Navigation Links
China Sky One Medical Updates Financial Guidance for 2010

China Sky One Medical Updates Financial Guidance for 2010 -- HARBIN, China, Sept. 3 /PRNewswire-Asia-FirstCall/ --

Advanced Search Search

  1. Send a release
  2. Member sign in
  3. Become a member
  4. For journalists
  5. Global sites
PR Newswire: news distribution, targeting and monitoring
  1. Products & Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
Biotechnology, Health Care & Hospitals, Medical Pharmaceuticals, Pharmaceuticals, Earnings Forecasts & Projections, Personnel Announcements Click to view news release full screen  

China Sky One Medical Updates Financial Guidance for 2010


-- Mr. Stanley Hao resigns as CFO, will continue to serve as Director and Board Secretary --

HARBIN, China, Sept. 3 /PRNewswire-Asia-FirstCall/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") (Nasdaq: CSKI), a leading fully integrated pharmaceutical company in the People's Republic of China ("PRC"), today announced that its fiscal year 2010 revenue and adjusted net income, excluding the impact of derivative warrant liabilities, are expected to be lower than its previous financial guidance as a result of the termination of several major distributor relationships.

Specifically, the Company has lowered its 2010 revenue guidance from a prior range of $160 million and $164 million to between $128 million and $136 million. The Company also has lowered its 2010 adjusted net income guidance, excluding the impact of derivative warrant liabilities, from between $40 million and $41 million to between $26 million and $31 million.

Management's reduced guidance reflects the termination of relationships with certain private distributors, who after several rounds of discussions, chose to end their cooperation with the Company after learning that their business information was disclosed in the Company's public SEC filings and would continue to be disclosed in such documents as required by SEC regulations. This disclosure, these distributors claim, has led to increased scrutiny of their financial performance by government authorities within China. While the Company expects to replace these lost distribution arrangements over time, revenue and net income in the second half of 2010 are expected to be negatively impacted by the disruption in distribution channels. The Company expects to incur higher selling and marketing costs during second half 2010 to develop new distributor relationships.

Separately, the Company announced the resignation of its CFO, Mr. Stanley Hao, due to health considerations, effective September 01, 2010. Mr. Hao will retain his position as Company Director and Board Secretary. Mr. Yu-kun Zhang, the Company's Principal Financial and Accounting Officer, will continue to oversee the accounting and finance functions, while the Company actively searches for a new CFO.

"We are disappointed with the decision by several of our larger distributors to end their cooperation with China Sky One," commented Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical. "We expect to recoup this lost business over time by building new relationships with reputable provincial and national distributors. In addition, we want to thank Stanley Hao for his contributions as Chief Financial Officer and look forward to his continued contributions in a role that will allow him to address his health issues. We are actively seeking a qualified successor with a strong background in US GAAP accounting and the capital markets to provide effective leadership for our finance team and support China Sky One's future expansion."

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"), Heilongjiang Tianlong Pharmaceutical, Inc. ("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 .

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," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the Company's termination with above mentioned ex-customers and update of financial guidance for 2010, as well as Mr. Stanley Hao's resignation as the Company's CFO. 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 The People's Republic of China, 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.

For more information, please contact: China Sky One Medical Yan-qing Liu, CEO Email: CCG Investor Relations Crocker Coulson, President Tel: +1-646-213-1915 Email: Website: Mabel Zhang, Vice President Tel: +1-310-954-1353 Email:

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

Related medicine technology :

1. China-Biotics Announces September 20 Investor Day Schedule
2. China Cord Blood Corporation to Announce First Quarter Fiscal 2011 Financial Results
3. Wise Sky Highlights Their Disappointment at Emergents Decision Not to Enter the China Market
4. Reportlinker Adds The Market for Medical Devices in Brazil, Russia, India & China
5. Reportlinker Adds The Market for Pharmaceuticals in Brazil, Russia, India & China
6. China-Biotics to Host Investor Day in Shanghai to Discuss Corporate Development Strategy
7. BMP Sunstones Hao Wawa (Good Baby) Brand Ranked First Among Chinas Top Three Pediatric Medicine Brands
8. UPDATE: China PharmaHub Corp. Introduces a Magic Bullet Liver Cancer Therapy to China, Hong Kong, Taiwan, Macau, Singapore, Malaysia, and Bangladesh
9. China PharmaHub Corp. Introduces a Magic Bullet Liver Cancer Therapy to China, Hong Kong, Taiwan, Macau, Singapore, Malaysia, and Bangladesh
10. Reportlinker Adds Pharmaceutical M&A in the Asia-Pacific Region - India and China drive regional activity but Japan still dominates high value transactions
11. 3SBio and Isotechnika Pharma Announce Strategic Partnership to Develop and Commercialize Voclosporin in China
Post Your Comments:
(Date:11/24/2015)... WuXi PharmaTech (Cayman) Inc. ("WuXi" or the ... capability and technology platform company serving the pharmaceutical, biotechnology, ... China and the United States ... meeting of shareholders held today, the Company,s shareholders voted ... the previously announced agreement and plan of merger (the ...
(Date:11/24/2015)... , Nov. 24, 2015  In the pharmaceutical ... in an effort to quickly uncover new insights, tactics ... --> --> However, organizations ... market research project and ensure that all rules and ... industry standards. Another major barrier to efficiently launching market ...
(Date:11/24/2015)... Nov. 24, 2015  DILON Diagnostics and GE Healthcare ... agreement for DILON to distribute GE,s Discovery NM750b Molecular ... signing of this distribution agreement will provide Dilon,s experienced ... Imaging system and is considered an initial step in ... solutions for clinicians and their patients. ...
Breaking Medicine Technology:
(Date:11/24/2015)... ... ... New patients who wish to seek treatment for missing teeth can now ... Mississauga, ON practice. Dr. Williams has been providing dental service for over 34 years, ... teeth can lead to a variety of complications if they are not replaced quickly, ...
(Date:11/24/2015)... Los Angeles, CA (PRWEB) , ... November 24, 2015 , ... ... author explored the different restrictions and variables that determine which patients are or are ... are those patients that have a BMI over 40, are more than 100 pounds ...
(Date:11/24/2015)... ... , ... Preparing for the LDT Regulation:, CLIA Won’t Satisfy the FDA, ... FDA has long asserted that design and manufacture of Laboratory Developed Tests (LDTs) falls ... meet the device regulations. , Come up short in an inspection and the FDA ...
(Date:11/24/2015)... (PRWEB) , ... November 24, 2015 , ... In response ... growing epidemic as deaths from prescription opioids in the United States grew 400 percent ... In 2013 alone, opioids were involved in 37 percent of all fatal drug overdoses. ...
(Date:11/24/2015)... AL (PRWEB) , ... November 24, 2015 , ... American ... announced today the opening of a holiday pop-up clinic located in Metro Atlanta’s North ... needs in a new and different way. The location is scheduled to operate through ...
Breaking Medicine News(10 mins):