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Caraco Pharmaceutical Laboratories Ltd. Reports Record Net Sales for the Second Quarter and First Six Months of Fiscal 2008
Date:10/24/2007

er sales to customers later in the period and change in sales mix to certain customers with longer credit terms in the second quarter of fiscal 2008. The lower cash results were also due to higher prepaids due to a marked increase in a contractual deposit with a customer relative to the growth in business with that customer, and the additional investment in inventory during the first six months of fiscal 2008."

"At September 30, 2007, we had working capital of $85.8 million, as compared to working capital of $76.2 million at March 31, 2007. At September 30, 2007, we had stockholders' equity of $114.4 million, as compared to stockholders' equity of $95.2 million at March 31, 2007. Additionally, we have available the $10.0 million line of credit obtained through JP Morgan Chase Bank, N.A. which would allow us flexibility in expansion efforts to increase our capacity over the next few years. The Company currently remains free of debt."

Mr. Movens added, "We continue to believe the competitive environment we find ourselves in is conducive to our success. Due to our size and management structure, we believe that we are able to move swiftly and effectively. We are disciplined and have the aptitude to execute our plan. We believe we remain substantially compliant with cGMP. We continue to invest in improved systems, training and personnel in quality assurance, quality control and manufacturing to improve our overall performance in quality."

"We continue to expand and upgrade our facilities, attract and hire talented individuals and expand our customer base. Our internal efforts, combined with Sun Pharma in developing new products have also picked up momentum and this should permit us to grow at the level of our guidance, which is a 30% growth in sales for fiscal 2008 compared to fiscal 2007," stated Mr. Movens.

Mr. Movens said, "The Company intends to aggressively move forward with the development of new products. We believe that Sun Pharma is a par
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SOURCE Caraco Pharmaceutical Laboratories, Ltd.
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