Mindray Medical International Announces First Quarter 20...(d Hi-Tech Enterprises.'' The related det...)

Date:5/7/2008

d Hi- Tech Enterprises.'' The related detailed implementation rules and regulations on the definition of various terms and the interpretation and application of the provisions of the New Law were promulgated by the State Council in December 2007. While the implementation guide for the ''New and Hi-Tech Enterprises'' was promulgated on April 14, 2008, the New Law is pending for implementation by the relevant government authorities. The Company expects that it will apply and shall qualify for the "New and High-Tech Enterprise" status that will allow it a 15% income tax rate under China's Unified Enterprise Income Tax Law. Under applicable accounting rules, until the Company receives official approval for this status, it must use the transition rule in its calculation of its deferred tax balances as well as its income tax, which means a gradual increase in rates over the five-year transition period. If the Company had received the approval prior to March 31, 2008, its first quarter 2008 net income would have increased by RMB5.7 million for deferred tax balances and by RMB6.9 million for income tax applicable to its Shenzhen subsidiary using the 15% tax rate. This amount of accrued income taxes will be reversed as soon as the Company receives official approval for the ''New and Hi-Tech Enterprise'' status.

Other Select Data

Average accounts receivable days outstanding was 32 days for the first quarter 2008 compared to 22 days for the first quarter 2007 and 26 days for the full year 2007. Inventory turnover was 64 days for the first quarter 2008 compared to 72 days for the first quarter 2007 and 55 days for the full year 2007. Average accounts payable days outstanding was 68 days for the first quarter 2008 compared to 75 days for the first quarter 2007 and 59 days for the full year 2007.

As of March 31, 2008, the Company had RMB2,145.2 million (US$305.9 million) in cash and cash equivalents and short-term investments. Net cash generated from operatin
'/>"/>

SOURCE Mindray Medical International Limited Copyright©2008 PR Newswire. All rights reserved

1 GOOD

Page: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Related biology technology :

1. Mindray to Present at Merrill Lynch Global Pharmaceutical, Biotech & Medtech Conference
2. Mindray Announces Appointment of Dr. Jixun Lin as Independent Director
3. Mindray Medical International Announces Third Quarter 2007 Results
4. Mindray to Acquire Datascopes Patient Monitoring Business for US$202 million
5. AEterna Zentaris completes management team with the appointment of Chief Medical Officer
6. VisEn Medical Files Action to Invalidate New Caliper Life Sciences Patent
7. China Medical Technologies to Participate in the Morgan Stanleys 2007 China Medical Corporate Day
8. Pathway Medical Technologies Adds Joe Rafferty as VP, Sales, and Moves To Larger Facility to Accommodate Rapid Growth
9. BioMS Medical announces its intention to renew a normal course issuer bid
10. Dr. Amit Dhawan Promoted to Medical Director for The Mattson Jack Group
11. ATS Medical Expands Open Pivot Heart Valve Offerings