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Winner Medical Reports Full Fiscal Year 2011 Results
Date:11/30/2011

$26.5 million in fiscal year 2011 from $20.4 million in the prior fiscal year. As a percentage of total sales, SG&A expenses stabilized at 17.7% in fiscal year 2011 and 2010. The increase in SG&A expenses was primarily due to increased staff costs, rental and transportation costs, advertising and promotion expenses and R&D expenses for advanced medical and PurCotton® consumer products.

Income from operations decreased by 7.6% year-over-year to $13.5 million from $14.7 million in the prior fiscal year, because the increase in expenses outpaced the increase in revenues.

Interest expenses decreased approximately 27.9% to $0.09 million. The Company capitalized approximately $0.2 million of interest expense to property, plant and equipment in fiscal year 2011, while a small amount of interest was capitalized in the prior fiscal year. The Company primarily uses bank loans to supplement working capital for daily operations.

Income tax provision in fiscal year 2011 increased by 18.2% year-over-year to $2.0 million from $1.7 million in the prior fiscal year, representing an effective tax rate of 14.6% for the reporting period versus 11.4% in fiscal year 2010. The comparatively higher income tax as a percentage of income before income taxes in fiscal year 2011 was mainly due to the expiration of preferential tax treatment for a subsidiary, Winner Medical & Textile Ltd. Chongyang, on December 31, 2010, at which time that subsidiary's applicable tax rate increased to 25% from 12.5%.

Net income attributable to Winner Medical decreased by 11.9% year-over-year to $11.5 million from $13.1 million in fiscal year 2010. Excluding non-cash share-based compensation expenses and realized loss on commodity financial instruments, adjusted net income (non-GAAP) was $13.7 million for the fiscal year 2011, a decrease of 0.4% from $13.8 million in fiscal year 2010.

Net margin decreased to 7.7% in fiscal
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SOURCE Winner Medical Group Inc.
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