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

o $20.4 million in the fiscal year 2010, from $16.9 million in fiscal 2009. Adjusted selling, general and administrative expenses (non- GAAP), which exclude share-based compensation expenses, for the fiscal year 2010 were $19.7 million, versus $16.6 million for the same period of 2009. The increase in selling expenses was primarily due to increases in transportation expenses, salaries and social insurance and leasing fees.

Income Taxes

The income tax provision for the fiscal year 2010 was $1.7 million, compared to $2.4 million in the same period of 2009, with the decrease 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.

For the fiscal year ended September 30, 2010, net income attributable to Winner Medical Group increased by 43.4% to $13.1 million, or $0.57 and $0.56 per basic and diluted share, respectively, compared to net income of $9.1 million, or $0.41 per basic and diluted share, for the fiscal year 2009. Adjusted net income attributable to Winner Medical Group Inc. (non-GAAP), which excludes share-based compensation expenses, was $13.8 million for fiscal year 2010, an increase of 25.1% from the same period of 2009. Excluding share-based compensation expenses, adjusted basic earnings per share (non-GAAP) was $0.60 for fiscal year 2010, versus $0.42 per share for the comparable period last year, an increase of 42.9%. The increase was driven by adopting effective methods to reduce the risk of cotton price fluctuation. In addition, the Company adopted lean production management to reduce manufacturing unit cost and improve production efficiency.

Balance Sheet

Cash and cash equivalents as of September 30, 2010 were approximately $14.8 million, compa
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SOURCE Winner Medical Group Inc.
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