WEIFANG, Shandong Province, China, Feb. 14
/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 December 31, 2007.
Second Quarter of Fiscal 2008 Highlights
-- Net sales increased 102.7% to $25.0 million
-- Gross profit rose 91% to $5.9 million
-- Gross profit margin was 23.5%
-- Operating income increased 121.2% to $4.1 million
-- Net income increased 97% to $3.1 million
-- Weighted avg. diluted shares outstanding were 20.3 million vs. 10.1
-- Fully diluted EPS was $0.15 versus $0.16
Second Quarter of Fiscal 2008 Results
For the second quarter of fiscal 2008, net revenues increased 102.7% to $25.0 million from $12.3 million for the second quarter of fiscal 2007. This increase was largely due to more cornstarch production, higher product prices, diversification of product lines and the expansion of higher-value products. The Company raised the sales of cornstarch, which constituted a higher proportion of total sales revenue compared to the same reporting period last year. Although cornstarch had a lower gross profit margin, the Company nevertheless increased its production to generate necessary working capital and funds for construction of its new glucose complex.
In addition to its pharmaceutical glucose series of products and cornstarch, the Company also produced significant amounts of other non- medicinal glucose or cornstarch related products. The sales revenues generated from these products were approximately 5.9 times of those the same period last year, and constituted approximately 26.6% of its total sales revenues for the six months ended December 31, 2007.
"We continued to see strong growth in second quarter of
|SOURCE Shengtai Pharmaceutical, Inc.|
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