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China Medical Technologies Reports First Quarter Financial Results
Date:8/28/2007

r interest expense of RMB1.6 million (US$0.2 million) for 1Q FY2007 was primarily due to notional interest in connection with the present value discounting of long term other payable of US$10 million for the final payment of FISH acquisition due in February 2009.

Amortization of convertible notes issuance cost of RMB2.0 million (US$0.3 million) for 1Q FY2007 was due to the US$150 million convertible notes issued in November 2006. The issuance cost is amortized over the term of the convertible notes which is five years.

Income tax expense was RMB7.9 million (US$1.0 million) for 1Q FY2007. One of the Company's PRC subsidiaries is entitled to an income tax concession at a rate of 10% which will expire in December 2007. The effective tax rate for 1Q FY2007 was 13.3%.

On March 16, 2007, the 10th People's Congress of China passed the China Unified Corporate Income Tax Law (the "New Law"), which will become effective on January 1, 2008. The New Law established a single unified 25% income tax rate for most companies with some preferential income tax rates including 15% income tax rate to be applicable to qualified hi-tech enterprises. The related detailed implementation rules and regulations (the "IRRs") on the definition of various terms and the interpretation and application of the provisions of the New Law are expected to be promulgated by the State Council within 2007. The Company currently believes that the IRRs will not impact its qualification as a hi-tech enterprise, and as such, believes the current tax rate of 15% will continue to apply. In the event the promulgation of the new IRRs results in a change such that the Company will no longer qualify as a hi-tech enterprise, it will be required to pay income tax in accordance with the IRRs starting on January 1, 2008.

Net income was RMB51.7 million (US$6.8 million) for 1Q FY2007, representing a 12.6% increase from the corresponding period of FY2006.

Adjusted net income excluding stock com
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SOURCE China Medical Technologies, Inc.
Copyright©2007 PR Newswire.
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