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Shengtai Pharmaceutical, Inc. Reports Unaudited Third Quarter Fiscal 2009 Financial Results
Date:5/15/2009

WEIFANG, Shandong, China, May 15 /PRNewswire-Asia-FirstCall/ -- Shengtai Pharmaceutical, Inc. (OTC Bulletin Board: SGTI) ("Shengtai" or "the Company"), a leading manufacturer and distributor of high-quality, pharmaceutical grade glucose products in China, today reported unaudited financial results for the third quarter of fiscal 2009 ended March 31, 2009.

"The global economic environment has impacted our operations thus far in fiscal year 2009, as our third quarter financial results generated lower sales volume and lower average selling prices for our cornstarch and other products when compared to the same period last year," said Mr. Qingtai Liu, Shengtai Pharmaceutical's CEO. "However, we are beginning to see higher level of market activities, as unit shipments for these two segments have increased on a sequential basis. Meanwhile, our glucose product unit shipments posted an 18% year-over-year growth in the last quarter. Glucose revenue growth was 6% in the same period. Lastly, we are also seeing a significant increase in customer deposits during the most recent quarter, an early indication of a pick up in sales in the subsequent quarters."

Mr. Liu continued, "The challenging market conditions have prompted us to initiate a number of cost saving measures throughout our operations which we believe will help us maintain near-term competitiveness. As market conditions improve, we are prepared to leverage our new state-of-the-art manufacturing facility to increase our production utilization rate to meet the growing glucose demand of our customers."

Third Quarter and Nine Months Fiscal 2009 Financial Results

Total revenues for the third quarter of fiscal 2009 were $16.3 million, as compared to $20.7 million the same period last year, and $14.8 million reported in the second quarter of fiscal 2009. Total revenues for the nine months ended March 31, 2009 were $49.2 million, a
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SOURCE Shengtai Pharmaceutical, Inc.
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