Skystar Bio-Pharma (NASDAQ:SKBI)

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All Potential Valuation Scenarios Analyst Reports CFO Trail Comments & Business Outlook Financials GeoBargain Notes Investor Alert Investor Presentations Liquidity Requirements Special Situations

Monday, June 8, 2009

1st QUARTER 2009 vs. 2008 FINANCIAL SNAPSHOT ENDED MARCH

	1st Quarter 2009	1st Quarter 2008	Period Change
GAAP Revenue	$3.8 million	$2.7 million	40.7%
GAAP EPS	$.57	$0.20	67.6%
Geo Supplied Non-GAAP EPS ^a	$.55	$0.31	77.4%
Tax Rate^b	17.1%	15.8%	-8.2%
Fully Tax-Adjusted GAAP EPS ^b	$.44	$0.13	238.5%
Fully Tax-Adjusted Geo Supplied Non-GAAP EPS ^a,b	$.42	$.24	75.0%
Fully Diluted Shares ^c	1,867,301	1,797,125	3.9%

Source: See Filing for the period ended December 31, 2008

FULL YEAR 2008 vs. 2007 FINANCIAL SNAPSHOT ENDED DECEMBER

	Full Year 2008	Full Year 2007	Period Change
GAAP Revenue	$22.6 million	$15.1 million	49.7%
GAAP EPS	$3.07	-$1.45	>100%
Geo Supplied Non-GAAP EPS ^a	$3.67	$3.12	17.6%
Tax Rate ^b	18.6%	19.7%	-5.6%
Fully Tax-Adjusted GAAP EPS ^b	$2.28	$-2.81	>100%
Fully Tax-Adjusted Geo Supplied Non-GAAP EPS ^a,^b	$2.89	$2.49	16.1%
Fully Diluted Shares	1,824,697	1,345,354	35.6%

Source: Filing for the period ended March 31, 2009.

^a Non-GAAP EPS Figures exclude certain non-operating gains and losses as well as certain non-cash items contained in the company's filings. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information . The GeoTeam® non-GAAP figures may, from time to time, differ from company supplied figures.

^b The GeoTeam ® tax rate calculations may deviate from the company's reported tax rate, arising from the different treatment, in China vs. the U.S.A, with regards to the deductibility of certain expenses as well as the tax liabilities associated with certain gains. These differences typically arise from non-cash items. For an example on how Skystar Bio-Pharma calculates its tax rate please refer to its SEC 10Q filing (page 24, note 18). Skystar Bio-Pharma is not paying a full U.S. tax rate. The GeoTeam ® prefers to use U.S. fully-taxed EPS figures when calculating potential valuation scenarios. Therefore, EPS numbers have been adjusted by the GeoTeam ® to reflect a standard U.S. tax rate of 36%.

^cFor an explanation on how Skystar Bio-Pharma calculated diluted EPS for its 2008 first quarter please refer to its SEC 10Q filing (page 25, note 19). The GeoTeam ® followed the same logic when calculating 2008 first quarter tax-adjusted and non-GAAP EPS figures.

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