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Shengtai Pharmaceutical, Inc. Reports Strong Second Quarter Results of Fiscal Year 2008
Date:2/14/2008

fiscal 2008," said Chairman and CEO, Mr. Qingtai Liu. "Our revenues and net income kept growing dramatically during this quarter due to higher glucose product prices, increased cornstarch production and sales, improved sales of higher value products and the benefits from our vertically integrated production line. We believe that through manufacturing innovative products to meet market demand, we would be able to command better profit margins, diversify our product lines and minimize our operating risks."

Gross profit for the three months ended December 31, 2007 was $5.9 million, an increase of 91% from $3.1 million for the same period of the prior year. Gross margin for the second quarter of fiscal 2008 was 23.5%. The increased gross profit was mostly due to economies of scale resulting from the expansion of production output and enhanced operating efficiencies. Although product cost increased as a result of commodity price increases and other raw material price increases, the selling price was higher than the price increase of raw materials, thus making its gross profit higher.

Selling, general and administrative expenses for the three months ended December 31, 2007 were $1.8 million, an increase of $0.9 million, or 89.4% compared with the corresponding period in 2006. The increase in selling, general and administrative expenses was the result of the increase of our production output, expansion of the Company's domestic sales network and increased shipping costs due to higher sales of cornstarch.

Shengtai Pharmaceutical's operating income in the three months ended December 31, 2007 increased 121.2% to $4.1 million from $1.8 million in the prior year, while the operating margin increased to 16.2% from 14.9%.

Net income for the three months ended December 31, 2007 was $3.1 million, an increase of $1.5 million, or 97% compared with the corresponding period in 2006. The increase in net income was due to an increase in our product prices, sa
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SOURCE Shengtai Pharmaceutical, Inc.
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