-- Expects One-Time Impairment Charge of RMB19.0 million (US$2.7 million)
-- Affirms 2008 Full Year Guidance
SHENYANG, China, Oct. 31 /Xinhua-PRNewswire-FirstCall/ -- 3SBio Inc. (Nasdaq: SSRX) ("3SBio" or "the Company"), a leading biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products primarily in China, announced today that it expects to recognize a one-time impairment charge of approximately RMB19.0 million (US$2.7 million) in the third quarter 2008 and affirmed its 2008 full year guidance.
Preliminary Third Quarter 2008 Selected Unaudited Financial Results
The Company's financial statements for the three months ended September 30, 2008 have not been finalized and are subject to completion of its normal quarter-end closing procedures. Therefore, the preliminary selected unaudited financial data set forth below may be subject to adjustment. As a consequence, actual results could differ materially from the expected results provided.
For the third quarter 2008, 3SBio expects total net revenues of approximately RMB68.2 million (US$10.0 million), representing an increase of 21.6% over the third quarter 2007. For the same period, 3SBio expects to recognize a one-time impairment loss of approximately RMB19.0 million (US$2.7 million). This impairment loss was related to a US$3.0 million aggregate principal amount of Floating Rate Credit Linked Notes due on January 21, 2009 (the "Notes") held by the Company. As a result, net income for the third quarter 2008 is expected to be approximately RMB1.9 million (US$0.3 million), or US$0.01 per ADS.
The Notes, issued by UBS AG, Jersey Branch (the "Issuer"), are linked
to credit of Lehman Brot
|SOURCE 3SBio Inc.|
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