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

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
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SOURCE China Sky One Medical, Inc.
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