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

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 pric
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SOURCE China Sky One Medical, Inc.
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