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

$0.13 per basic and diluted share, compared to net income of $2.9 million, or $0.13 per basic and diluted share, for the fourth quarter of last fiscal year. The slightly increase was mainly attributable to increases in selling prices in conjunction with rising cotton prices. At the same time, the Company adopted lean production management to reduce manufacturing unit cost and improve production efficiency.

Full Year Ended September 30, 2010 Audited Financial ResultsNet Sales

Winner Medical reported a net sales revenue increase of 16.9% to $115.0 million for fiscal year 2010, versus $98.4 million in fiscal 2009. This increase was mainly attributable to increased sales orders from existing North and South American customers, and an increase in PurCotton® product sales to customers in China. The Company maintained solid growth in the first three quarters, in the Chinese and North and South American market in particular. However, in the fourth quarter, cotton prices parabolic hiked, which resulted in the Company having to adjust its selling prices. As such, clients postponed orders while 'destocking' their inventory. In addition, orders in Europe slowed as the economic impact from the sovereign debt crisis hit, and some clients postponed or cancelled orders, particularly those located in Greece and Spain.

Gross Profit

Gross profit increased by 23.7% to $34.6 million for the fiscal year ended September 30, 2010, from $27.9 million in fiscal 2009. Gross margins were 30.0%, an increase of 160 basis points from 28.4% in the same period of fiscal 2009, which was driven by the Company raising its selling prices. Meanwhile, the Company signed long-term contracts with raw material suppliers, and purchased cotton forward contracts, so that it maintained a higher gross margin than in fiscal year 2010.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased by 20.7% t
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SOURCE Winner Medical Group Inc.
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