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Winner Medical Reports Fourth Quarter and Fiscal 2010 Results
Date:12/8/2010

he fourth quarter 2010. In response, the Company increased its selling price to clients, who postponed orders as they relied on inventory for certain periods. Also, orders to Europe slowed as the debt crisis hit, and clients located in Greece and Spain in particular postponed or cancelled orders. As of December 8, 2010, most of the Company's clients have accepted adjusted selling prices.

Gross Profit

For the fourth quarter of fiscal 2010, gross profit was $8.8 million, an increase of 5.8% over $8.4 million in the same period of fiscal 2009. Gross margin was 31.3%, versus 30.2% in the fourth quarter of fiscal 2009. Winner Medical's gross margin remained unchanged due to progressively increasing its selling price. At the same time, the Company signed long term contracts with its raw material suppliers and purchased cotton futures contracts in the China futures exchange market, as a way to hedge against some of the volatility in the cost of cotton.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased by 13.7% to $5.6 million in the fourth quarter of fiscal 2010, from $5.0 million in the fourth quarter of fiscal 2009. This increase was mainly due to the increase in transportation fees, growth in its sales force and expenses related to the opening of PurCotton retail stores.

Income Taxes

The income tax provision for the three months ended September 30, 2010 was $0.1 million, compared to $0.9 million for the same period in 2009. This decrease was mainly due to an accrued tax provision of $0.6 million in the fourth quarter of 2009 and a tax loss of $0.2 million in the fourth quarter of 2010 for Shenzhen PurCotton Technology Co., Ltd., a wholly-owned subsidiary which was established on December 7, 2009.

Net Income Attributable to Winner Medical Group Inc.

Net income attributable to Winner Medical Group Inc. increased by 5.9% to $3.1 million, or
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SOURCE Winner Medical Group Inc.
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