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Dehaier Medical Announces Third Quarter 2010 Financial Results

Fri, 11/12/2010 - 8:35am
Bio-Medicine.Org

BEIJING, Nov. 12, 2010 /PRNewswire-Asia-FirstCall/ -- Dehaier Medical Systems Ltd. (Nasdaq: DHRM) ("Dehaier" or the "Company"), an emerging leader in the development, assembly, marketing and sale of medical devices and homecare medical products in China, today announced its financial results for the third quarter ended September 30, 2010. The Company posted revenues of $5.5 million and quarterly GAAP net income of $1.4 million, or $0.30 per diluted share. These results compare to revenue of $3.6 million and quarterly GAAP net income of $1.0 million, or $0.34 per diluted share, for the same period last year. Summary financial data is provided below:

Third Quarter 2010 Financial Highlights

Revenues for the third quarter of fiscal year 2010 increased by 52.1% year-over-year to $5.5 million, up from $3.6 million in the third quarter of 2009. Net income attributable to the Company for the third quarter increased 38.2% year-over-year to $1.4 million, compared with $1.0 million for the third quarter of 2009. Gross margin for the third quarter was 41.4% based on gross profit of $2.3 million, compared with a 41.4% margin in the same period last year. Operating income and operating margin for the third quarter were $1.6 million and 29.4%, respectively, compared to $1.2 million and 34.5%, respectively, in the third quarter of 2009. Earnings per diluted share were $0.30 for the quarter, compared with diluted EPS of $0.34 achieved in the same period a year ago.

2010 Nine Months Financial Highlights

Revenues for the nine months ended September 30, 2010 increased by 37.2% year-over-year to $12.9 million, up from $9.4 million for the nine months ended September 30, 2009. Net income attributable to the Company increased 48.0% year-over-year to $3.1 million, compared with $2.1 million for the first nine months of

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