WEIFANG, Shandong, China, May 16 /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 March 31, 2008.
Third Quarter of Fiscal 2008 Highlights
-- Sales increased 64.8% to $20.7 million
-- Gross profit rose 37.2% to $4.5 million
-- Gross profit margin was 21.7%
-- Operating income increased 30.4% to $2.9 million
-- Net income increased 5.2% to $ 1.9 million
-- Weighted avg. diluted shares outstanding were 19.8 million vs. 10.1
-- Fully diluted EPS was $0.10 versus $0.18
Third Quarter of Fiscal 2008 Results
For the third quarter of fiscal 2008, sales increased 64.8% to $20.7 million from $12.6 million for the third quarter of fiscal 2007.
Cornstarch sales were $7.1 million in this quarter, up 212.5% from $2.3 million in the same period of 2007, sales of glucose products were $7.9 million in this quarter, down 4.3% from $8.3 million in the same period of 2007 and sales of other products were $5.6 million, up 177.5% from $2.0 million in the same period of 2007.
The increased sales of cornstarch resulted in a higher proportion of total cornstarch sales compared to the same reporting period last year. Along with an improving utilization rate of the new cornstarch manufacturing plant, the Company manufactured and sold more cornstarch with lower gross profit margins to generate necessary working capital and funds for construction of its new glucose complex. The significant growth of its other products business was mainly attributable to more sales of higher margin sodium gluconate and cornstarch byproducts associated with the greater operational size of the cornstarch business.
"The sales kept growing during this quarter
|SOURCE Shengtai Pharmaceutical, Inc.|
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