Tuesday, March 22, 2011

Weikang Bio-Technology Announces Fiscal 2010 Financial Results

-- Revenue Rises 57.0% to $74.6 Million

-- Adjusted Operating Income Climbs to $37.6 Million

-- Adjusted* Net Income Hits $28.3 Million or $0.95 Per Share

-- GAAP Net Income Up 56.5% to $24.4 Million or $0.87 Per Share

"Our business strategy was very successful this year, as evidenced by strong double-digit annual growth in both our top and bottom lines and an especially strong fourth quarter," commented Mr. Yin Wang, Chairman and CEO of Weikang. "Our market share continues to improve with our successful new product launches and expanded sales channels. The five new products we launched during 2010 contributed roughly $11 million to our total sales, and we plan to launch four new products during 2011, three of which we expect to roll out during the first quarter."

Mr. Wang continued, "We are committed to implementing improved marketing and promotional strategies as well as aggressive R&D, both of which contributed to our strong performance this year. Furthermore, we have streamlined our cost structure in order to provide the highest quality product at the best value, and we look forward to continued growth of this nature as we continue to pursue additional US investor support and interaction in 2011."

FY 2010 results

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