Navigation Links
Synutra Annual Report on Form 10-K Includes 'Going Concern' Explanatory Paragraph from Auditor
Date:6/19/2009

QINGDAO, China and Rockville, Md. June 19 /PRNewswire-Asia/ -- Synutra International, Inc. (Nasdaq: SYUT, "Synutra"), a leading infant formula company in China, and a producer, marketer and seller of nutritional products for infants, children and adults, stated today that its Form 10-K, filed on June 15, 2009, included an unqualified audit opinion in which Synutra's independent auditor, Deloitte Touche Tohmatsu CPA Ltd. ("DTTC"), included an explanatory paragraph expressing substantial doubt regarding Synutra's ability to continue as a "going concern" in its report on Synutra's financial statements for the fiscal year ended March 31, 2009.

Liang Zhang, Chairman and CEO of Synutra, commented, "We are making efforts to overcome any doubt about our ability to continue as a going concern. We continue to pursue our market recovery strategies and to address our short-term working capital deficit head on. We are making good progress in our negotiations with ABN Amro regarding the refinancing of the original $35 million loan, and expect to commence our repayment schedule later this year. We are also currently in the process of evaluating funding alternatives, including seeking refinancing of certain of our short-term loans from PRC banks. I want to reiterate that we are increasingly confident that we can return to profitability and financial stability by the end of the current fiscal year, which ends on March 31, 2010. The rising sales and narrowing losses demonstrated in our third to fourth quarter sequential results demonstrate our progress thus far."

As a result of the melamine incident and the related product recall, Synutra experienced significant operating losses and negative cash flows from operations for the fiscal year ended March 31, 2009. In addition, the operating losses have resulted non-compliance with certain covenants under its ABN Amro loan agreement.

This announcement is being made in compliance with Nasdaq Marketplace Rule 4350(b)(1)(B), which requires separate disclosure of receipt of an audit opinion that contains a going concern qualification.

Synutra's Forms 10-K are available online: http://www.synutra.com .

About Synutra International, Inc.

Synutra International, Inc. is a leading infant formula company in China. It principally produces, markets and sells its products under the "Shengyuan," or "Synutra," name, together with other complementary brands. It focuses on selling premium infant formula products, which are supplemented by more affordable infant formulas targeting the mass market as well as other nutritional products and ingredients. It sells its products through an extensive nationwide sales and distribution network covering 29 provinces and provincial-level municipalities in China. As of March 31, 2009, this network comprised over 480 distributors and over 800 sub-distributors who sell Synutra products in over 65,000 retail outlets.

    For more information, please contact:

    Weiguo Zhang of Synutra International, Inc.
     Tel:   +1-301-840-3888
     Email: wzhang@synutra.com
     Web:  http://www.synutra.com

    Delia Cannan of Taylor Rafferty
     Tel:   +1-212-889-4350
     Email: synutra@taylor-rafferty.com

'/>"/>
SOURCE Synutra International, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Nasdaq Informs Synutra that the Companys Filing Delinquency has been Cured
2. Synutra International, Inc. Amends August 2005 Current Report on Form 8-K and Annual Report on Form 10-K for the Fiscal Year Ended March 31, 2007
3. Synutra Provides Progress Update on Recall and Reports Results for the Second Quarter Ended September 30, 2008
4. Synutra Issues Statement Regarding Market Rumors on Revocation of its Production Certification
5. Synutra International, Inc. Sets the Date for its Fourth Quarter and Fiscal Year Earnings Announcement
6. BD to Present at the Bear Stearns 20th Annual Healthcare Conference
7. GPhAs 2007 Annual Policy Conference Features Top Generic Industry CEOs; FDA, Government Officials; Wall Street Analysts
8. Hospira to Present at the Bear Stearns 20th Annual Healthcare Conference on September 11
9. Bear Stearns 20th Annual Healthcare Conference to Webcast Millennium Presentation
10. inVentiv Health to Present at the 20th Annual Bear Stearns Healthcare Conference
11. Annual flu shot cuts need for doctors visits, hospitalization among children
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/29/2016)... , ... April 29, 2016 , ... Dr. Robert Mondavi, ... treatments to improve smiles. Cosmetic dentistry is a fast-growing field as more patients are ... allows patients to learn more about the options currently available to them and which ...
(Date:4/29/2016)... ... April 29, 2016 , ... Innovations with Ed Begley ... upcoming episode, airing third quarter 2016 via Discovery Channel. Dates and show times ... Dairy Products, located in Greenwood, Wisconsin applies product research and development and continuous ...
(Date:4/29/2016)... ... April 29, 2016 , ... ... their animal line of probiotics, Petbiotics ™, as they fondly call them. ... animal rescue groups networking for their non-profit organizations. Animal rescues across the nation ...
(Date:4/29/2016)... ... April 29, 2016 , ... Intellitec ... held May 16th to 18th at the Broward County Convention Center. The event ... to collaborate on best practices in public facility management. Intellitec Solutions will highlight ...
(Date:4/29/2016)... ... April 29, 2016 , ... In its efforts of bringing ... continues its successful franchise development and expansion as it welcomes Ferdie Vasquez of the ... administrative experience in his 32 years of working in various industries. He had ...
Breaking Medicine News(10 mins):
(Date:4/28/2016)... April 28, 2016 , Net Sales of ... basis over the prior year period, and an increase of ... , Diluted EPS for the first quarter were $0.52 reported, ... $2.00 adjusted, an increase of 29.9% over the prior year ... adjusted earnings guidance for 2016 Zimmer Biomet Holdings, ...
(Date:4/28/2016)... April 28, 2016 Oramed Pharmaceuticals Inc. ... pharmaceutical company focused on the development of oral drug delivery ... upcoming PIONEERS 2016 conference, presented by Joseph Gunnar ... New York . Nadav Kidron , ... conference. Presentation Details:   PIONEERS ...
(Date:4/28/2016)... Calif. , April 28, 2016 /PRNewswire/ ... Validation Lifecycle Management Solutions (VLMS) today announced ... and services for sufferers of chronic kidney ... System to manage their corporate validation process. ... seeking a software solution to manage their ...
Breaking Medicine Technology: