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Shengtai Pharmaceutical, Inc. Reports Second Quarter Fiscal 2009 Financial Results
Date:2/13/2009

ment plans. With our new state-of-the-art glucose facilities, we now have the production capacity to meet the anticipated increase in glucose demand. We believe that we are well positioned to benefit from the fast growing healthcare spending in China," Mr. Liu concluded.

Second Quarter Fiscal 2009 Financial Results

Second quarter 2009 revenues were $14.80 million, as compared to $24.95 million reported in the second quarter of fiscal 2008. Sales of glucose products rose to $9.25 million during the second quarter, representing 62.5% of revenues and 12.7% quarter-over-quarter growth. Cornstarch sales for the quarter totaled $2.03 million or 13.7% of revenues. Sales of other products totaled $3.52 million, or 23.8% of revenues.

Gross profit for the three months ended December 31, 2008, was $1.99 million compared with $5.87 million in the same period last year. Gross margin for the quarter was 13.5%, as compared with 23.5% in the second quarter of fiscal 2008 primarily due to lower overall sales, reduced cornstarch and other products production, and higher depreciation costs from our new production facilities.

Selling, general and administrative (SG&A) expenses were $2.32 million, an increase of $508,509 compared with the second quarter last year. The increase in SG&A expenses was mainly the result of higher labor costs. Non-cash stock option expenses for the quarter were $158,818.

Operating income for the quarter was a loss of $328,730.

Net loss for the second quarter 2009 was $473,887 compared with net income of $3.13 million for the year-ago same quarter.

Financial Condition

As of December 31, 2008, the Company's cash and cash equivalents and restricted cash increased to $13.2 million. The Company's total shareholders' equity amounted to $47.52 million.

Business Outlook

"For the 2009 third quart
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SOURCE Shengtai Pharmaceutical, Inc.
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