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China SHESAYS Medical Cosmetology Inc. Announces 2010 Results


News provided by

China SHESAYS Medical Cosmetology Inc.

Apr 04, 2011, 07:30 ET

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CHENGDU, China, April 4, 2011 /PRNewswire-Asia-FirstCall/ -- China SHESAYS Medical Cosmetology Inc. (OTC Bulletin Board: CSAY) ("China SHESAYS" or the "Company"), which operates a network of specialized medical cosmetology hospitals, clinics and skincare centers in Sichuan province, China, today announced financial results for full year ended December 31, 2010.

FY 2010 Financial Results


Full Year 2010 Results (audited)


2010

2009

CHANGE

Net Sales

$12.2 million

$8.8 million

+37.8%

Gross Profit

$8.8 million

$6.2 million

+41.3%

Net Income

$1.3 million

$1.8 million

-24.0%

GAAP EPS (Diluted)

$0.08

$0.13

-38.5%


Revenue for the year ended December 31, 2010 totaled $12.2 million, up approximately 37.8% from $8.8 million for the year ended December 31, 2009. The revenue growth was driven by new outpatient clinics in Leshan, Yibin and Zigong launched in late 2010, and continued efforts to attract new customers in the headquarter hospital. The Company served approximately 25,682 customers in the headquarter hospital and three clinics in 2010 compared to approximately 20,514 customers in 2009. For 2010, revenues of the headquarter hospital increased by 33.0% to $11.7 million, compared to $8.8 million in 2009, while three new clinics contributed approximately $0.5 million in revenues.

"We are pleased to report our fiscal 2010 results with strong revenue growth. Our marketing strategy was successful and complemented by the expansion of our outpatient clinics, which enable us to gain additional market share in Sichuan province and achieve record sales for the year," commented Yixiang Zhang, Chairman and Chief Executive Officer of China SHESAYS. "Year 2010 is a very important milestone for our company as we achieved U.S. listing and closed a PIPE financing of $1.2 million. In addition, we expanded outside our home market of Chengdu and into other cities including Leshan, Yibin and Zigong in Sichuan province, which we believe will further improve our brand name and build toward a leading position in Sichuan province."

Revenue generated from cosmetic surgery service increased by 28.1% from 2009 to $6.2 million, with a gross margin of 71.6%. Cosmetic surgery service represented approximately half of 2010 revenues. Revenue of professional medical beauty service was strong, growing by 64.7% to $4.9 million with a gross margin of 82.9%. Revenue of cosmetic dentistry services totaled $0.4 million in 2010, compared to $0.6 million in 2009. Revenue generated from sales of cosmetic goods in 2010 was approximately $0.6 million, an increase of 45.0% compared to $0.4 million in 2009.

Cost of revenue was $3.4 million for 2010, or 27.5% of revenues, compared to $2.6 million, or 29.3%, of revenues for 2009. The increase in cost of revenue was mainly due to the increase in revenues in 2010.

Gross profit for 2010 was $8.8 million, up 41.3% from $6.2 million for 2009. The increase in gross profit was mainly attributable to increased revenues in 2010. Gross margin for the year ended December 31, 2010 was approximately 72.5% as compared to gross margin of approximately 70.7% for the year ended December 31, 2009.

Operating expenses increased 129.1% to $6.8 million in 2010 from $4.2 million in 2009 mainly due to marketing and advertising expenses and professional and consultant fees relating to being a public company.

Operating Income increased 1.1% to $2.0 million for 2010 and operating margins were 16.7% compared to 22.7% in 2009.

Income tax was $0.6 million for 2010, as compared to $0.2 million for 2009, an increase of approximately 176.2%, with an effective tax rate of 32.1% and 11.4% in each respective period. The increase was mainly due to the expiration of the income tax rate which was calculated based on net income for income tax purposes assessed at 10% of services revenue with the applicable tax rate of 25% in 2009. From 2010 onwards, the Company has an income tax rate of 25%.

Net income was $1.3 million for the year ended December 31, 2010 as compared to $1.8 million for the year ended December 31, 2009, representing a decrease of approximately 24.0%. The decrease was due to the increase of operating expenses related to being a public company and change of tax rate in 2010. Earnings per share in 2010 amounted to $0.08, down 38.5% from $0.13 in 2009, based on weighted average shares outstanding of 16.2 million and 13.5 million respectively.

Balance Sheet and Cash Flow

As of December 31, 2010, cash and cash equivalents totaled $1.0 million compared to $1.4 million as of December 31, 2009.  Stockholders' equity was $5.0 million compared to $2.6 million as of December 31, 2009, with total assets of $9.1 million versus total liabilities of $3.9 million on December 31, 2010.  For the twelve months of 2010, the Company generated $2.3 million in cash from operations, compared to $2.1 million for twelve months ended December 31, 2010.  

"We expect our three outpatient clinics to be profitable and start to contribute incremental growth to the Company in fiscal 2011. In addition, we will launch our new flagship hospital in Chengdu in June 2011, which will significantly increase our scale and meet the growing consumer demand for our services. We have established a solid foundation by building a recognized brand name in the cosmetology industry in the region to leverage the consumer's desire to pursue their beauty of life and capitalize on the significant secular growth drivers," concluded Mr. Zhang.

About China SHESAYS Medical Cosmetology Inc.

China SHESAYS, founded in 2005, operates a chain of specialized medical cosmetology hospitals, clinics and skincare centers in Sichuan province. The Company has a full range of services including cosmetic surgery, cosmetic dermatology, cosmetic dentistry and cosmetic Traditional Chinese Medicine ("TCM").  Headquartered in Chengdu, China, China SHESAYS has become one of the most renowned cosmetology hospital chains in Sichuan province.  Currently, the Company serves more than 20,000 patients each year.  For more information about the Company, please visit the Company's website at www.chinashesays.com.

Safe Harbor Statements

This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward looking statements are based upon the current plans, estimates and projections the Company's management and are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from the forward looking statements. Such statements include, but are not limited to, those concerning the Company's market and industry segment growth and penetration and demand; the acceptance of the Company's cosmetic services and products; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance, including earning ability; uncertainties related to conducting business in China, as well as all assumptions, expectations, hopes, beliefs, predictions, and intentions about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in China, general economic conditions; geopolitical events and regulatory changes, availability of capital, the Company's ability to maintain its competitive position as well as other relevant risks, including but not limited to risks outlined in the Company's periodic filings with the U.S. Securities and Exchange Commission. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. China SHESAYS does not assume any obligation to update the forward-looking information contained in this press release.

CHINA SHESAYS MEDICAL COSMETOLOGY INC.
("CHINA SHESAYS") AND SUBSIDIARIES
BALANCE SHEETS


ASSETS  











December 31,




2010



2009




Consolidated



Combined


CURRENT ASSETS







           Cash and cash equivalents

$

 1,029,280


$

 1,371,732


           Inventories, net


521,254



335,932


           Due from stockholders


52,821



-


           Other current assets and prepaid expenses


1,446,837



526,507


                   Total Current Assets


3,050,192



2,234,171









PROPERTY AND EQUIPMENT, NET


6,008,198



1,629,661









DEFERRED TAX ASSETS


184,857



-









TOTAL ASSETS

$

 9,243,247


$

 3,863,832









LIABILITIES AND STOCKHOLDERS' EQUITY 









CURRENT LIABILITIES







           Accounts payable

$

 725,386


$

 508,643


           Notes payable


910,332



42,659


           Deferred revenue


24,441



24,254


           Other payables and accrued liabilities


1,554,162



655,913


           Income tax payable


706,450



54,428


           Sales tax payable and other taxes payable


13,487



7,260


           Due to a related company


-



20,555


                   Total Current Liabilities


3,934,258



1,313,712









COMMITMENTS AND CONTINGENCIES


-



-









STOCKHOLDERS' EQUITY







           China Shesays Stockholders' equity







           Preferred stock, $0.001 par value, 5,000,000 shares
                   authorized, none issued or outstanding
                   as of December 31, 2010 and December 31, 2009


-



-


           Common stock, $0.001 par value, 65,849,200
                   shares authorized, 18,600,012 shares issued as of
                   December 31, 2010 and 13,500,012 shares issued
                   as of December 31, 2009


18,600



13,500


           Additional paid in capital


2,160,485



1,011,153


           Retained earnings







                   Unappropriated


2,438,376



1,373,765


                   Appropriated


429,566



151,284


           Accumulated other comprehensive income


130,349



418


                   Total China Shesays Stockholders' Equity


5,177,376



2,550,120









           Noncontrolling interests


131,613



-


                   Total Equity


5,308,989



2,550,120









TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

 9,243,247


$

 3,863,832



CHINA SHESAYS MEDICAL COSMETOLOGY INC.
("CHINA SHESAYS") AND SUBSIDIARIES
STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME




Year ended December 31,



2010


2009



Consolidated


Combined






REVENUE





   Customer service revenue





           Cosmetic surgery service

$

 6,195,516

$

 4,835,389

           Professional medical beauty service


4,940,433


2,998,806

           Cosmetic dentistry services


427,427


579,822

   Sales of goods


609,855


420,656

           Total Revenue


12,173,231


8,834,673






COST OF REVENUE





   Cost of service revenue





           Cosmetic surgery service


(1,762,733)


(1,536,779)

           Professional medical beauty service


(847,827)


(517,428)

           Cosmetic dentistry services


(164,928)


(168,547)

   Cost of goods sold


(228,078)


(162,705)

   Depreciation


(349,328)


(206,831)

           Total Cost of Revenue


(3,352,894)


(2,592,290)






GROSS PROFIT


8,820,337


6,242,383






OPERATING EXPENSES





   Selling, general and administrative expenses


2,862,664


2,680,577

   Advertising costs


3,014,871


1,290,545

   Professional and consultant fees


716,910


138,292

   Depreciation


197,071


125,768

           Total Operating Expenses


6,791,516


4,235,182






INCOME FROM OPERATIONS


2,028,821


2,007,201






OTHER INCOME (EXPENSES)





   Other income


4,574


52,714

   Interest income


5,128


3,383

   Interest expenses


(48,852)


(3,224)

   Imputed interest


(250)


(1,027)

   Other expenses


(41,530)


(66,489)

           Total Other Expenses, net


(80,930)


(14,643)






INCOME FROM OPERATIONS BEFORE TAXES


1,947,891


1,992,558

   Add (less):





   Income tax expenses


(624,605)


(226,116)

   Net loss attributable to noncontrolling interests


19,607


-

NET INCOME ATTRIBUTABLE TO CHINA SHESAYS COMMON STOCKHOLDERS


1,342,893


1,766,442






OTHER COMPREHENSIVE INCOME (LOSS)





   Total foreign currency translation gain


129,429


1,073

   Add: foreign currency translation loss attributable to noncontrolling interests


502


-

   Foreign currency translation gains attributable to China Shesays common stockholders


129,931


1,073

COMPREHENSIVE INCOME ATTRIBUTABLE TO CHINA SHESAYS COMMON STOCKHOLDERS

$

 1,472,824

$

 1,767,515






Net income per share-basic and diluted

$

 0.08

$

 0.13






Weighted average number of shares outstanding during the year





   - basic and diluted


16,170,417


13,500,012


CHINA SHESAYS MEDICAL COSMETOLOGY INC.
("CHINA SHESAYS") AND SUBSIDIARIES
STATEMENTS OF CASH FLOWS




Year ended December 31,



2010


2009



Consolidated


Combined






CASH FLOWS FROM OPERATING ACTIVITIES





   Net income

$

 1,342,893

$

 1,766,442

   Adjusted to reconcile net income to cash provided





         by operating activities:





         Depreciation - cost of service revenue


349,328


206,831

         Depreciation - operating expenses


197,071


125,768

         Deferred income taxes


(180,240)


-

         Impairment losses on other receivable


146,873


-

         Loss on disposal of property and equipment


14,613


-

         Imputed interest


250


1,027

         Minority interest


(19,607)


-

   Changes in operating assets and liabilities





   (Increase) decrease in:





         Inventories


(168,458)


(199,053)

         Other current assets and prepaid expenses


(1,026,158)


(273,935)

   Increase (decrease) in:





         Accounts payable


192,802


86,277

         Deferred revenue


(701)


21,860

         Other payables and accrued liabilities


853,873


380,886

         Income tax payable


633,748


34,079

         Sales tax payable and other taxes payable


5,806


(27,839)

         Net cash provided by operating activities


2,342,093


2,122,343






CASH FLOWS FROM INVESTING ACTIVITIES





   Purchase of property and equipment


(4,770,795)


(753,334)

   Due from stockholders


(52,821)


-

         Net cash used in investing activities


(4,823,616)


(753,334)






CASH FLOWS FROM FINANCING ACTIVITIES





   Bank loan borrowed


887,587


73,090

   Bank loan repaid


(43,146)


(30,454)

   Due to related companies


(20,790)


(85,603)

   Due to stockholders


-


(726,434)

   Net proceeds from stock issuance in private placement


1,104,000


-

   Contribution by stockholders


50,182


731,294

   Contribution by minority stockholder


151,722


-

         Net cash provided by (used in) financing activities


2,129,555


(38,107)






EFFECT OF EXCHANGE RATES ON CASH


9,516


419






NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS


(342,452)


1,331,321






CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR


1,371,732


40,411






CASH AND CASH EQUIVALENTS AT END OF YEAR

$

 1,029,280

$

 1,371,732






SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION










   Cash paid for interest expenses

$

 48,852

$

 3,224

   Cash paid for income tax

$

 175,714

$

 192,037


Company Contact:

Ms. Wenbin Zhu, Chief Financial Officer

China SHESAYS Medical Cosmetology Inc.

Tel: +86-135-1816-1269

E-mail: [email protected]

Web Site: www.chinashesays.com

SOURCE China SHESAYS Medical Cosmetology Inc.

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