Recent convert from the Bulletin Board. CSY - China Sky One Medical
China Sky One Medical, Inc. Announces Guidance for Second Quarter and Full Year 2008
Tuesday June 10, 8:00 am ET
HARBIN, China, June 10 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical, Inc. (Amex: CSY - News; ''China Sky One Medical,'' ''CSY''), a manufacturer, marketer and distributor of pharmaceutical, medicinal and diagnostic products in China, today announced financial guidance for the second quarter and full-year 2008 periods.
China Sky One Medical, Inc. estimated that second quarter gross revenue would climb 57% over the first quarter of 2008 to $19.5 million and that gross margin for the quarter is expected to be approximately 78%. Net income would reach an estimated $6.4 million, or $0.43 per fully diluted share based on 14,888,310 quarterly diluted shares outstanding as of March 31, 2008, and net margin would be approximately 32.8%. The sharp increase is mainly due to the following factors: First, products introduced from Heilongjiang Tianlong Pharmaceutical, Inc., which China Sky One Medical acquired in March, entered the markets rapidly and have had strong sales. Second, China Sky One has launched advertising promotions for its popular external use products, including Slim Patch Body-Beauty Plaster, Hemorrhoid Ointment, Compound Camphor Cream and Blood Pressure Depress Patches, which have stimulated sales. Finally, the second and third quarters are historically seasonally strong sales periods in the pharmaceutical market.
China Sky One also updated guidance for its full-year 2008 gross revenue and provided guidance for net income and earnings per share. The company expects 2008 gross revenue in the range of $81 million to $83 million and gross margin to be approximately 78.5%. Net income for 2008 is estimated to be between $25.9 million and $26.6 million, or $1.74 to $1.79 per fully diluted share based on 14,888,310 quarterly diluted shares outstanding as of March 31, 2008, and net margin is expected to be approximately 32%. Previously, the company had expected gross revenue in 2008 of approximately $80 million and gross margin to be approximately 78.5%.
''We are confident that we will achieve significant revenue growth going forward as we continue to implement our strategy of hiring direct territory managers and sales agents to further strengthen our distribution channels,'' said Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical, Inc. "In addition, we plan to continue with our research and development efforts and to make strategic acquisitions.'' |
