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

due to more cornstarch production, higher product prices and increased sales of higher-value products. We were pleased with our sales this quarter despite seasonal softness due to the Chinese Spring Festival, the snow storm in February, and machine maintenance incurred in this quarter," said Chairman and CEO, Mr. Qingtai Liu, "We believe our business will continue to grow significantly in the next several quarters since we successfully launched trial production at the new glucose complex."

Gross profit for the three months ended March 31, 2008 was $4.5 million, up 37.2% from $3.3 million for the same period of the prior year. The increased gross profit was mostly due to economies of scale resulting from the expansion of production output and enhanced operating efficiencies. Gross margin for the third quarter of fiscal 2008 was 21.7%, a decrease from 26% for the same period of 2007 due to an increase in the price of raw materials and a higher proportion of cornstarch with lower profit margins.

Selling, general and administrative expenses for the three months ended March 31, 2008 were $1.6 million, up 51.4% compared with the corresponding period in 2007. The increase in selling, general and administrative expenses was attributable to increased administrative expenses such as stock-based compensation and professional and listing fees of being a listed company.

Shengtai Pharmaceutical's operating income in third quarter of fiscal 2008 increased 30.4% to $2.9 million from $2.2 million in the same period of prior year, while the operating margin was 13.9% versus 17.6% in the third quarter of fiscal 2007.

Net income for the three months ended March 31, 2008 was $1.9 million. The increase in net income was due to greater sales volume and revenue, and the fast expansion of new products. Weighted average diluted earnings per share were $0.10 for the three months ended March 31, 2008, compared to $0.18 for the three months ended March 31, 2007. The
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SOURCE Shengtai Pharmaceutical, Inc.
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