Selling, general and administrative expenses increased by 30% to $19.2 million during the nine months ended June 30, 2011, compared to $14.7 million in the same period of fiscal 2010. Adjusted selling, general and administrative expenses (non- GAAP), which exclude share-based compensation expenses, for this reporting period were $18.6 million, versus $14.0 million for the same period of 2010. The increase as compared to the same period last year 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 nine months ended June 30, 2011 was $1.3 million, compared to $1.6 million for the same period in 2010, representing an effective tax rate of 12.5% for this reporting period, versus 13.5% in the same period last year.
Net income attributable to Winner Medical decreased by 10% to $9.0 million, or $0.37 per basic share, compared to net income of $1.0 million, or $0.44 per basic shares for the nine months ended June 30, 2010. This decrease in net income during the reporting quarter was mainly due to the realized loss on commodity hedging.
Excluding non-cash share-based compensation expenses and realized loss on commodity financial instruments, adjusted net income (non-GAAP) was $11.3 million for the nine months ended June 30, 2011, an increase of 6% from $10.8 million in the same period of 2010. Adjusted basic earnings per share (non-GAAP) was $0.47 for the nine months ended June 30, 2011, versus $0.47 per share for the comparable period last year.
Other Financial HighlightsCash and cash equivalents were $17.0 million as of June 30, 2011 compared to $14.8 million as of September 30, 2010. The Company's working capital as of June 30, 2011 was $50.6 million. Tota
|SOURCE Winner Medical Group Inc.|
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