China Sky One Medical, a manufacturer, marketer and distributor of pharmaceutical, medicinal and diagnostic products in China, has announced financial results for the three month and nine month periods ending September 30, 2007.
Revenue for the third quarter increased 148% to $16.8 million from $6.8 million in the third quarter of 2006, which is mainly due to continued sales growth of the company's own product line and a contract service line of manufacturer's products sold through the company's distribution channel. During the third quarter, the company continued to experience robust export sales of Slim Patch, which contributed $4.5 million of revenue, up significantly from approximately $435,000 in the third quarter of 2006. Sales of other manufactured brands through the company's distribution network contributed $4.3 million of revenue during the third quarter, up from $1.8 million in the same period of 2006.
Yan-Qing, Chief Executive Officer and President of China Sky One Medical stated, "Demand for our diverse product portfolio of Traditional Chinese Medicine, Western medicines and diagnostic kits as well as for our leading TDR and Kangxi brands, drove our revenue results in the third quarter of 2007. Additionally, we were pleased with the performance from our Slim Patch in Malaysia and contributed $2.5 million to our export sales in the quarter."
Net income for the third quarter of 2007 was $5.4 million, or $0.44 per diluted share, compared to $1.8 million in the third quarter of 2006.