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Winner Medical Reports Third Quarter Fiscal 2011 Results
Date:8/10/2011

ian clients, who is increasing its reliance on imported products demand. Cost of sales increased by $8.2 million, to $30.2 million, for the reporting period. The increase of cost of sales was mainly attributable to a higher average purchasing price of cotton, the Company's primary raw material, during the reporting period as compared with the same period last year.

Gross profit increased 27% to $11.3 million compared to the third quarter of fiscal 2010. Gross margin decreased to 27.2% as compared to 28.9% in the same three-month period of 2010. The decrease in gross margin was attributable to an increase in the cost of cotton. The Company continues to adjust its business portfolio by developing and marketing advanced medical products as well as PurCotton® jumbo rolls and retail products, which carry higher gross margins.

Selling, general and administrative expenses increased to $7.3 million in the third quarter of fiscal 2011, from $5.3 million in the same quarter of 2010. Adjusted selling, general and administrative expenses (non-GAAP), which exclude share-based compensation expenses, were $7.2 million versus $5.0 million for the same period of 2010. The increase was primarily due to higher salary and leasing expenses for the PurCotton retail business and R&D expense for advanced and sophisticated products.

The income tax provision for the third quarter of fiscal 2011 was $0.6 million, compared to $0.3 million for the same period in 2010, representing an effective tax rate of 14.1% for this reporting period, versus 9.3% in the same period last year. The comparatively lower effective tax rate for the three months ended June 30, 2010 was due to an income tax provision for the filing and settlement of income taxes while there was no such adjustment for this reporting period.

Net income attributable to Winner Medical increased by 2% to $3.4 million, or $0.14 per basic share, compared to net income of $3.4 million, or $0.14 per basic
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SOURCE Winner Medical Group Inc.
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