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

les volume and the introduction of new products. Weighted average diluted earnings per share were $0.15 for the three months ended December 31, 2007, compared to $0.16 for the three months ended December 31, 2006. The higher share count in the second fiscal quarter of 2008 was due to a private placement of stock in May 2007.

Financial Condition

As of December 31, 2007, Shengtai Pharmaceutical had cash and restricted cash of $2.9 million and working deficit of $14.7 million. During the three months ended December 31, 2007, the Company generated $9.6 million in cash flow from operations. As of December 31, 2007, the Company had $36.2 million in total debt, and $38.9 million of shareholders' equity.

Business Outlook

Shengtai Pharmaceutical's new cornstarch production facility, with a maximum production capacity of 240,000 metric tons per year, was completed at the end of October 2007. With these cornstarch production facilities, which are close to the Company's existing glucose production plant and new glucose production complex, the Company is able to ensure the adequacy and quality of the cornstarch as the main component of pharmaceutical glucose and lower shipping costs to improve its profit margins.

After acquiring the rights to use 85,880 square meters of new land in Changle Economic and Technology Development Zone in April 2007, Shengtai Pharmaceutical set out to build a new glucose production complex with an expected production capacity of 120,000 tons per year. The new facility will be equipped with state-of-the-art machinery and technology, and the Company will apply international quality control standards over the production. The new construction commenced in early July 2007 and is expected to be complete in the first half of calendar year 2008.

Shengtai Pharmaceutical continued to strengthen its domestic sales network through the establishment of four representative offices in Chengdu, Guangzhou, Hangzhou and Nanchan
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SOURCE Shengtai Pharmaceutical, Inc.
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