Winner Medical Reports Selected Preliminary Unaudited Fourth Quarter Fiscal 2011 Results
SHENZHEN, China, Nov. 14, 2011 /PRNewswire-Asia/ -- Winner Medical Group Inc. (Nasdaq: WWIN) ("Winner Medical" or the "Company"), a leading, China-based exporter and retailer of high-quality medical dressings and consumer products made from 100% cotton, today reported preliminary unaudited consolidated financial results for the fourth quarter ended September 30, 2011. These selected preliminary 2011 fiscal fourth quarter results are unaudited and subject to change.
Preliminary Financial Highlights for the Fourth Quarter of Fiscal Year 2011
- Revenues increased by 46.7% to $41.4 million from $28.2 million in the same period of the prior fiscal year.
- Gross Profit increased by 21.2% to $10.7 million from $8.8 million in the same period of the prior fiscal year.
- Gross Margin decreased to 25.8% from 31.3% in the same period of the prior fiscal year.
- Net Income attributable to Winner Medical decreased by 14.5% to $2.7 million from $3.1 million in the same period of the prior fiscal year.
- Basic and diluted net income per share were both $0.11.
Mr. Jianquan Li, chairman and chief executive officer of Winner Medical, commented, "We are pleased to report a revenue increase of 46.7% to $41.4 million for the fourth quarter of fiscal year 2011, driven by both our medical and PurCotton® businesses. Increased sales in various markets reflect customers' growing recognition of our brand and demand for our products."
Mr. Li continued, "During the quarter, we continued building up our retail channel for PurCotton® products and opened our 41st chain store, compared to 22 stores operating as of the fourth quarter 2010. All PurCotton® stores are located in major Chinese cities and their operations integrate with our online sales platform. This retail expansion has required the Company to make accompanying investments in operations to support growth, which reduced the Company's net income for the quarter. However, we feel this investment will increase long-term value for our shareholders and will earn attractive returns over future quarters."
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