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Sinovac Reports Unaudited Full Year 2008 and Fourth Quarter Financial Results
Date:4/9/2009

e period in the prior year. The increase in SG&A in the fourth quarter of 2008 was in line with the increased business activity in 2008. In particular, payroll and bonus, higher consulting fees, travel and other expenses drove the year-over-year increase.

Net expenditures on research and development expenses for the fourth quarter of 2008 were $359,000, compared to $354,000 in the same period of 2007. The R&D expenses in the quarter are mainly incurred for the advancement of its vaccine candidates in the pre-clinical development pipeline, including Sinovac's vaccine against EV 71 and its human rabies candidate.

Operating income was $3.1 million for the fourth quarter of 2008, compared to $3.3 million in the same period of 2007. The year-over-year variance in operating income reflected relatively moderate higher expense in the fourth quarter.

Net income for the fourth quarter of 2008 included $284,000 in income tax recovery, $327,000 interest and other income and $1.4 million of minority interest. Net income for the same period of 2007 included $184,000 of interest and financing expenses, $42,000 of income taxes expense, $111,000 other expenses and $965,000 of minority interest. Net income for the fourth quarter of 2008 was $2.4 million, or $0.06 per diluted share, compared to $2.0 million, or $0.05 per diluted share, in the same period of 2007.

As of December 31, 2008, Sinovac's cash and cash equivalents totaled $32.9 million, compared to $20.5 million as of September 30, 2008. The 60.4% increase in cash and cash equivalents compared to the third quarter of 2008 was primarily attributable to improved accounts receivables collection.

Recent Developments

Following the completion of a large scale, post-approval marketing study, the safety and immunogenicity of Sinovac's seasonal influenza vaccine, Anflu, was analyzed and reviewed by 18 provincial and
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SOURCE Sinovac Biotech Ltd.
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