Science & Technology
Science and Technology
Science and Technology
Fri, May 22, 2009
Thu, May 21, 2009
Wed, May 20, 2009
Skystar Bio-Pharmaceutical Company: Skystar Bio-Pharmaceutical Reports First Quarter 2009 Financial Results
XI'AN, CHINA--(Marketwire - May 20, 2009) - Skystar Bio-Pharmaceutical (
On May 12, 2009, Skystar effectuated a 10-for-1 reverse stock split of its issued and outstanding common shares and a proportional reduction of its authorized common shares. The numbers and earnings per share for the results listed below have been adjusted to reflect this reverse split.
First Quarter Highlights:
-- Revenues increased 42.3% year-over-year to $3.82 million -- Gross Profit increased 35.2% year-over-year to $1.88 million -- Operating Income increased 37.8% year-over-year to $1.24 million -- Net income was up 72.7% year-over-year to $1.06 million -- Fully diluted EPS was up 157% year-over-year to $.57
First Quarter 2009 Results
Revenue for the first quarter 2009 was $3,823,566, up 42.3% from $2,686,354 in the first quarter of 2008. The increase in revenue was due to increased sales of our veterinary medicine and microorganism products. For the first quarter of 2009, veterinary medicines generated 68% of total revenue, increasing to $2,602,496 from $1,669,754 in the same period a year ago. Microorganisms accounted for 23.3% of total revenue for the quarter, with vaccines contributing approximately 3.8% and feed additives representing the remaining 4.8%.
Gross profit for the first quarter of 2009 was a $1,877,208, up 35.2% from $1,388,935 for the first quarter of 2008 as a result of our 42% overall sales increase.
Income from operations for the first quarter of 2009 was $1,237,766, up 37.8% from $898,057 in the first quarter of 2008.
Net income for the first quarter of 2009 was $1,064,644, up 72.7% from net income in the first quarter of 2008 of $616,351.
Fully diluted earnings per share was $0.57 for the first quarter of 2009, up 185% from $0.20 fully diluted earnings per share in the first quarter of 2008.
Financial Condition
As of March 31, 2009, Skystar Bio-Pharmaceutical had $284,650 in cash and restricted cash. Skystar's total current assets were $13,076,457, and total current liabilities were $4,600,675 which resulted in a net working capital of $8,475,782.
"We are pleased with our first quarter of 2009 results," commented Weibing Lu, Chairman and CEO of Skystar, "We believe that these results reflect the positive market response to as well as growing market awareness of our Company and our products."
About Skystar
Skystar is a China-based developer and distributor of veterinary healthcare and medical care products. Skystar has four product lines (veterinary medicines, microorganisms, vaccines and feed additives) and over 170 products, with over 40 additional products in the developmental stage. Skystar has formed strategic sales distribution networks covering 29 provinces throughout China. For additional information, please visit [ http://www.skystarbio-pharmaceutical.com ].
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.
