BEIJING, Nov. 18 /PRNewswire/ -- Sinovac Biotech Ltd. (Amex: SVA), a leading developer and provider of vaccines in China, today announced the Company's financial results for the three-month and nine-month periods ended September 30, 2008.
Highlights -- Sales year-to-date increased 40% year-over-year to $34.1 million -- Operating income year-to-date rose 22.5% year-over-year to $12.4 million -- Net income year-to-date maintained at same level year-over-year at $5.6 million, inclusive of 25% income tax rate for 2008 versus 15% for 2007 -- Cash and cash equivalents increased 9% to $20.5 million, compared to the second quarter of 2008, due to improved accounts receivable collection
Mr. Weidong Yin, Chairman, President and CEO, commented, "Our nine month sales growth was in line with our previously stated objective to increase sales by 35% to 45% over the prior year. As we continue to execute our business plan, management is very confident that the Company is on track to achieve the projected full year sales growth rate for 2008. At the same time, we have increased our investment in research and development in order to focus on long-term growth. The development of a vaccine against human enterovirus 71 (EV 71), which causes hand, foot, and mouth disease, is one of our R&D programs that demonstrate our strategy to develop novel vaccines. We expect this vaccine to become another top-selling flagship product similar to Healive(R), once it is developed and commercialized. Even though we are currently facing challenging financial markets, management continues to prudently execute its long-term growth strategy designed to maximize shareholder value."
Three Months Ended September 30, 2008
For the third quarter 2008, sales were $8.8 million,
|SOURCE Sinovac Biotech Ltd.|
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