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Shengtai Pharmaceutical, Inc. Reports Third Quarter Results of Fiscal Year 2008
Date:5/16/2008

2008 2007

CASH FLOWS FROM OPERATING

ACTIVITIES:

Net income $ 7,269,249 $ 4,866,095

Adjustments to reconcile net

income to cash provided by

operating activities:

Depreciation 2,076,992 1,295,570

Amortization 38,263 31,992

Allowance for bad debts 16,558 53,445

Gain on equipment disposal (91,480) --

Gain on disposal of land

use right (24,783) --

Compensation expense for

options issued to

employees 158,818 --

Earnings on equity

investment (192,826) (105,389)

Change in operating assets

and liabilities:

Accounts receivable (1,108,695) (2,401,163)

Notes receivable 380,411 147,315

Other receivables 1,987,660 473,493

Other receivables - related parties 2,570,100 (575,729)

Other receivables - shareholder 1,273,495 (20,900)

Inventories (1,404,996) (1,175,968)

Prepayments (620,451) 87,447

Prepayments - related parties -- (746,328)

Accounts payable (595,474) 2,756,521

Accounts payable - related parties (1,252,106) (467,190)

Accrued liabilities (568,922) 169,404

Accrued liabilities - related party 482,160 --

Other payable
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SOURCE Shengtai Pharmaceutical, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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