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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 these decisive actions will serve as the cornerstone of the Company in years to come and will enable our long-term sustainability and growth."

    Third Quarter 2011 ResultsIn the third quarter of 2011, China Sky One's total revenues decreased 26.6% to $26.6 million from $36.2 million in the same quarter last year. The decrease was primarily due to the decline in sales of certain product categories due to the termination of production and sales of 32 products in the second and third quarters of 2011. In the second quarter of 2011, Management decided to temporarily discontinue the production and sales of 16 products which were less competitive and generated lower relative sales volume. In the third quarter of 2011, Management decided to discontinue the production and sales of an additional 16 products because of new regulations by China's SFDA.

    By product category, sales from Ointments, Patches, Sprays, Suppositories and Drops contributed to the Company's overall year-over-year revenue decline, offset somewhat by top-line growth in Wash Fluids and Diagnostic Kits.

    In terms of the Company's top-selling products, revenue generated from its Metronidazole and Chlorhexidine Wash Fluids in the third quarter of 2011 increased 78.2% year-over-year to $1.6 million as a result of our successful market promotion.  Revenue generated from the Company's Cardiac Arrest Early Examination Kits and Kidney Disease Testing Kit in the third quarter of 2011 was $1.9 million, four times that of the year-ago quarter.

    However, revenue generated from the Company's Hemorrhoids Ointment and Compound Camphor Cream in the third quarter of 2011 decreased 57.6% year-over-year to $3.8 million. The sales decrease of the Company's Hemorrhoids Ointment was due to the SFDA's enforcement of new regulations as concerns the advertising of certain medicinal products which negatively impacted sales to end users. The sales decrease of the Company's Compound Camphor Cream was primarily due to market competition. Revenue generated from the Company's Slim Patch in the third quarter of 2011 decreased 66.2% year-over-year to $1.3 million primarily because of more aggressive market competition. Revenue generated from our Naphazoline Hydrochloride Eye Drop in the third quarter of decreased 62.9% year-over-year to $0.9 million also due to tougher market competition.

    Gross profit declined 38.1% to $16.3 million in the third quarter of 2011. Gross margin in the quarter was 61.5%, as compared to 72.9% in the third quarter of 2010, mainly due to increases in the price of certain raw materials used to produce the Company's products, and lower sales prices of certain products due to the competitive sales market.  Another contributing factor in this decline was the Company's sales and marketing strategy to promote certain of its products which have less market competition by coordinating with distributors who have extensive market channels. These distributors generally seek lower sales prices which had a negative impact on the Company's overall gross product margins.

    Operating expenses decreased 11.1% year-over-year to $15.1 million in the third quarter of 2011. The decrease was principally due to $1.9 million in lower selling expenses and $0.8 million in lower R&D expenses, which were somewhat offset by $0.6 million in higher depreciation and amortization expenses and $0.2 million in higher general and administrative expenses. 

    Third quarter 2011 operating income was $1.3 million, or 4.8% of revenue, as compared to an operating income of $9.5 million, or 26.1% of revenue, in the same period a year ago.

    Provision for income taxes was $0.8 million in the third quarter of 2011, as compared to $2.7 million in the same period last year. 

    GAAP net income for the third quarter of 2011 was $0.5 million, as compared to $8.6 million in the third 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 was $0.5 million, or $0.03 per diluted share, as compared to $6.8 million, or $0.40 per diluted share, in the prior year period.

    Nine Month Operating HighlightsTotal revenues for nine months ended September 30, 2011 decreased 12.5% year-over-year to $92.6 million. The decrease was primarily due to the termination of two major customer relationships (one domestic distributor and one overseas agent) in the third quarter of 2010. Revenues generated from these two customers in the nine months ended September 30, 2010 were approximately $12.9 million or 12.1% of the Company's revenues for that period. Gross margin was about 65.4% compared to 73.3% for the first nine months of 2010. Total R&D expenses were approximately $14.8 million (or 16.0% of sales) for the first nine months of 2011 as compared to $15.3 million (or 14.4% of sales) for the comparable period of 2010. Net income for the first nine months of 2011 was $12.8 million, or $0.75 per diluted share, as compared to net income of $33.4 million, or $1.99 per diluted share, in the same period of 2010.

    Financial ConditionAs of September 30, 2011, China Sky One had $21.3 million in cash and equivalents, with a current ratio of 6.3. The Company had working capital of approximately $41.6 million. Stockholders' equity at September 30, 2011, was $183.7 million, 12.0% higher than the $164.0 million recorded as of December 31, 2010.

    Accounts receivable turnover days increased to 58.3 for the nine months ended September 30, 2011, as compared to 55.7 in the same period of 2010. Inventory turnover days increased to 50.9 for the first nine months of 2011 from 35.7 in the year ago period. The increase of inventory turnover days was due to higher inventory levels since the beginning of 2011 in order to satisfy the Company's future production needs, as well as to limit the effects of possible future price increase of raw materials.

    The Company generated $12.2 million in net cash flow from operating activities in the first nine months of 2011, compared to $25.6 million in the comparable year ago period. The decrease in cash provided by operating activities was primarily due to the decline in net income in the nine months ended September 30, 2011 as compared to the year-ago period.

    Cash flows used in investing activities were approximately $35.5 million for the nine months ended September 30, 2011, compared to $7.8 million in the same period of 2010. Major cash flows in investing activities primarily related to the Company's expenditures of approximately $22.7 million as related to its new facilities located in the High-Tech Development Zone of Song Bei District in Harbin, China.

    Cash flows provided from financing activities were zero for the nine months ended September 30, 2011, compared to approximately $94,000 for the same period in 2010.

    Management believes that capital is sufficient to take advantage of new investment opportunities and to meet future liquidity and capital needs.

    Recent DevelopmentsIn the third quarter of 2011, the Company's wholly-owned subsidiary, Harbin Tian Di Ren Medical Science and Technology Company (TDR) acquired the 50-year land use rights covering approximately 85,000 square meters of land located in the High-Tech Development Zone of Song Bei District in Harbin, China, for total consideration of approximately $7.5 million. The Company intends to build an R&D center, an injection manufacturing facility, a logistics center, and an office building on the land during the first phase of development, which the Company currently expects to complete by mid-2012 at an estimated cost of completion of approximately $45 million to $49 million. As of September 30, 2011, the Company has invested approximately $22.8 million in the construction project.

    Conference CallChina Sky One will conduct a conference call at 9:00 a.m. Eastern Time (ET) on Wednesday, November 9, 2011, to discuss third 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 Conference ID for this call is 23256684. If you are unable to participate in the call at this time, a replay will be available for two weeks starting on Wednesday, November 9, 2011 at 10:00 a.m. ET. To access the replay, dial (855) 859-2056 or (404) 537-3406, international callers dial +1 800-585-8367. The Conference Replay Passcode is 23256684.

    Use of Non GAAP Financial MeasuresGAAP results for the three and nine month periods ended September 30, 2011 and September 30, 2010 include gains or losses related to the change in the fair market value of the derivative warrant liability. To supplement its consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP adjusted financial information, which are adjusted net income and adjusted diluted earnings per share, excluding the impact of these items. The Company's management believes that this adjusted measure provides investors with a better understanding of how the results relate to the Company's historical performance. A reconciliation of adjustment to GAAP results appears in the tables accompanying this press release. This additional adjusted information is not meant to be considered in isolation or as a substitute for GAAP financials. The adjusted financial information that the Company provides also may differ from the adjusted information provided by other companies.

    About China Sky One Medical, Inc. China Sky One Medical, Inc., a Nevada corporation, is a holding company. The Company engages in the manufacturing, marketing and distribution of pharmaceutical, medicinal and diagnostic products. Through its wholly-owned subsidiaries, Harbin Tian Di Ren Medical Science and Technology Company ("TDR"), Harbin First Bio-Engineering Company Limited ("First"), Tianlong and Peng Lai Jin Chuang Pharmaceutical Company ("Jin Chuang") the Company manufactures and distributes over-the-counter pharmaceutical products, which make up its major revenue source. For more information, visit http://www.cski.com.cn.

    Safe Harbor Statement

    Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward- looking terminology such as "believe," "expect," "intend," "anticipate," "estimate," "should", "would", "could", "may", "plan", "possible", "project" or similar expressions. Such statements typically involve risks and uncertainties and may include financial projections or business development. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in PRC, the ability to achieve guidance, the announcement or execution of any acquisitions or other strategic deals, the success of any pipeline projects, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.

    -- Financial Tables Follow --China Sky One Medical, Inc. and Subsidiaries
    Reconciliation of Non-GAAP Net Income and Diluted EPS
    (Unaudited, $ in thousands except share and per share data)  For the Three Months Ended September 30, For the Nine Months Ended September 30, 

     

     

     

     

     

     

     

     

      2011 2010 2011 2010 

    Net
    Income

    Diluted
    EPS

     

    Net
    Income

    Diluted
    EPS

     

    Net
    Income

    Diluted
    EPS

     

    Net
    Income

    Diluted
    EPSNet Income$
    531

    $ 0.03

     

    $
    8,595

    $ 0.51

     

    $
    2,756

    $ 0.75

     

    $  33,426

    $ 1.99Loss (gain) related to change in fair value of derivative warrant liabilities(10)

    (0.00)

     

    (1,833)

    (0.11)

     

    (1,601)

    (0.09)

     

    (8,847)

    (0.53) 

    $
    521

    $ 0.03

     

    $
    ,762

    $ 0.40

     

    $
    ,155

    $ 0.66

     

    $  24,579

    $ 1.46 

     

     

     

     

     

     

     

     

     

     

     Diluted Weighted Average Shares Outstanding16,940,539

     

     

    16,790,851

     

     

    16,940,539

     

     

    16,825,294

      China Sky One Medical, Inc. and Subsidiaries
    Condensed Consolidated Statements of Operations and Comprehensive Income
    (Unaudited, $ in thousands except share and per share data)  

     Three Months Ended
    September 30, 

     Nine Months Ended
    September 30,  

     2011 

     2010 

     2011 

     2010 Revenues 

    $

    26,583

     

     

    $

    36,193

     

     

    $

    92,619

     

     

    $

    105,856

     Cost of Goods Sold 

     

    10,246

     

     

     

    9,796

     

     

     

    32,063

     

     

     

    28,287

     Gross Profit 

     

    16,337

     

     

     

    26,397

     

     

     

    60,556

     

     

     

    77,569

     Operating Expenses 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     Depreciation and amortization

     

     

    1,513

     

     

     

    879

     

     

     

    4,243

     

     

     

    2,547

     Research and development

     

     

    4,778

     

     

     

    5,592

     

     

     

    14,813

     

     

     

    15,266

     Selling

     

     

    7,764

     

     

     

    9,673

     

     

     

    22,594

     

     

     

    23,567

     General and administrative

     

     

    1,002

     

     

     

    798

     

     

     

    2,722

     

     

     

    2,911

     Total operating expenses 

     

    15,057

     

     

     

    16,942

     

     

     

    44,372

     

     

     

    44,291

     Income from Operations 

     

    1,280

     

     

     

    9,455

     

     

     

    16,184

     

     

     

    33,278

     Other Income 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     Interest income

     

     

    49

     

     

     

    29

     

     

     

    136

     

     

     

    88

     Change in fair value of derivative warrant liability

     

     

    10

     

     

     

    1,833

     

     

     

    1,601

     

     

     

    8,847

     Total other income 

     

    59

     

     

     

    1,862

     

     

     

    1,737

     

     

     

    8,935

     Net Income Before Provision for Income Tax 

     

    1,339

     

     

     

    11,317

     

     

     

    17,921

     

     

     

    42,213

     Provision for Income Taxes 

     

    808

     

     

     

    2,722

     

     

     

    5,165

     

     

     

    8,787

     Net Income 

    $

    531

     

     

    $

    8,595

     

     

    $

    12,756

     

     

    $

    33,426

     Basic Earnings Per Share 

    $

    0.03

     

     

    $

    0.51

     

     

    $

    0.75

     

     

    $

    1.99

     Basic Weighted Average Shares Outstanding 

     

    16,940,539

     

     

     

    16,790,851

     

     

     

    16,940,539

     

     

     

    16,786,240

     Diluted Earnings Per Share 

    $

    0.03

     

     

    $

    0.51

     

     

    $

    0.75

     

     

    $

    1.99

     Diluted Weighted Average Shares Outstanding 

     

    16,940,539

     

     

     

    16,790,851

     

     

     

    16,940,539

     

     

     

    16,825,294

     Other Comprehensive Income 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     Foreign currency translation adjustment

     

    $

    3,234

     

     

    $

    2,538

     

     

    $

    6,924

     

     

    $

    3,094

     Net Income

     

     

    531

     

     

     

    8,595

     

     

     

    12,756

     

     

     

    33,426

      

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     Comprehensive Income 

    $

    3,765

     

     

    $

    11,133

     

     

    $

    19,680

     

     

    $

    36,520

      China Sky One Medical, Inc. and Subsidiaries
    Condensed Consolidated Balance Sheets
    ($ in thousands, except share data)  

     September 30,
    2011 

     December 31,
    2010 ASSETS (Unaudited) 

     

     

     Current Assets 

     

     

     

     

     Cash and cash equivalents

     

    $

    21,347

     

     

    $

    43,124

     Accounts receivable, net

     

     

    21,357

     

     

     

    20,080

     Inventories

     

     

    6,779

     

     

     

    2,409

     Prepaid and other current assets

     

     

    9

     

     

     

    21

     Total current assets 

     

    49,492

     

     

     

    65,634

     Property and equipment, net

     

     

    29,082

     

     

     

    28,960

     Intangible assets, net

     

     

    26,162

     

     

     

    23,155

     Construction in progress

     

     

    22,828

     

     

     

    19

     Land use rights, net

     

     

    51,447

     

     

     

    40,844

     Land and construction deposits

     

     

    12,589

     

     

     

    13,612

     Total Assets 

    $

    191,600

     

     

    $

    172,224

     LIABILITIES AND STOCKHOLDERS' EQUITY 

     

     

     

     

     

     

     Current Liabilities 

     

     

     

     

     

     

     Accounts payable and accrued expenses

     

    $

    6,174

     

     

    $

    3,309

     Taxes payable

     

     

    1,657

     

     

     

    3,225

     Derivative warrant liability

     

     

    73

     

     

     

    1,674

     Total current liabilities 

     

    7,904

     

     

     

    8,208

      

     

     

     

     

     

     

     

     Commitments and Contingencies 

     

    -

     

     

     

    -

      

     

     

     

     

     

     

     

     Stockholders' Equity 

     

     

     

     

     

     

     Preferred stock ($0.001 par value, 5,000,000 shares authorized, none issued and outstanding)

     

     

    -

     

     

     

    -

     Common stock ($0.001 par value, 50,000,000 shares authorized, 16,940,539 issued and outstanding)

     

     

    17

     

     

     

    17

     Additional paid-in capital

     

     

    39,252

     

     

     

    39,252

     Retained earnings

     

     

    126,498

     

     

     

    113,742

     Accumulated other comprehensive income

     

     

    17,929

     

     

     

    11,005

     Total stockholders' equity 

     

    183,696

     

     

     

    164,016

      

     

     

     

     

     

     

     

     Total Liabilities and Stockholders' Equity 

    $

    191,600

     

     

    $

    172,224

      China Sky One Medical, Inc. and Subsidiaries
    Condensed Consolidated Statements of Cash Flows
    (Unaudited, $ in thousands)  

     Nine Months Ended September 30,  

     2011 

     2010  

     

     

     

     

     

     Cash flows from operating activities 

     

     

     

     

     Net Income 

    $

    12,756

     

     

    $

    33,426

     Adjustments to reconcile net cash provided by (used in) operating activities: 

     

     

     

     

     

     

     Depreciation and amortization

     

     

    4,679

     

     

     

    2,895

     Change in fair value of derivative liability

     

     

    (1,601)

     

     

     

    (8,847)

     Net change in assets and liabilities: 

     

     

     

     

     

     

     Accounts receivable

     

     

    (456)

     

     

     

    (1,363)

     Inventories

     

     

    (4,179)

     

     

     

    (1,816)

     Prepaid expenses and other current assets

     

     

    (43)

     

     

     

    (13)

     Accounts payable and accrued expenses

     

     

    2,727

     

     

     

    880

     Taxes payable

     

     

    (1,661)

     

     

     

    397

     Net cash provided by operating activities 

     

    12,222

     

     

     

    25,559

      

     

     

     

     

     

     

     

     Cash flows from investing activities 

     

     

     

     

     

     

     Land and construction deposits

     

     

    (6,115)

     

     

     

    (7,335)

     Purchase of property and equipment

     

     

    (162)

     

     

     

    (473)

     Purchase of land use rights

     

     

    (2,152)

     

     

     

    -

     Purchase of intangible assets

     

     

    (4,389)

     

     

     

    -

     Purchase of construction in process

     

     

    (22,670)

     

     

     

    (14)

     Net cash used in investing activities 

     

    (35,488)

     

     

     

    (7,822)

      

     

     

     

     

     

     

     

     Cash flows from financing activities 

     

     

     

     

     

     

     Proceeds from warrants conversion

     

     

    -

     

     

     

    94

     Net cash provided by financing activities 

     

    -

     

     

     

    94

      

     

     

     

     

     

     

     

     Effect of exchange rate changes on cash and cash equivalents 

     

    1,489

     

     

     

    1,384

      

     

     

     

     

     

     

     

     Net increase (decrease) in cash and cash equivalents 

     

    (21,777)

     

     

     

    19,215

     Cash and cash equivalents at beginning of period 

     

    43,124

     

     

     

    52,756

     Cash and cash equivalents at end of period 

    $

    21,347

     

     

    $

    71,971

      

     

     

     

     

     

     

     

     Supplemental disclosure of cash flow information 

     

     

     

     

     

     

     Interest paid

     

    $

    -

     

     

    $

    -

     Income taxes paid

     

    $

    6,306

     

     

    $

    8,541

      Company Contact:Investor Relations Contact:China Sky One Medical, Inc.CCG Investor RelationsMr. Yan-Qing Liu, CEOMr. Crocker Coulson, PresidentEmail: ir@cski.com.cnTel: +1-646-213-1915 

    Email: crocker.coulson@ccgir.com   

    Website: www.ccgirasia.com 

      

    Ms. Mabel Zhang, Vice President 

    Tel: +1-310-954-1353 

    Email: mabel.zhang@ccgir.com   


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    SOURCE China Sky One Medical, Inc.
    Copyright©2010 PR Newswire.
    All rights reserved


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    (Date:2/5/2016)... , Feb. 5, 2016  Venice,s newest laser ... the first of its kind in the area ... through advanced laser treatment. The physician-owned and operated ... Suncoast by storm with its revitalizing skin ... advanced multi-wavelength Astanza Trinity technology. http://photos.prnewswire.com/prnh/20160204/329957 ...
    (Date:2/5/2016)... Ind. , Feb. 5, 2016  Zimmer Biomet ... pricing of the previously announced underwritten secondary offering of ... its stockholders, consisting of affiliates of Blackstone and Goldman ... at an initial price of $96.45 per share. The ... the offering.  Neither Zimmer Biomet nor any of its ...
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    (Date:2/5/2016)... Falls, NY & Salt Lake City, UT (PRWEB) , ... February ... ... Davis, Founder of Activz Whole-Food Nutrition , announced that the much-anticipated feature with ... on the New Really Cool Humans Amateur TV Network. , Each week, on his ...
    (Date:2/5/2016)... ... February 05, 2016 , ... Looking for a last-minute Valentine’s Day ... tips of your toes. Foot massage, whether administered by a professional masseuse or a ... The American Board of Multiple Specialties in Podiatry (ABMSP) has taken the ...
    (Date:2/5/2016)... ... 05, 2016 , ... In the fourth quarter of 2015, ... the La Valencia Hotel in San Diego, California to discuss changes in the ... most outstanding franchise, walking away with the coveted David Wright Award of Excellence. ...
    (Date:2/5/2016)... ... February 05, 2016 , ... Pivot Point Consulting, a leading ... Software & Services for HIT Implementation Support & Staffing report with an outstanding ... performance by healthcare executives, managers and clinicians representing over 4,500 hospitals and 2,500 ...
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