High demand for PurCotton products drive net sales of Winner
12 May '10
4 min read
Income from Operations Income from operations increased by 52.9% to $3.2 million in the second quarter of 2010, from $2.1 million in the second quarter of 2009. Adjusted income from operations , which excludes share-based compensation expenses, was $3.7 million in the second quarter of 2010, compared to $2.2 million in the same period of 2009.
Income Taxes The Company's effective tax rate for the second quarter of 2010 was 19.1%, compared to 21.6% in the second quarter of 2009. The lower income tax rate was mainly due to the Company's subsidiary, Winner Industries (Shenzhen), obtaining the High and New Technology Enterprise Certificate, which reduced its income tax rate from 18% to 15%.
Net Income Attributable to Winner Medical Group Inc. Net income attributable to Winner Medical Group Inc. increased by 62.8% to $2.7 million in the second quarter of 2010, as compared to approximately $1.6 million in the second quarter of 2009. Diluted earnings per share increased 71.4% to $0.12 in the second quarter, compared to $0.07 per share in the comparable quarter of last year. Adjusted net income attributable to Winner Medical Group Inc. , which excludes share-based compensation expenses, was $3.1 million for the second quarter of 2010, an increase of 78.6% from the same period a year ago. Excluding share-based compensation expenses, adjusted diluted earnings per share was $0.14 in the second quarter, versus $0.08 per share in the comparable quarter of last year, an increase of 75.0%. This increase was primarily driven by high demand for PurCotton products, increased sales to North and South American customers, lean production management and favorable foreign exchange rates.
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