he prior year. Adjusted net income was $19.0
for the first nine months of fiscal 2010, up 68% from $11.3 million
during the same period last year. Including a non-cash loss of $6.2 million
related to change in the fair value of the convertible notes, GAAP net income
for the first nine months of fiscal 2010 was $12.8 million
, compared to $13.4
in the same period of fiscal 2009.
As of December 31, 2009, the Company had cash and cash equivalents of
$151.1 million and working capital of $146.8 million. In the first nine months
of fiscal 2010, China-Biotics generated $13.1 million in cash flow from
operations. At December 31, 2009, total stockholders' equity was $153.3
On January 22, 2010, China-Biotics appointed Mr. Travis Cai as Chief
Financial Officer to replace Ms. Eva Yan, who served as the Interim Chief
Financial Officer. Mr. Cai brings more than 10 years of professional and
corporate finance experience with public companies and investment institutions.
His areas of expertise include financial management, mergers and acquisitions,
investor relations, risk controls, SOX 404 compliance, and SEC reporting.
Prior to joining China-Biotics, Mr. Cai served as Vice President of Finance at
A-Power Energy Generation Systems Ltd. since 2009 and was Director of Finance
and Assistant to President at Vimicro International Corp. from 2007 to 2009.
China-Biotics will hold its 2009 AnnuPage: 1 2 3 4 5 6 7 8 9 10 11 12 13 Related biology technology :1
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