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China-Biotics, Inc. Reports First Quarter 2009 Financial Results
Date:8/14/2008

rded in the first quarter of 2009 related to the change in the fair value of the $25 million convertible notes issued in December 2007.

Net income for the first quarter of the 2009 fiscal year was $3.2 million. Excluding the $1.2 million loss on the revaluation of the convertible notes, net income was $4.5 million, up from $3.5 million in the same quarter of the prior year.

Diluted earnings per share were $0.23 calculated on a weighted average basis, compared with $0.21 per diluted share in the first quarter of fiscal 2008. The calculation of diluted earnings per share for the first quarter of 2008 assumes full conversion of the convertible notes and thus excludes the loss from the change in fair value of the notes.

Financial Condition

As of June 30, 2008, the Company had cash and cash equivalents of $66.2 million and working capital of $50.7 million. The increase in cash resulted in part from the private placement of $25 million of the Company's convertible notes in December 2007. In the first quarter of 2009, China-Biotics generated $8.3 million in cash flow from operations and recorded $7.2 million in capital expenditures related to the construction of the new manufacturing facility. Accounts receivable declined to $10.7 million from $13.2 million on March 31, 2008, and days' sales outstanding for the first quarter of 2009 was 96 days. At June 30, 2008, the Company had stockholders' equity of $48.5 million.

Business Outlook

The Company's new bulk additives production facility remains scheduled to begin production in the Company's fiscal third quarter. As of June 30, 2008, China-Biotics had signed contracts with four business customers to supply those customers with bulk probiotics in powder form that can be added to products such as milk, ice cream, yogurt, baked goods and nutritional supplements.

The Company's retail strategy is also on schedule, with 83 Shining retail outlets open as of June 30, 2008, in Shanghai
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SOURCE China-Biotics, Inc.
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