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Shengtai Pharmaceutical, Inc. Reports First Quarter Results of Fiscal Year 2008
Date:11/15/2007

perating efficiencies. An increase in raw material prices resulted in higher production costs, but the increase in selling prices were however, higher than the increase in raw material prices.

Selling, general and administrative expenses for the three months ended September 30, 2007 were $1.7 million, an increase of $0.7 million, or 74.6% compared with the corresponding period in 2006. The increase in selling, general and administrative expenses was the result of the expansion of the Company's production output, but especially the strengthening of its domestic sales network. The costs associated with being a public company and higher worker insurance requirements and environment related expenditures also contributed to the increase.

Shengtai Pharmaceutical's operating income in the three months ended September 30, 2007 increased 97.4% to $2.9 million from $1.5 million in the prior year, while the operating margin increased to 15.0% from 13.8%.

Net income for the three months ended September 30, 2007 was $2.3 million, an increase of $0.8 million, or 51.8% compared with the corresponding period in 2006. The increase in net income was due to higher selling prices, sales volumes, as well as the sale of new, higher margin new products. Weighted average diluted earnings per share were $0.11 for the three months ended September 30, 2007, compared to $0.15 for the three months ended September 30, 2006. The higher share count in the first fiscal quarter of 2008 was due to a private placement of stock in May 2007.

Financial Condition

As of September 30, 2007, Shengtai Pharmaceutical had cash and restricted cash of $4.0 million and working deficit of $11.0 million. During the three months ended September 30, 2007, the Company generated $4.3 million in cash flow from operations. As of September 30, 2007, the Company had $36.3 million in total debt, and $34.3 million of shareholders' equity.

Business Outlook

Shengtai Pharmaceutical began
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SOURCE Shengtai Pharmaceutical, Inc.
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