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Dehaier Medical Announces Fourth Quarter and Full-Year 2010 Financial Results
Date:3/7/2011

same period a year ago. Homecare products increased 998% to $2.3 million, or 34% of total revenue, compared with $209,000, or 7% of revenue in the fourth quarter of 2009.

Gross ProfitGross profit for the three months ended December 31, 2010 was $2.5 million, an increase of 119% from $1.1 million for the three months ended December 31, 2009. As a percentage of revenue, the Company's gross margin was 36.9% for the three months ended December 31, 2010 as compared to 38.2% for the same period in 2009. The decrease in gross margin was primarily due to winning a government bid with large procurement costs and lower than average gross margin.

Income from OperationsOperating income for the three months ended December 31, 2010 totaled $1.5 million as compared to $764,000 for the three months ended December 31, 2009, an increase of 99% year-over-year. Operating expenses for the quarter totaled $969,000, compared with $460,000 for the same period a year ago. The increase in operating expenses was largely attributable to increases in marketing expense, including expansion of the Company's CEC network, and R&D investment, as well as expenses associated with Sarbanes-Oxley Section 404 compliance.

Net IncomeNet income attributable to the Company for the three months ended December 31, 2010 was $1.5 million as compared to $602,000 for the three months ended December 31, 2009. Earnings per diluted share were $0.32, based on 4.7 million shares outstanding for the quarter, compared with diluted EPS of $0.20, based on 3.0 million shares outstanding for the fourth quarter of 2009. The increase in share count was due to the completion of the Company's initial public offering in April 2010.

Full Year 2010 Financial ResultsRevenuesRevenues for the 12 months ended December 31, 2010 totaled $19.6 million as compared to $12.4 million in 2009, an increase of $7.2 million, or 58%. The Company's revenue growth was primarily
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SOURCE Dehaier Medical Systems Ltd.
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