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Mindray Medical Awarded Key Software Enterprise Status for 2009 Calendar Year
Jan 22, 10 08:00AM
SHENZHEN, China, Jan. 22 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced receipt of key software enterprise status for the 2009 calendar year.
Mindray's Shenzhen subsidiary was recently awarded the nationwide key software enterprise status for calendar year 2009. The award for 2009 was made jointly by the National Development and Reform Committee, the Ministry of Industry and Information, the Ministry of Commerce and the State Administration of Taxation. Under the current tax policies for software and integrated circuit industries, the status will allow Mindray's Shenzhen subsidiary to enjoy a single unified 10% corporate income tax rate applicable for the calendar year 2009. This new status will have a positive impact on the company's preliminary financial results as announced on January 11, 2010 as well as its final reported results to be released in March 2010. As the effect to the estimated non-GAAP earnings per share for 2009 resulting from the key software enterprise preferential tax policy and other applicable tax policies is subject to finalization of the calculation and consolidation processes, the company makes no update of the preliminary results announced on January 11th, 2010.
The key software enterprise status is granted on an annual basis and is subject to government review in every year in which it may be granted. There is no reliable indication that Mindray will be granted this status applicable to 2010 or in any future year. Our current projections and all of our future yearly guidance will continue to be based on the assumption of an applicable corporate income tax rate of 15% going forward for Mindray's Shenzhen subsidiary.
We are a leading developer, manufacturer and marketer of medical devices worldwide. We maintain global headquarters in Shenzhen, China, U.S. headquarters in Mahwah, New Jersey and multiple sales offices in major international markets. From our main manufacturing and engineering base in China and through our worldwide distribution network, we are able to supply internationally a broad range of products across three primary business segments, comprised of patient monitoring and life support products, in-vitro diagnostic products and medical imaging systems. For more information, please visit http://ir.mindray.com .
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Mindray's future applicable tax rates are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. The anticipated results for 2009 remain subject to the finalization of Mindray's year-end closing, reporting, and audit processes, particularly as related to accrued expenses, income taxes, share-based compensation expenses, and expense and/or amortization of intangible assets. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in our public filings with the Securities and Exchange Commission. For a discussion of other important factors that could adversely affect our business, financial condition, results of operations and prospects, see "Risk Factors" beginning on page 5 of our annual report on Form 20-F, filed on May 8, 2009. Our results of operations for the fourth quarter of 2009 and for fiscal year 2009 are not necessarily indicative of our operating results for any future periods. Any projections in this release are based on limited information currently available to us, which is subject to change. Although such projections and the factors influencing them will likely change, we will not necessarily update the information. Such information speaks only as of the date of this release.
For investor and media inquiries please contact:
In the U.S.: FD Evan Smith, CFA Tel: +1-212-850-5606 Email: firstname.lastname@example.org
John Capodanno Tel: +1-212-850-5705 Email: email@example.com
In China: Mindray Investor Relations May Li Tel: +86-755-2658-2518 Email: firstname.lastname@example.org