26th Apr, 2006: Xian - Income From Continuing Operations Increases 70.5%. Skystar Bio-Pharmaceutical (OTC BB: SKBI), a leading Bio-Pharmaceutical Company in China, announced record financial results for the year ended December 31, 2005.
Skystar reported a 48.6% increase in total revenue for 2005. Total revenue for 2005 grew to $5,939,416 as compared with the year-earlier period's revenue of $3,996,421.
Skystar reported a 70.5% increase in income from operations for 2005. Total income from operations for 2005 grew to $2,152,943 compared to $1,262,798 for the 2004 fiscal year.
The Company's net income grew 46% to $1,626,863, or $1.16 per share, ($0.13 per diluted share), compared to net income of $1,114,804, or $0.88 per share ($0.10 per diluted share) in fiscal 2004. The net income for 2005 is inclusive of a "one-time expense charge" of $513,414.
"While we are pleased to report record growth last year. We are most excited by the opportunities for growth created by our new facility," said Weibing Lu, Chief Executive Officer of Skystar Bio-Pharmaceutical. "Skystar has currently invested over $8 million in the new facility and anticipates that the increase in production capabilities will help us meet the overwhelming demand for our products. The market opportunity for our products is substantial, and we look forward to continuing to lead the rapidly expanding Chinese pharmaceutical market."
About Skystar Bio-Pharmaceutical
Skystar Bio-Pharmaceutical Company, Ltd. (OTC BB: SKBI). Established in 1997, Skystar is a bio-pharmaceutical company that produces and distributes vaccines, microorganisms and 100% organic herbal additives to cure and prevent disease in poultry, livestock, birds and pets. The company's product line consists of more than 60 state-of-the-art products and has over 50 more in the development stage. One of the prominent products in the development stage is a feed additive and vaccine for Avian Influenza. Skystar has formed existing, strategic sales distribution in 27 provinces and regions in China. The State Ministry of Agriculture in China has authorized the additional construction of a new bio-pharmaceutical facility, which will also conform to GMP standards. For more information about Skystar Bio-Pharmaceutical Company, Ltd.'s innovative products and growth plan, please visit www.xa-tx.com or contact Scott Cramer scramer@cybergroupnetwork.com (407) 645-4433.
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Skystar's management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
