Balance Sheet and Cash Flow
The Company had a current ratio of 2.6 to 1 and $4.6 million in cash and accounts receivable on December 31, 2007. The Company reported $1.3 million in short-term notes and no long-term debt. For the first six months of 2008, the Company provided $1.75 million in cash for operations, the main driver for cash flow was net income of $3.2 million and a significant increase in revenues. On January 28, 2008, subsequent to the end of their second quarter, Tianyin announced a private placement of $15.2 million.
"I would like to thank all of the investors who participated in our recent private placement. This capital will be used to significantly expand our production capacity during the coming six to twelve months to meet demand supported by the continued growth in expenditures per capita on Traditional Chinese Medicines (TCMs) and government support for additional cost reimbursement of our products," stated Jiang. "TCM's have been deeply ingrained in Chinese culture for thousands of years and long been perceived by many Chinese to be both safe and efficacious. Strong government support to include more TCM's to the list of medicines subject to reimbursement in the National Medicine Catalog, along with the Chinese SFDA's plan to release more product approvals will be advantageous for the future growth prospects for our large pipeline of new products."
The Company will host a conference call to discuss the 2008 second
quarter financial results on Thursday, February 14, 2008 at 4:15 p.m. EST.
Interested participants should call 800-762-8908 within the United States,
or US +1-480- 629-1990 if calling internationally. It is advisable to dial
in approximately 5-10 minutes prior to the 4
|SOURCE Tianyin Pharmaceutical, Inc.|
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