Weikang Bio-Technology Group Co., Inc. today announced preliminary revenue and net income results for fiscal 2010.
For the fiscal year ended December 31, 2010, the Company expects to report net revenues of $77.8 million, representing a 64% increase from revenues of $47.5 million reported for fiscal 2009. The Company also expects to report net income of $31.2 million, which represents an increase of 100% from $15.6 million reported for fiscal 2009, and earnings per share of $1.04.
Commenting on the figures, Mr. Yin Wang, Chairman and CEO of Weikang, said, "2010 was an outstanding year of growth for Weikang, driven largely by the launch of multiple products under our Rongrun and TianFang brands. Our preliminary 2010 financial results far exceeded our September guidance of $55 million in revenues and $21 million in net income, and we remain very optimistic about our business prospects in 2011. We maintain our 2011 guidance of 30% to 50% revenue growth over 2010 and approximately 60% gross margin due to increased sales of high-margin products as a percent of total revenue, and we look forward to providing a complete picture of our 2010 financial results when we file with the SEC in March."
The stocks are just trading above $3.00, we expect they will be trading between $5.00-$6.00 in some months from now.