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China-Biotics, Inc. Reports Second Quarter 2009 Financial Results
Date:11/11/2008

32 per diluted share, in the same period of fiscal 2008.

Financial Condition

As of September 30, 2008, the Company had cash and cash equivalents of $65.6 million and working capital of $49.2 million. We were able to slightly increase our cash balance despite having $11.7 million of capital expenditures during the first six months of 2009. Days' sales outstanding for the second quarter of the 2009 fiscal year was 85 days. At September 30, 2008, the Company had stockholders' equity of $53.1 million.

In the first six months of 2009, China-Biotics generated $12.7 million in cash flow from operations and recorded $11.7 million in capital expenditures mainly related to the construction of its new $27.5 million manufacturing facility, $25 million of which is to be paid by the end of the third quarter of fiscal 2009. The remaining balance is expected to be paid during fiscal 2010. The Company believes its current cash balance, combined with cash flow from operations, will be sufficient to fund its planned expenditures during the next 12 months.

Business Outlook

The Company's new bulk additives production facility remains scheduled to begin production during the fiscal third quarter. As of September 30, 2008, China-Biotics had signed contracts with five 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 was in discussions with more than 100 other potential customers in that segment in preparation for the plant coming online at the end of this calendar year.

With limited capacity in its existing production facility, management believes it is prudent to proceed with the retail outlet expansion at a measured pace, which will enable the Company to focus on the completion of the new manufacturing facility and signing on customers to fill production capacity once the new facility becomes operatio
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SOURCE China-Biotics, Inc.
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