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

share, for the third quarter of fiscal 2010. This slight increase in net income was primarily due to an increase in sales and net income from medical products offsetting the net loss from the PurCotton® retail business, which recorded a loss of $0.9 million during the reporting period. The PurCotton® retail business is still in its start-up stage, and requires a significant investment before it can be expected to contribute profits.

Excluding the non-cash share-based compensation expenses and realized gain on commodity financial instruments, adjusted net income (non-GAAP) was $3.4 million for the third quarter of fiscal 2011, a decrease of 5% from $3.6 million in the same period of 2010. The adjusted basic earnings per share (non-GAAP) was $0.14 for the three months ended June 30, 2011 versus $0.15 per share for the comparable period last year.

Nine Months Fiscal 2011 Unaudited Financial ResultsNet sales were $108.5 million, an increase of 25% compared to the same period last year. This increase was primarily driven by stronger sales from North and South America, particularly the United States and Brazil, and from the China market for medical products and PurCotton® products. Meanwhile, the Company maintained a steady double-digit sales increase in the European and Japanese markets.

Cost of sales increased 28% to $78.3 million, compared to $61.1 million in the same period in fiscal 2010. Cost of sales as a percentage of net revenues were 72.2% and 70.4% for the nine months ended June 30 in fiscal 2011 and 2010, respectively. This increase was mainly attributable to increased raw material prices, particularly for cotton.

Gross profit increased 17% to $30.1 million compared to the same period in fiscal 2010. Gross margin decreased to 27.8% as compared to 29.6% in the first nine months of fiscal 2010. The decrease in gross margin was attributable to the increased cost of cotton, the core raw material f
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SOURCE Winner Medical Group Inc.
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