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China-Biotics, Inc. Reports Third Quarter 2008 Financial Results
Date:2/13/2008

es. Cash generated from operations during the first nine months of fiscal 2008 of $13.3 million was offset by capital expenditures, primarily for the new bulk additives facility, of $8.4 million. Days' sales outstanding (DSO) during the quarter was 81, down from 113 for the second quarter of fiscal 2008 and 124 for the first quarter of fiscal 2008. The Company had shareholders' equity of $35.4 million, up from $23.9 million on March 31, 2007.

Business Outlook

The Company plans to grow its market share by expanding its retail stores and hopes to form a network of more than 300 Shining retail stores by the end the 2009 fiscal year. Most of the China-Biotics' newer retail products will be launched through the Shining stores, which will enable the Company to develop its customer loyalty strategy. China-Biotics is also focused on selling its probiotics to the bulk additive market. In November the Company received government approval to begin construction of a new, large-scale bulk additives manufacturing facility that will focus on this growing market.

"We are excited by the progress we have made in both our retail and bulk additives strategies," said Mr. Song. "We have commenced construction of our new bulk additives facility, which should be completed by September of this year. In anticipation of that additional capacity, we are in discussion with many potential customers to ensure that we have plenty of orders when the facility is up and running."

Recent Events

In November 2007, China-Biotics received local government approval to begin construction on a proposed 150-metric-ton-per-year manufacturing facility, in order to meet expanding demand for probiotics in the bulk additive market. Phase 1 of the project, which will cost an estimated $18 million, is expected to be completed near the end of the second quarter of the 2009 fiscal year.

In December 2007, China-Biotics issued $25 million senior convertible notes. The proceeds w
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SOURCE China-Biotics, Inc.
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