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Dehaier Medical Systems Q2 Revenue Up 46% to $4.83 Million; Net Income Up 59% to 1.14 Million; EPS 0.27
Date:8/16/2010

$1.31 million in Q2 FY'09. -- Gross margin for the second quarter ended March 31, 2010 remained constant at 40%, the same as the second quarter in 2009. -- Operating income rose 52.76% to $1.36 million in Q2 FY'10 compared with $0.89 million in Q2 FY'09 primarily due to the increased revenues. -- Net income attributable to Dehaier for the second quarter ended June 30, 2010 increased 59% to $1.14 million, compared to $0.72 million for the same period of 2009. -- Earnings per diluted share in Q2 FY'10 was $0.27, compared to $0.24 per diluted share in Q2 FY'09. Six Months Highlights -- Revenue for the first six months of 2010 increased by 28% to $7.47 million from $5.83 million in the first six months of 2009. -- Gross profit increased 29% to $2.89 million from $2.25 million in the same period of 2009. -- Gross margin for the first six months ended June 30, 2010 remained constant at 39%, which is the same as that of the first six months in 2009. -- Operating income rose 49% to $2.0 million from $1.35 million in the same period of 2009. -- Net income attributable to Dehaier for the first six months increased 58% to $1.66 million, compared to $1.05 million for the same period of 2009. -- Earnings per diluted share in H1 FY'10 was $0.46, compared to $0.35 per diluted share in H1 FY'09.

Liquidity and Capital Resources

The company's cash balance on June 30, 2010 was approximately $6.54 million. On June 30, 2010 Dehaier had short-term debt of $1,474,610 in the form of a short-term bank loan due in June 2011. The company had no long-term debt. Working capital was $17,559,244, which the company said would be adequate to meet anticipated cash needs and sustain current operations for at least 12 months.

Management Comments

Dehaier CEO Mr. Ping Chen said, "The second quarter of 2010 was an exciting period for our rapidly growing company. We recorded another quarter of excellent financial results and our stock began
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SOURCE Dehaier Medical Systems Ltd.
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