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Winner Medical Reports First Quarter Fiscal 2011 Results
Date:2/10/2011

Selling, general and administrative expenses increased by 13.8% to $6.1 million in the first quarter of fiscal 2011, from $5.3 million in the first quarter of fiscal 2010. Adjusted selling, general and administrative expenses (non- GAAP), which exclude share-based compensation expenses, for the first quarter of fiscal 2011 were $5.8 million, versus $5.0 million for the same period of 2010. The increase was primarily due to increased of salary and leasing expenses compared to the same period of last year.

The income tax provision for the first quarter of fiscal 2011 was $0.4 million, compared to $0.6 million for the same period in 2010. This decrease was primarily due to a tax deduction accrued in the reporting quarter for the 150% tax deductible preferential policy applicable to Winner Medical's Research and Development expenses while such an accrual was not made in the same period last fiscal year.

Net income attributable to Winner Medical decreased by 15.1% to $3.3 million, or $0.14 per basic and diluted share, compared to net income of $3.9 million, or $0.18 per basic share and $0.17 per diluted share, for the first quarter of fiscal 2010. The weighted average diluted shares outstanding were 24.1 million, up 7.8% year-over-year. Adjusted net income attributable to Winner Medical Group Inc. (non-GAAP), which excludes non-cash share-based compensation expenses, was $3.6 million for the first quarter of fiscal 2011, a decrease of 14.54% from the same period of 2010. Excluding non-cash share-based compensation expenses, adjusted basic earnings per share (non-GAAP) was $0.15 for the three months ended December 31, 2010, versus $0.19 per share for the comparable period last year, a decrease of 20.75%. The decrease was mainly driven by our customers' delayed acceptance of increased selling prices and lower high-margin protective products sales, which were unusually strong in the first quarter of 2010 due to the H1N1 virus outbreak.

Balance Sheet
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SOURCE Winner Medical Group Inc.
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