Breaking Finance News

Skystar Bio Pharmaceutical Up 140 Percent- Why?


Shares of Skystar Bio (NASDAQ: SKBI) are up 140 percent after reporting earnings around 3:00 p.m. EDT. The $30 million China-based manufacturer of veterinary medicines, vaccines, micro-organisms and feed additives, reported revenue of $11.3 million, net income of $3.7 million and $0.49 diluted EPS.

Among the highlights:

  • Revenue of $11.3 million, up 27.8% YoY
  • Micro-organism products totaled $4.0 million, up 0.7% YoY
  • Veterinary medicines totaled $6.3 million, up 155.9% YoY
  • Feed additives totaled $0.5 million, a decrease of 59.4% YoY
  • Veterinary vaccines totaled $0.5 million, a decrease of 56.5% YoY
  • Gross margin of 52.6% for the second quarter of fiscal 2013 as compared to 57.8% in the year ago period
  • Net income of $3.8 million or $0.49 per fully diluted share, compared with net income of $1.7 million or $0.23 per fully diluted share in the year ago period

Mr. Weibing Lu, Skystar Bio-Pharmaceutical’s Chairman and Chief Executive Officer, commented, “Skystar is pleased to report its strongest quarterly results in the last six reporting periods. The results for this quarter were driven by a combination of increased market demand and additional sales and marketing efforts. This allowed us to take advantage of the increased manufacturing capacity as a result of the Huxian and Jingzhou veterinary medication facilities resuming operations.”

Company Profile

Skystar is a China-based developer and distributor of veterinary healthcare and medical care products. Skystar has four product lines (veterinary medicines, micro-organisms, vaccines and feed additives) and over 284 products. Skystar has formed strategic sales distribution networks covering 29 provinces throughout China.

 

[stock-tools exchange="NASDAQ" symbol="SKBI" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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