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

diluted weighted average shares was 19.8 million in the third fiscal quarter of 2008 versus 10.1 million for the same period of last year, primarily due to a private placement of stock in May 2007.

Financial Condition

As of March 31, 2008, Shengtai Pharmaceutical had cash and restricted cash of $5.7 million and working deficit of $20.6 million. During the three months ended March 31, 2008, the Company generated $12.7 million in cash flow from operations. As of March 31, 2008, the Company had $45.8 million in total debt, and $42.5 million of shareholders' equity.

Business Outlook

In October 2007, Shengtai Pharmaceutical completed a new cornstarch production facility with maximum annual capacity to produce 240,000 metric tons, which is close to its existing glucose production plant and new glucose production complex. Currently, the cornstarch production facility produces cornstarch to satisfy the Company's own glucose production needs, and the some excess cornstarch is sold to outside customers.

The Company has been upgrading its existing glucose facilities and is expected to reach projected annual production capacity of about 90,000 metric tons in first half of 2008. It is currently utilizing more cornstarch internally for the production of pharmaceutical glucose and other higher value-added products. The new cornstarch production facility ensures the adequacy and quality of the cornstarch as the main material of pharmaceutical glucose and lower shipping costs to improve its profit margins. During the nine months ended March 31, 2008, we estimate that by using cornstarch manufactured internally, we have saved $1.0 million.

Shengtai Pharmaceutical nearly finished the construction of the new glucose production complex with expected annual production capacity of 120,000 tons. The new facility is now equipped with most of the major high-tech operational machines and the Company will apply its international quality control standa
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SOURCE Shengtai Pharmaceutical, Inc.
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