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CHINA SKY ONE MEDICAL, INC. (CSKI) filed Quarterly Report for the period ended 2011-09-30.
China Sky One Medical Inc. has a market cap of $36 million; its shares were traded at around $2.12 with a P/E ratio of 1.8 and P/S ratio of 0.3.
This is the annual revenues and earnings per share of CSKI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CSKI.
Highlight of Business Operations:
For the nine months ended September 30, 2011, no customer accounted for 10% or more of our total revenues. At September 30, 2011, Shandong Lu Hua Neng Medicine Company accounted for approximately 11% of all accounts receivable. For the nine months ended September 30, 2010, no customer accounted for 10% or more of our total revenues. At September 30, 2010, no customer accounted for 10% or more of all accounts receivable. No other customers accounted for 10% or more of our accounts receivable at September 30, 2011 and 2010.For the nine months ended September 30, 2011, total revenues were $92,619,000, compared to $105,856,000 for the nine months ended September 30, 2010. Our revenues decreased by $13,237,000, or 12.5%, as compared to the same period of 2010, primarily due to the following factors; (i) termination of two major customer relationships (one domestic distributor and one overseas agent) in the third quarter of 2010. Revenues generated from these two customers in the nine months ended September 30, 2010 were approximately $12,900,000 or 12.1% of our total revenues for that period. Efforts are ongoing to find other distributors to replace the lost sales resulting from the loss of these two key customers and (ii) the termination of production and sales of 32 products in the second and third quarter of 2011. Revenues generated from the 32 products were approximately $3,100,000 and $8,600,000 for the nine months ended September 30, 2011 and 2010. The decrease is partially offset by the increased revenue from the sales of our Wash Fluids, Diagnostic Kits and Other products. The table below summarizes the revenues generated from these two distributors in the nine months ended September 30, 2010:
Cost of goods sold for the three months ended September 30, 2011 increased by 4.6% compared to the comparable period in 2010. Gross profit margin decreased from 72.9% for the three months ended September 30, 2010 to 61.5% for the three months ended September 30, 2011. Our gross profit margin for the years ended December 31, 2010 and 2009 were 72.9% and 75.7%, respectively. The higher cost of goods sold and lower gross profit margin was primarily due to continued increase in the price of certain raw materials we use to produce our products and lower sales prices of certain products due to the competitive sales market.
For the three months ended September 30, 2011, revenues from our Wash Fluids products increased by $844,000, or 41.9%, as compared to the same period of 2010. The increase was primarily due to increased sales from our Metronidazole and Chlorhexidine Wash Fluids. Revenue generated from our Metronidazole and Chlorhexidine Wash Fluids increased to $1,577,000 for the three months ended September 30, 2011, compared with $885,000 for the three months ended September 30, 2010, primarily due to our f market promotion of such products.
Cost of goods sold for the nine months ended September 30, 2011 increased by 13.3% compared to the comparable period in 2010. Gross profit margin decreased from 73.3% for the nine months ended September 30, 2010 to 65.4% for the nine months ended September 30, 2011. Our gross profit margin for the years ended December 31, 2010 and 2009 was 72.9% and 75.7%, respectively. The higher cost of goods sold and lower gross profit margin was primarily due to increases in the price of certain raw materials we use to produce our products and lower selling prices of certain products due to the competitive sales environment.
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- Nov 14, 2011 at 10:04 AM
