WEIFANG, China, Nov. 15 /Xinhua-PRNewswire-FirstCall/ -- Shengtai Pharmaceutical, Inc. (OTC Bulletin Board: SGTI) ("Shengtai Pharmaceutical" or "the Company"), a leading manufacturer and distributor of high-quality, pharmaceutical grade glucose products in China, today reported financial results for the three months ended September 30, 2007.
First Quarter of Fiscal 2008 Highlights
-- Net sales increased 82.8% to $19.4 million
-- Gross profit rose 88.3% to $4.6 million
-- Gross profit margin was 23.7%
-- Operating income increased 97.4% to $2.9 million
-- Net income increased 51.8% to $2.3 million
-- Weighted avg. diluted shares outstanding were 18.9 million vs. 10.1
-- Fully diluted EPS was $0.11 versus $0.15
First Quarter of Fiscal 2008 Results
For the first quarter of fiscal 2008, net revenues increased 82.8% to $19.4 million from $10.6 million in the first quarter of fiscal 2007. This increase was largely due to increased sales of glucose and as well as higher product selling prices. In addition, sales of excess cornstarch produced from the Company's own cornstarch manufacturing facility and sold to customers comprised 31.2% of total revenue for the reporting period.
"We had a good start to our business operations for the fiscal year of 2008," said Chairman and CEO, Mr. Qingtai Liu. "Both our revenues and net income are growing dramatically due to strong market demand, and as we benefit from our strategy of becoming vertically integrated, to focus on achieving operating efficiencies and introducing higher-value products."
Gross profit for the three months ended September 30, 2007 was $4.6
million, an increase of 88.3% from $2.4 million for the same period of the
prior year. Gross profit margin was 23.7%, a slight improvement from 2006.
The improved gross profit was mostly due to economies of scale resulting
from the expansion of production output and enhanced o
|SOURCE Shengtai Pharmaceutical, Inc.|
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