WEIFANG, China, Sept. 28 /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 and glucose and starch products that serve as raw materials for food, beverage and industrial production, today reported record annual financial results ended June 30, 2007.
Fiscal Year 2007 Highlights
-- Net sales increased 43.5% to $51.7 million
-- Gross profit rose 43.9% to $12.2 million
-- Gross profit margin was 23.6%
-- Operating income increased 62.1% to $7.5 million
-- Net income increased 69.8% to $7.1 million
-- Fully diluted EPS was $0.62 versus $0.42
Fiscal Year 2007 Results
For the fiscal year 2007, net revenues increased 43.5% to $51.7 million from $36.0 million in fiscal 2006. This increase was largely due to strong sales of glucose and cornstarch products, as well as higher product selling prices. In addition, the Company's new cornstarch plant began production in 2007, maximizing the production of its glucose manufacturing facility and the sale of additional cornstarch to outside customers.
"Our 2007 fiscal year was a record for Shengtai Pharmaceutical. We will continue to identify and pursue innovative products and technology to our increase market share and optimize our cost structure," said Chief Financial Officer Philips Zhang. "Our ability to meet increased customer demand and remain profitable will however, still depend on factors such as our production capacity and working capital."
Gross profit in fiscal year 2007 was $12.2 million, an increase of
43.9% from $8.5 million a year ago. Gross profit margin for the year ended
June 30, 2007 was 23.6%, a slight improvement from 2006. Shengtai
Pharmaceutical produced some new products with higher profit margins, which
was offset by rising sales of lower gross margin c
|SOURCE Shengtai Pharmaceutical, Inc.|
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