as highly viable and successful company," Chairman and CEO Liu continued. "To accomplish this goal, the Company has taken several strategic steps to ensure its competitive edge.  We have acquired 74,000 acres of forest land in the Xiao Xing'an Mountain region and started trial planting of herbs as a strategic step to secure sourcing, and have reached several milestones in the construction of our new facilities on our newly acquired land in the High-Tech Development Zone of Song Bei District in Harbin, China which will strongly enhance our R&D, production, logistic and general management capabilities. We believe that
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    SOURCE China Sky One Medical, Inc.
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