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China-Biotics, Inc. Reports Fourth Quarter and Full Year Fiscal 2008 Financial Results
Date:7/10/2008

of fixed assets. Accounts receivable were $13.2 million, and days' sales outstanding improved to 119 for the year from 151 in 2007. At March 31, 2008, the Company had stockholders' equity of $44.4 million.

Business Outlook

The Company's new bulk additives production facility is scheduled to commence production in the fourth quarter of the 2008 calendar year. 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 breads and nutritional supplements.

"With the expansion of our retail sales and bulk additives businesses, we continue to expect significant new business opportunities during the 2009 fiscal year," Mr. Song said. "Same-store sales for Shining retail stores that have been in operation at least one year are expected to grow significantly year-over-year, and we hope to increase the number of Shining retail outlets to 300 by the end of March 2009.

"We are pleased to have initiated relationships with China's leading food and supplement manufacturers, which will provide us with sufficient bulk additives prospects prior to the commencement of production at our new manufacturing plant," Mr. Song continued. "Leveraging our technical competence, cost efficiencies and widely recognized Shining brand, we look forward to becoming China's dominant domestic supplier of probiotics and related products in coming years."

"With three board committees established in May 2008, we have improved our corporate governance and oversight in order to meet requirements to be listed on the Nasdaq Stock Market during the new fiscal year."

Recent Events

In April 2008, China-Biotics completed the foundation work for its new, 150-metric-ton-per-year bulk additives plant at Qing Pu, Shanghai and placed orders for all of the plant's major equipment. Management expects to complete constr
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SOURCE China-Biotics, Inc.
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