A Small Taste of China Sky’s Erroneous Numbers.

China Sky One Medical, Inc. (NASDAQ: CSKI $15.85) reported erroneous numbers for earnings per share in the company’s earnings press release dated April 15, 2009.

The full year basic earnings per share (EPS) figure, reported in CSKI’s 10-K, is not equal to the sum of the previously reported nine month basic EPS, plus the fourth quarter basic EPS. It’s off by $0.04. To China Sky’s promoters this may not seem to be an egregious error, but to many it may be indicative of far bigger problems with accounting and auditing at China Sky.

The earnings release shows an income statement with basic EPS of $0.45 for the three months ended December 31, 2008. China Sky’s Form 10-Q filed November 7, 2008 shows a basic EPS of $1.50 for the nine months ended September 30. The basic EPS reported in China Sky’s Form 10-K for the full year 2008 is $1.91.

Posted in China Sky One Medical, Inc.

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Paul Kaihla
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