Attached files
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| 8-K - WINNER MEDICAL GROUP INC | v204918_8k.htm |
Winner
Medical Reports Fourth Quarter and Fiscal 2010 Results
Fourth-
Quarter 2010 Highlights
—Revenue
increased by 2.1% over Q4 FY09 to $28.2 million
—Gross
profit increased by 5.8% over Q4 FY09 to $8.8 million
—Net
income increased by 5.9% over Q4 FY09 to $3.1 million with EPS of
$0.13
Full
Fiscal Year 2010 Highlights
—Revenue
increased by 16.9% YOY to $115.0 million
—Gross
Profit increased 23.7% YOY to $34.6 million
—Net
income increased 43.4% YOY to $13.1 million
—Net
income per basic share increased 39.0% to $0.57
—Adjusted basic EPS
increased 42.9% to $0.60 for the fiscal year 2010 versus $0.42 for the fiscal
year 2009
SHENZHEN,
China, Dec. 8, 2010 - Winner Medical Group Inc. (Nasdaq:WWIN), a leading
manufacturer of medical dressings, medical disposables and non-woven fabric made
from 100% natural PurCotton® products in China, today reported consolidated financial results
for the fourth quarter and full fiscal year ended September 30,
2010.
Fiscal
Fourth Quarter 2010 Results (Amounts in USD millions)
|
Q4 FY2010
|
Q4 FY2009
|
% Change
|
||||||||||
|
Net
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 | % | 3.6 | % | ||||||
|
Net
Income Attributable to Winner Medical Group Inc.
|
$ | 3.1 | $ | 2.9 | 5.9 | % | ||||||
|
Basic
EPS
|
$ | 0.13 | $ | 0.13 | - | |||||||
Fiscal
Year 2010 Results (Amounts in USD millions)
|
FY2010
|
FY2009
|
% Change
|
||||||||||
|
Net
Sales
|
$ | 115.0 | $ | 98.4 | 16.9 | % | ||||||
|
Cost
of Sales
|
$ | 80.4 | $ | 70.4 | 14.2 | % | ||||||
|
Gross
Profit
|
$ | 34.6 | $ | 27.9 | 23.7 | % | ||||||
|
Gross
Margin
|
30.0 | % | 28.4 | % | 5.6 | % | ||||||
|
Net
Income Attributable to Winner Medical Group Inc.
|
$ | 13.1 | $ | 9.1 | 43.4 | % | ||||||
|
Basic
EPS
|
$ | 0.57 | $ | 0.41 | 39.0 | % | ||||||
Mr. Jianquan Li, Chairman and Chief
Executive Officer of Winner Medical, commented, “During the past year we made
significant progress on several of our growth initiatives, which are evidenced
in our full year results and stable gross margins. We are pleased with our full year results
despite a challenging fourth quarter, a period where we experienced market
effects from European debt crisis and rising raw material prices. Faced with
these pressures, the Company increased its selling prices, to pass along raw
material cost increases to customers, signed long term contracts with its raw
material suppliers and entered into several cotton forward contracts to hedge
future price fluctuations. During fiscal year 2010, we enhanced our production
efficiencies and implemented more stringent cost controls, which enabled us to
improve our margins and increase profitability.
“We are
confident that 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 to reduce output. As we adjusted
prices and gained additional market share by expanding distribution in China and
abroad, we are confident in achieving our target of 20% to 30% revenue growth
per annum," Mr. Li concluded.
Fourth
Quarter 2010 Unaudited Financial Results
Net
Sales
For the
fourth quarter of fiscal 2010, Winner Medical reported net sales revenue of
$28.2 million, an increase of 2.1% compared to the same period last year. The
slight increase was mainly due to the fact that sales to North and South America
remained robust, which was driven by increased orders from American and
Brazilian clients. However, those sales was offset by the high price of cotton
at certain points during the fourth quarter 2010. In response, the Company
increased its selling price to clients, who postponed orders as they relied on
inventory for certain periods. Also, orders to Europe slowed as the debt crisis
hit, and clients located in Greece and Spain in particular postponed or
cancelled orders. As of December 8, 2010, most of the Company’s clients have
accepted adjusted selling prices.
Gross
Profit
For the
fourth quarter of fiscal 2010, gross profit was $8.8 million, an increase of
5.8% over $8.4 million in the same period of fiscal 2009. Gross margin was
31.3%, versus 30.2% in the fourth quarter of fiscal 2009. Winner Medical’s gross
margin remained unchanged due to progressively increasing its selling price. At
the same time, the Company signed long term contracts with its raw material
suppliers and purchased cotton futures contracts in the China futures exchange
market, as a way to hedge against some of the volatility in the cost of
cotton.
Selling,
General and Administrative Expenses
Selling,
general and administrative expenses increased by 13.7% to $5.6 million in the
fourth quarter of fiscal 2010, from $5.0 million in the fourth quarter of fiscal
2009. This increase was mainly due to the increase in transportation fees,
growth in its sales force and expenses related to the opening of PurCotton
retail stores.
Income
Taxes
The
income tax provision for the three months ended September 30, 2010 was $0.1
million, compared to $0.9 million for the same period in 2009. This decrease was
mainly due to an accrued tax provision of $0.6 million in the fourth quarter of
2009 and a tax loss of $0.2 million in the fourth quarter of 2010 for Shenzhen
PurCotton Technology Co., Ltd., a wholly-owned subsidiary which was established
on December 7, 2009.
Net
Income Attributable to Winner Medical Group Inc.
Net
income attributable to Winner Medical Group Inc. increased by 5.9% to $3.1
million, or $0.13 per basic and diluted share, compared to net income of $2.9
million, or $0.13 per basic and diluted share, for the fourth quarter of last
fiscal year. The slightly increase was mainly attributable to increases in
selling prices in conjunction with rising cotton prices. At the same time, the
Company adopted lean production management to reduce manufacturing unit cost and
improve production efficiency.
Full
Year Ended September 30, 2010 Audited Financial Results
Net
Sales
Winner
Medical reported a net sales revenue increase of 16.9% to $115.0 million for
fiscal year 2010, versus $98.4 million in fiscal 2009. This increase was mainly
attributable to increased sales orders from existing North and South American
customers, and an increase in PurCotton® product sales to customers in China.
The Company maintained solid growth in the first three quarters, in the Chinese
and North and South American market in particular. However, in the fourth
quarter, cotton prices experienced a parabolic increase, which resulted in the
Company having to adjust its selling prices. As such, clients postponed orders
while ‘destocking’ their inventory. In addition, orders in Europe slowed as the
economic impact from the sovereign debt crisis hit, and some clients postponed
or cancelled orders, particularly those located in Greece and
Spain.
Gross
Profit
Gross
profit increased by 23.7% to $34.6 million for the fiscal year ended September
30, 2010, from $27.9 million in fiscal 2009. Gross margins were 30.0%, an
increase of 160 basis points from 28.4% in the same period of fiscal 2009, which
was driven by the Company raising its selling prices. Meanwhile, the Company
signed long-term contracts with raw material suppliers, and purchased cotton
forward contracts, so that it maintained a higher gross margin than in fiscal
year 2010.
Selling,
General and Administrative Expenses
Selling,
general and administrative expenses increased by 20.7% to $20.4 million in the
fiscal year 2010, from $16.9 million in fiscal 2009. Adjusted selling, general
and administrative expenses (non- GAAP), which exclude share-based compensation
expenses, for the fiscal year 2010 were $19.7 million, versus $16.6 million for
the same period of 2009. The increase in selling expenses was primarily due to
increases in transportation expenses, salaries and social insurance and leasing
fees.
Income
Taxes
The
income tax provision for the fiscal year 2010 was $1.7 million, compared to $2.4
million in the same period of 2009, with the decrease mainly due to an accrued
tax provision of $0.6 million in the fourth quarter of 2009 and a tax loss of
$0.2 million in the fourth quarter of 2010 for Shenzhen PurCotton Technology
Co., Ltd., a wholly-owned subsidiary, which was established on December 7,
2009.
Net
Income Attributable to Winner Medical Group Inc.
For the
fiscal year ended September 30, 2010, net income attributable to Winner Medical
Group increased by 43.4% to $13.1 million, or $0.57 and $0.56 per basic and
diluted share, respectively, compared to net income of $9.1 million, or $0.41
per basic and diluted share, for the fiscal year 2009. Adjusted net income
attributable to Winner Medical Group Inc. (non-GAAP), which excludes share-based
compensation expenses, was $13.8 million for fiscal year 2010, an increase of
25.1% from the same period of 2009. Excluding share-based compensation expenses,
adjusted basic earnings per share (non-GAAP) was $0.60 for fiscal year 2010,
versus $0.42 per share for the comparable period last year, an increase of
42.9%. The increase was driven by adopting effective methods to reduce the risk
of cotton price fluctuation. In addition, the Company adopted lean production
management to reduce manufacturing unit cost and improve production
efficiency.
Balance
Sheet
Cash and
cash equivalents as of September 30, 2010 were approximately $14.8 million,
compared with $9.5 million as of September 30, 2009. The Company's working
capital as of September 30, 2010 was $42.6 million, compared with $23.0 million
last year. The Company’s total assets as of September 30, 2010 were
approximately $119.0 million, compared with $100.9 million as of September 30,
2009 and total shareholder’s equity as of September 30, 2010 was approximately
$105.8 million, compared with $82.1 million as of September 30,
2009. Net operating cash flow for the fiscal year ended September 30,
2010 was $12.7 million, a decrease of 13.9% from the last fiscal
year.
Operational
Highlights Year to Date
Medical
Market Business Update:
Sales to
North and South America remained robust, growing by approximately 30.1%. The
growth was driven by increased orders from American and Brazilian clients, since
Winner Medical's product quality and customer service is well recognized in
these areas. However, net sales to Europe grew approximately 6.8% versus the
fiscal year 2009. Orders in Europe slowed as the economic impact from the
sovereign debt crisis hit, and some clients postponed or cancelled orders,
particularly those located in Greece and Spain.
Cotton
prices hiked during the fourth quarter, and the average pre-tax purchasing price
rose over 38.3% for fiscal year 2010 compared to the same period of last year.
Manufacturers such as Winner Medical raised prices to offset these unprecedented
levels of commodity inflation, and customers postponed orders. The Company
maintained stable gross margin, because it signed long term contracts with its
raw material suppliers and purchased cotton forward contracts to hedge against
some of the volatility in the cost of cotton. As of December 8, 2010, most
clients had accepted these new selling prices and orders were increasing. The
Company believes that one positive benefit to the soaring cotton prices is that
many small competitors without sufficient scale are reducing output and shutting
down their manufacturing facilities.
PurCotton
Business Update:
PurCotton
sales grew 85.2% during the fiscal year 2010, to $10.1 million, and benefitted
from increased sales of the Company's PurCotton® jumbo rolls and retail sales
from customers in China.
As of
December 8, 2010, Winner Medical owned and operated 23 PurCotton chain stores in
major cities in Guangdong Province, including Shenzhen, where the corporate
headquarters are located. PurCotton stores are primarily located in downtown
shopping malls, and range in size from 50 to 180 square meters. In order to
build a healthy and sustainable retail business, the Company slowed the pace of
stores openings during the third quarter. After a quarter's careful evaluation
of store location and size, product packaging and pricing, brand image, customer
service and marketing, the Company has clearer operating and financial metrics.
The Company started opening new stores in Guangzhou and other main cities in
Guangdong province. It plans to open new stores in Beijing and Shanghai in
December 2010.
In July
2010, the Company opened its first online PurCotton store http://purcotton.mall.taobao.com,
featuring its entire array of products on Taobao.com, the largest online trading
platform in China. This is the Company's first initiative to establish PurCotton
Business-to-Consumer (“B2C”) online stores in order to address the consumers'
evolving shopping preferences. In September 2010, the Company also built its own
B2C trading website, www.purcotton.com,
which is co-branded through its retail stores. Management expects these online
initiatives to further strengthen PurCotton's brand awareness and contribute
meaningfully to PurCotton sales in fiscal 2011.
The
Company also launched its new distribution channels for the PurCotton business,
which are direct sales to supermarkets and wholesale to large
customers.
Customer
feedback continues to be excellent, as PurCotton’s superior quality and
functionality have been embraced. Furthermore, the Company is confident of its
product position and its concept of embracing a health and environmental
friendly range of PurCotton® products in order to ensure additional market share
gains. The Company is also expanding capacity to support future growth in this
important product category.
Fiscal
Year 2011 Guidance
Winner
Medical expects its total revenues in fiscal year 2011 to be in the range of
$138 million to $150 million, representing a 20-30% year-over-year
increase.
Conference
Call
Winner
Medical's senior management will host a conference call to discuss its fourth
quarter and fiscal year 2010 results and recent business
developments.
Date of
the conference call: Wednesday, December 8, 2010
Time:
8:30 a.m. EST
|
Dial-in
Number:
|
+1-866-700-7101
(US)
|
|
10-800-130-0399
(South China)
|
|
|
10-800-152-1490
(North China)
|
|
|
###-##-####
(Hong Kong)
|
|
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+1-617-213-8837
(International)
|
|
|
Passcode:
42826718
|
A
telephone replay will be available shortly after the conclusion of the call and
will be accessible through December 15, 2010 by calling +1-888-286-8010 (US) or
+1-617-801-6888 (International); Pass code: 80340311.
About
Winner Medical:
Winner
Medical is a leading medical disposable products manufacturer in China, with
business operations consisting of manufacturing, researching, developing and
marketing cotton-based medical dressings and medical disposables, as well as
consumer products. The Company has ten wholly-owned operating subsidiaries and
three joint ventures, which manufacture tailored medical disposables and
dressings, as well as non-woven fabric made from 100% natural cotton. With
a vertically integrated supply chain ranging from spinning fabric to finished
goods, the Company provides its customers with a wide range of products, from
surgical and wound care to consumer. The Company sells and markets its medical
products and 100% natural cotton non-woven jumbo rolls in China and abroad. For
nine consecutive years, the Company has been ranked as one of the top medical
dressing exporters in China, with the United States, Europe, China and Japan
being its most important markets. In addition, the Company distributes finished
cotton non-woven consumer products under its own “PurCotton” brand name in
China. With more than 20 years of international experience in the medical
dressings and disposables field, the Company has a deep market understanding.
This provides Winner Medical with a solid foundation, upon which it plans
to expand by growing its medical grade 100% cotton retail business. To learn
more about Winner Medical, please visit Winner Medical's web site at: http://ir.winnermedical.com.
Forward-Looking
Statements
This
press release contains certain statements that may include "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical fact included herein, are
"forward-looking statements" including statements regarding Winner Medical and
its subsidiary companies' business strategy, plans and objectives and statements
of non-historical information. These forward-looking statements are often
identified by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions and involve known and unknown risks and
uncertainties. Although Winner Medical believes that the expectations reflected
in these forward-looking statements are reasonable, they do involve assumptions,
risks and uncertainties, and these expectations may prove to be incorrect. You
should not place undue reliance on these forward-looking statements, which speak
only as of the date of this press release. Winner Medical's actual results could
differ materially from those anticipated in these forward-looking statements as
a result of a variety of factors, including those discussed in Winner Medical's
periodic reports that are filed with and available from the Securities and
Exchange Commission. All forward-looking statements attributable to Winner
Medical or persons acting on its behalf are expressly qualified in their
entirety by these factors. Other than as required under the securities laws,
Winner Medical does not assume a duty to update these forward-looking
statements.
Non-GAAP
Financial Measures
To
supplement Winner Medical’s consolidated financial results presented in
accordance with U.S. GAAP, Winner Medical uses the following non-GAAP measures:
adjusted net income attributable to Winner Medical Group Inc., adjusted earnings
per share, adjusted income from operations and adjusted selling, general and
administrative expenses. These measures represent net income attributable to
Winner Medical Group Inc., earnings per share, income from operations and
selling, general and administrative expenses, respectively, as adjusted to
exclude share-based compensation expense.
Winner
Medical believes that, in conjunction with GAAP financial measures, these
non-GAAP measures provide meaningful supplemental information regarding its
performance and liquidity and both management and investors benefit from
referring to these non-GAAP measures in assessing the Company’s performance and
when planning and forecasting future periods. The calculation of these non-GAAP
measures allows the Company to compare its operating results with those of other
companies without giving effect to expenses related to share-based compensation,
which may vary for different companies for reasons unrelated to the overall
operating performance of a company’s business.
These
non-GAAP measures are not measures of performance under accounting principles
generally accepted in the United States (U.S. GAAP). The Company includes them
in this press release in order to:
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•
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improve
transparency for investors;
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•
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assist
investors in their assessment of the Company’s operating
performance;
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•
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facilitate
comparisons to historical
performance;
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•
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ensure
that these measures are fully understood in light of how the Company
evaluates its operating results;
and
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•
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properly
define the metrics used and confirm their
calculation.
|
These
non-GAAP measures are not meant to be considered in isolation or as a substitute
for items appearing on the Company’s financial statements prepared in accordance
with U.S. GAAP. Rather, the non-GAAP measures should be used as a supplement to
U.S. GAAP results to assist the reader in better understanding the operational
performance of the Company. The Company recognizes that the usefulness of these
non-GAAP measures has certain limitations, including:
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•
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These
non-GAAP measures do not include share-based compensation expense. Because
the Company periodically has granted, and expects to continue to grant,
options and restricted share awards to its employees, share-based
compensation expense is a necessary element of the Company’s costs and
ability to generate profits and cash flows. Therefore, any measure that
excludes share-based compensation expense may have material
limitations.
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•
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The
manner in which the Company calculates these non-GAAP measures may differ
from that of other companies, which limits their usefulness as comparative
measures.
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Management
compensates for these limitations by using these non-GAAP measures as
comparative tools, together with U.S. GAAP measurements, to assist in the
evaluation of its operating performance. Please refer to the non-GAAP
reconciliation tables at the end of this press release for a reconciliation of
adjusted net income attributable to Winner Medical Group Inc., adjusted earnings
per share, adjusted income from operations and adjusted selling, general and
administrative expenses to net income attributable to Winner Medical Group Inc.,
earnings per share, income from operations and selling, general and
administrative expenses, respectively, which are the most directly comparable
U.S. GAAP financial measures.
For more
information, please contact:
Company:
Huixuan
Chen (Fiona)
Investor
Relations
Winner
Medical Group Inc.
Tel:
+86-755-2806-6858
+86-755-2813-8888
(x691)
Email:
investors@winnermedical.com
Web:
http://ir.winnermedical.com
Investors:
Scott
Powell
HC
International, Inc.
Tel:
+1-917-721-9480
Email:
scott.powell@hcinternational.net
Web:
http://www.hcinternational.net
SOURCE: Winner
Medical Group Inc.
Winner
Medical Group Inc.
Consolidated
Statements of Income and Comprehensive Income
|
Year ended September 30,
|
||||||||
|
2010
|
2009
|
|||||||
|
US$
|
US$
|
|||||||
|
Net
sales
|
115,030,651 | 98,385,603 | ||||||
|
Cost
of sales
|
(80,473,292 | ) | (70,444,383 | ) | ||||
|
Gross
profit
|
34,557,359 | 27,941,220 | ||||||
|
Other
operating income, net
|
766,121 | 1,411,069 | ||||||
|
Exchange
difference, net
|
(493,271 | ) | (1,054,882 | ) | ||||
|
Selling,
general and administrative expenses
|
(20,370,950 | ) | (16,874,131 | ) | ||||
|
Income
from operations
|
14,459,259 | 11,423,276 | ||||||
|
Interest
income
|
98,024 | 68,928 | ||||||
|
Interest
expense
|
(128,816 | ) | (459,127 | ) | ||||
|
Equity
in earnings of 50 percent or less owned persons
|
235,828 | 388,099 | ||||||
|
Income
before income taxes
|
14,664,295 | 11,421,176 | ||||||
|
Income
taxes
|
(1,666,933 | ) | (2,358,093 | ) | ||||
|
Net
income
|
12,997,362 | 9,063,083 | ||||||
|
Net
loss attributable to non-controlling interests
|
93,136 | 65,491 | ||||||
|
Net
income attributable to
Winner Medical Group Inc. |
13,090,498 | 9,128,574 | ||||||
|
Comprehensive
income:
|
||||||||
|
Net
income
|
12,997,362 | 9,063,083 | ||||||
|
Foreign
currency translation difference
|
1,584,165 | (59,154 | ) | |||||
|
Comprehensive
loss attributable to
non-controlling interests |
93,883 | 65,491 | ||||||
|
Comprehensive
income attributable to
Winner Medical Group Inc. |
14,675,410 | 9,069,420 | ||||||
|
Net
income attributable to
Winner Medical Group Inc. per share |
||||||||
|
-
basic
|
0.57 | 0.41 | ||||||
|
-
diluted
|
0.56 | 0.41 | ||||||
|
Weighted
average common stock outstanding
|
||||||||
|
-
basic
|
23,014,065 | 22,363,675 | ||||||
|
-
diluted
|
23,383,532 | 22,403,237 | ||||||
Winner
Medical Group Inc.
Consolidated
Balance Sheets
|
September
30,
|
||||||||
|
2010
|
2009
|
|||||||
|
US$
|
US$
|
|||||||
|
ASSETS
|
||||||||
|
Current
assets:
|
||||||||
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Cash
and cash equivalents
|
14,818,179 | 9,493,026 | ||||||
|
Restricted
bank deposits
|
285,119 | 123,868 | ||||||
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Held-to-maturity
investments
|
1,497,607 | - | ||||||
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Accounts
receivable, less allowances for doubtful accounts of US$230,200 and
US$244,401 at September 30, 2010 and 2009 respectively
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15,672,446 | 13,148,462 | ||||||
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Amounts
due from affiliated companies
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999 | - | ||||||
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Inventories
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15,945,101 | 14,932,740 | ||||||
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Prepaid
expenses and other current assets
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6,929,066 | 3,614,567 | ||||||
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Income
taxes recoverable
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33,974 | 30,910 | ||||||
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Deferred
tax assets
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428,741 | 359,151 | ||||||
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Total
current assets
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55,611,232 | 41,702,724 | ||||||
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Property,
plant and equipment, net
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60,110,367 | 55,770,870 | ||||||
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Investment
in equity investees
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2,159,784 | 1,923,956 | ||||||
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Intangible
assets, net
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125,079 | 147,008 | ||||||
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Non-current
restricted bank deposits
|
- | 34,917 | ||||||
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Prepaid
expenses and other receivables
|
637,748 | 1,104,344 | ||||||
|
Deferred
tax assets
|
331,785 | 252,190 | ||||||
|
Total
assets
|
118,975,995 | 100,936,009 | ||||||
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LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
|
Current
liabilities:
|
||||||||
|
Short-term
bank loans
|
- | 6,589,545 | ||||||
|
Accounts
payable
|
5,362,155 | 4,843,404 | ||||||
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Accrued
payroll and employee benefits
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2,393,700 | 2,072,892 | ||||||
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Customer
deposits
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687,275 | 603,824 | ||||||
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Accrued
and other liabilities
|
3,057,445 | 2,574,736 | ||||||
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Amounts
due to affiliated companies
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58,338 | 56,349 | ||||||
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Income
taxes payable
|
1,477,212 | 1,938,941 | ||||||
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Total
current liabilities
|
13,036,125 | 18,679,691 | ||||||
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Deferred
tax liabilities
|
42,699 | 41,899 | ||||||
|
Total
liabilities
|
13,078,824 | 18,721,590 | ||||||
|
Commitments
and contingencies
|
- | - | ||||||
|
Stockholders’
equity:
|
||||||||
|
Common
stock, par value $0.001 per share; authorized 247,500,000, issued and
outstanding September 30, 2010 – 23,950,740 shares; September
30, 2009 – 22,363,740 shares (restated to reflect 2 for 1 reverse stock
split)
|
23,951 | 22,364 | ||||||
|
Additional
paid-in capital
|
40,154,494 | 31,166,123 | ||||||
|
Retained
earnings
|
48,730,034 | 36,797,172 | ||||||
|
Statutory
reserves
|
4,585,731 | 3,428,095 | ||||||
|
Accumulated
other comprehensive income
|
12,302,762 | 10,717,850 | ||||||
|
Total
Winner Medical Group Inc.
|
||||||||
|
stockholders’
equity
|
105,796,972 | 82,131,604 | ||||||
|
Non-controlling
interests
|
100,199 | 82,815 | ||||||
|
Total
equity
|
105,897,171 | 82,214,419 | ||||||
|
Total
liabilities and equity
|
118,975,995 | 100,936,009 | ||||||
Winner
Medical Group Inc.
Non-GAAP
Reconciliation
|
September
30,
|
||||||||
|
2010
|
2009
|
|||||||
|
US$
|
US$
|
|||||||
|
Net
income attributable to Winner Medical Group Inc. (GAAP)
|
13,090,497 | 9,128,745 | ||||||
|
Share-based
compensation
|
695,758 | 300,433 | ||||||
|
Adjusted
net income attributable to Winner Medical Group Inc.
(Non-GAAP)
|
13,786,254 | 9,429,007 | ||||||
|
Earnings
per share (GAAP)
|
||||||||
|
-
Basic
|
0.57 | 0.41 | ||||||
|
-
Diluted
|
0.56 | 0.41 | ||||||
|
Adjusted
earnings per share (Non-GAAP)
|
||||||||
|
-
Basic
|
0.60 | 0.42 | ||||||
|
-
Diluted
|
0.59 | 0.42 | ||||||
|
Weighted
average ordinary shares outstanding
|
||||||||
|
-
Basic
|
23,014,065 | 22,363,675 | ||||||
|
-
Diluted
|
23,383,532 | 22,403,237 | ||||||
|
September 30,
|
||||||||
|
2010
|
2009
|
|||||||
|
US$
|
US$
|
|||||||
|
Selling,
general and administrative expenses (GAAP)
|
20,370,949 | 16,874,131 | ||||||
|
Share-based
compensation
|
695,758 | 300,433 | ||||||
|
Adjusted
selling, general and administrative expenses (Non-GAAP)
|
19,675,191 | 16,573,698 | ||||||