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Winner Medical Announces Preliminary Fiscal Fourth Quarter 2010 Results

Fri, 11/12/2010 - 5:36am
Bio-Medicine.Org

SHENZHEN, China, Nov. 12, 2010 /PRNewswire -Asia/ -- Winner Medical Group Inc. (Nasdaq: WWIN; "Winner Medical"), a leading manufacturer of medical dressings, medical disposables and non-woven PurCotton® materials for the medical and consumer products industries in China, today announced preliminary, unaudited financial results for its fiscal fourth quarter and full year ended September 30, 2010. 2010 fiscal fourth quarter and year ended results are unaudited and subject to change.

Fiscal Fourth Quarter 2010 Results (Amounts in millions)Q4 FY2010Q4 FY2009% ChangeNet Sales

$28.2

$27.7

2.1%Cost of Sales

$19.4

$19.3

0.5%Gross Profit

$8.8

$8.4

5.8%Gross Margin

31.3%

30.2%

1.1%Net Income Attributable to Winner Medical Group Inc.

$3.1

$2.9

5.7%Fiscal 2010 Results "We maintained stable gross margins and delivered modest fourth-quarter operating results despite pressure from the European debt crisis, a parabolic increase in raw material prices, and a rising RMB, all of which occurred simultaneously," said Jianquan Li, Chairman and Chief Executive Officer of Winner Medical. "During the past year we have made significant progress on several of our growth initiatives which are evidenced in our full year results, which include stable gross margins. We are confident the actions we have taken will yield further operating benefits during 2011. Our brand and competitive position continues to improve as rising commodity costs drive smaller competitors out of business. As we raise prices and gain additional market share by expanding distribution in China and abroad, we are confident in achieving our revenue growth to our target rate of 20%-30% per annum."

Medical Business Update

Preliminary net sales to Europe grew approximat

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