HARBIN, China, Jan. 18, 2011 /PRNewswire-Asia/ -- Weikang Bio-Technology Group Co., Inc. (OTC Bulletin Board: WKBT) ("Weikang" or the "Company"), a leading developer, manufacturer and marketer of Traditional Chinese Medicine (TCM), Western prescription and OTC pharmaceuticals, and other health and nutritional products in the People's Republic of China, today announced preliminary revenue and net income results for fiscal 2010.
For the fiscal year ended December 31, 2010, the Company expects to report net revenues of $77.8 million, representing a 64% increase from revenues of $47.5 million reported for fiscal 2009. The Company also expects to report net income of $31.2 million, which represents an increase of 100% from $15.6 million reported for fiscal 2009, and earnings per share of $1.04.
Commenting on the figures, Mr. Yin Wang, Chairman and CEO of Weikang, said, "2010 was an outstanding year of growth for Weikang, driven largely by the launch of multiple products under our Rongrun and TianFang brands. Our preliminary 2010 financial results far exceeded our September guidance of $55 million in revenues and $21 million in net income, and we remain very optimistic about our business prospects in 2011. We maintain our 2011 guidance of 30% to 50% revenue growth over 2010 and approximately 60% gross margin due to increased sales of high-margin products as a percent of total revenue, and we look forward to providing a complete picture of our 2010 financial results when we file with the SEC in March."
About Weikang Bio-Technology Group Co., Inc.
Weikang Bio-Technology Group Co., Inc. is principally engaged in developing, manufacturing and distributing Traditional Chinese Medicine (TCM), and health and nutritional supplements in China, in compliance with requisite Chinese licenses and approvals. The Company is also expanding its business scope to develop, manufacture and distribute Chinese herbal extract products and GMP certified western prescription and OTC pharmaceuticals through its acquisition of Tianfang Pharmaceutical Co., Ltd. For more information, please visit http://www.weikangbio.com.
Safe Harbor Statement
Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company 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. The Company'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 the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
