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Sinovac Reports Third Quarter 2008 Unaudited Financial Results
Date:11/18/2008

2008 2007 Cash flows from (used in) operating activities Net Income for the period $739,879 $2,190,152 Adjustments to reconcile net income to net cash used by operating activities: - deferred income taxes (94,028) (59,375) - loss on disposal of equipment 2,249 997 - stock-based compensation 16,635 20,596 - provision for doubtful debts 408,289 1,027,305 - depreciation of property, plant and equipment, and amortization of licenses 517,751 329,084 - research and development expenditures qualified for government grant (16,829) 11,912 - minority interests 530,084 1,019,377 Change in other assets and liabilities - accounts receivable 4,718,247 (5,426,779) - inventories (1,620,126) (699,334) - prepaid expenses and deposits 273,079 (14,444) - accounts payable and accrued liabilities (2,168,844) 1,338,136 Net cash provided by (used in) operating activities 3,306,386 (262,373) Cash flows from (used in) financing activities Loan repayment (3,572,010) (655,061) Loan proceeds 2,143,206 1,302,812 Proceeds from issuance of common stock -- 2,621 Payment to release shares in escrow -- 994,333 Proceeds from shares subscribed 20,060 -- Dividends paid to minority interest shareho
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SOURCE Sinovac Biotech Ltd.
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