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:5/26/2016)... ... ... The Woodlands at John Knox Village , Florida’s first Life Plan ... and healing, celebrated its grand opening, today. The Woodlands at John Knox Village is ... Staff. , “This is an incredibly fulfilling time for John Knox Village as we ...
(Date:5/26/2016)... ... May 26, 2016 , ... Dr. James Maisel will present ... Island Chapter on June 4, 2016, 1:30-3:30 pm at the Farmingdale Public Library. ... Retina Group of New York , is a Board Certified ophthalmologist who completed ...
(Date:5/26/2016)... , ... May 26, 2016 , ... ... of comprehensive treatment for eating disorders, is opening a brand new child and ... individuals ages 8-17 and their families with even more specialized eating disorder treatment ...
(Date:5/26/2016)... ... ... The MIAMI Institute for Age Management and Intervention celebrates Global Wellness Day with ... Adonis , Wellness Physician of the MIAMI Institute is certified by the American Academy ... , He also heads up FITTLab, the comprehensive medical testing lab located in The ...
(Date:5/26/2016)... ... May 26, 2016 , ... On May 23rd during the National ... Science® and international water advocate, was honored by Ashram, Inc. as the world’s foremost ... who knelt on the banks of the Nile to fill their red clay pots ...
Breaking Medicine News(10 mins):
(Date:5/26/2016)... , May 26, 2016 A ... growth is the emergence of new treatments. Cardax, a ... for osteoarthritis treatment. The therapy is expected to fulfil ... Research UK is conducting studies to develop new treatments ... where the genes involved in osteoarthritis are being investigated, ...
(Date:5/26/2016)... 26, 2016 Since its commercial ... an essential life science tool for conducting genetic studies ... Research reveals in its new report that the industry ... one powered by a range of new applications in ... (Logo: http://photos.prnewswire.com/prnh/20140723/694805 ) , Since ...
(Date:5/25/2016)... Deutschland und GERMANTOWN, Maryland , ... Zusammenarbeit mit Therawis bedient dringenden ...   QIAGEN N.V. (NASDAQ: ... bekannt, eine Lizenz- und Entwicklungsvereinbarung mit Therawis Diagnostics ... die Onkologie eingegangen zu sein. Ein erstes Projekt ...
Breaking Medicine Technology: