Winner Medical net gross profit up 21.83%

20 Feb '08

3 min read

Winner Medical Group Inc, reported the consolidated financial results for the first quarter of fiscal year 2008, ended December 31, 2007. The Company's results are detailed in its form 10-Q, filed today with the United States Securities and Exchange Commission.

First Quarter 2008 Highlights:
•Consolidated net sales of $19.33 million, a 21.73% year-on-year increase
•Gross profit increased by 21.83% over the first quarter fiscal 2007 to $4.80 million
•Net income decreased 22.15% year-on-year to $1.16 million
•Net income per share for the first quarter 2008 was $0.03 per basic and diluted share, compared to $0.03 per basic and diluted share for the first quarter fiscal 2007
•Ramp-up of production and launch initiatives for higher-margin PurCotton Products
•Revenue driven by increased orders from large European customers
•Margin benefits from successfully executed price initiatives adversely impacted by currency exchange rates

Jianquan Li, Chairman and Chief Executive Officer of Winner Medical, remarked, "In the first quarter, we executed strong sales orders for our traditional products in Europe, the United States and China. We intend to continue our focus on fulfilling our larger clients' requests for increasingly customized and higher-margin products.”

“Given healthy customer acceptance of our successfully initiated pricing changes, our gross margin remained relatively stable in the first quarter compared with the same period last year, despite adverse reporting effects of the RMB appreciation against USD. Our net income from traditional products in the first quarter of 2008 increased by over 10% compared to the same period last year."

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