GAAP net income was $15.6 million, or $0.80 earnings per diluted share, compared with net income of $20.0 million, or $1.17 earnings per diluted share in fiscal year 2009, on a greater number of shares outstanding.
Free cash flow was $14.4 million compared with $6.4 million in fiscal year 2009.
Key Fiscal 2010 Milestones
In August 2009, China-Biotics' wholly owned subsidiary, Shanghai Shining Biotechnology Co., Ltd. was awarded the High-Technology Enterprise Certificate by the municipal government of Shanghai. The Company now receives a preferential income tax rate of 15% on substantially all of its operating income for the three-year period that began on January 1, 2010 versus the statutory tax rate of 25%.
In October 2009, the Company completed a public offering with net proceeds of $74.9 million, after deducting underwriting discounts, offering expenses and the exercise of over-allotment.
In February 2010, the Company's new state-of-the-art bulk additive
production facility commenced commercial production in the Shanghai Qingpu
Industrial Park. Its production area has a designed total capacity of 150
|SOURCE China-Biotics, Inc.|
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