Winner Medical Reports Fourth Quarter and Fiscal 20... (red with $9.5 million as of September 30...)

Winner Medical Reports Fourth Quarter and Fiscal 2010 Results

Date:12/8/2010

red with $9.5 million as of September 30, 2009. The Company's working capital as of September 30, 2010 was $42.6 million, compared with $23.0 million last year. The Company's total assets as of September 30, 2010 were approximately $119.0 million, compared with $100.9 million as of September 30, 2009 and total shareholder's equity as of September 30, 2010 was approximately $105.8 million, compared with $82.1 million as of September 30, 2009. Net operating cash flow for the fiscal year ended September 30, 2010 was $12.7 million, a decrease of 13.9% from the last fiscal year.

Operational Highlights Year to DateMedical Market Business Update:

Sales to North and South America remained robust, growing by approximately 30.1%. The growth was driven by increased orders from American and Brazilian clients, since Winner Medical's product quality and customer service is well recognized in these areas. However, net sales to Europe grew approximately 6.8% versus the fiscal year 2009. 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.

Cotton prices hiked during the fourth quarter, and the average pre-tax purchasing price rose over 38.3% for fiscal year 2010 compared to the same period of last year. Manufacturers such as Winner Medical raised prices to offset these unprecedented levels of commodity inflation, and customers postponed orders. The Company maintained stable gross margin, because it signed long term contracts with its raw material suppliers and purchased cotton forward contracts to hedge against some of the volatility in the cost of cotton. As of December 8, 2010, most of clients had accepted its new selling prices and orders were increasing. The Company believes that one positive benefit to the soaring cotton prices is that many small competitors without sufficient scale are reducing output and shu
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SOURCE Winner Medical Group Inc.
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