HARBIN, China, May 18 /PRNewswire-Asia-FirstCall/ -- China Sky One Medical, Inc. ("China Sky One" or "the Company") (Nasdaq: CSKI), a leading fully integrated pharmaceutical company producing over-the-counter drugs in the People's Republic of China ("PRC"), today announced record financial results for the first quarter of 2010. Management is working diligently to finalize the amended Annual Report on Form 10-K for 2009.
First Quarter 2010 Financial Highlights -- Total revenues increased 16.4% year-over-year to $28.9 million -- Gross profit rose 15.1% to $21.6 million -- Operating income grew 11.8% to $10.1 million -- GAAP net income, including a non-cash gain from change in the fair value of derivative warrant liability, increased 73.8% year-over-year to $12.6 million, or $0.74 per diluted share -- Excluding the non-cash gain, non-GAAP adjusted net income rose 5.8% to $7.7 million or $0.45 per diluted share First Quarter 2010 Accomplishments -- Received CE certification for Myocardial Infarction and Urine Microalbumin Diagnostic Kits. -- Commenced commercial launch of Oxymetazoline Hydrochloride Nasal Drops and Moschus Liniment for Pain Relief in March 2010. -- Myocardial Infarction Diagnostic Kit and Antroquinonol (Hocena) capsule were recognized as "National Innovation Project" and "Breakthrough Drug" by Chinese government, respectively. -- Shifted R&D focus of Heilongjiang Tianlong Pharmaceutical Company, the Company's wholly owned subsidiary, from external use medicines to antibiotics and cardiac drugs. -- Listed the Company's common shares on the NASDAQ Global Select Market o