Basic and diluted net income per share were $0.48 and $0.47 for fiscal year 2011 versus $0.57 and 0.56 for fiscal year 2010, respectively. The adjusted basic and diluted earnings per share (non-GAAP), which exclude non-cash share-based compensation expenses and realized loss on commodity financial instruments, were $0.57 and $0.56 for fiscal year 2011 versus $0.60 and 0.59 for fiscal year 2010. The non-GAAP earnings per share slightly decreased due to the increased expenses for PurCotton retail expansion, such as opening and maintaining retail stores, advertising and promoting and building other online and offline distribution channels.
Balance SheetsAs of September 30, 2011, the Company had cash and cash equivalents of $21.9 million compared to $14.8 million as of September 30, 2010. The Company's working capital as of September 30, 2011 was $55.2 million. Total assets were approximately $149.9 million compared to $119.0 million as of September 30, 2010, while total shareholders' equity was $125.7 million and $105.8 million as of September 30, 2011 and 2010, respectively.
Operational UpdatesGross MarginDuring the period between December 2010 and March 2011, cotton prices rapidly increased approximately 100% to over RMB30,000 per ton from RMB15,000 per ton. From March 2011 to September 2011, cotton prices stabilized at approximately RMB20,000 per ton. This upward fluctuation raised the Company's average purchasing price of cotton for the year and, to a large extent, lowered the Company's gross margin. Besides adjusting its product pricing, the Company also made efforts to manage the impact of volatility in cotton prices through a special team to manage cotton trading in the spot and f
|SOURCE Winner Medical Group Inc.|
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