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China Ruitai International Holdings Co., Ltd. Reports Results for the First Quarter 2010
Date:5/19/2010

ur strategy to focus Company resources, production and sales efforts on higher margin, higher growth industries in China, including pharmaceuticals, food and cosmetics, yielded strong growth in our first quarter earnings," said Mr. Ma, Chairman and CEO of China Ruitai. "We have continued to properly position and increase awareness of our "Ruitai" brand throughout the industry, while developing relationships with distributors and end customers who are some of the fastest growing of the industries that we service."

Financial Condition

On March 31, 2010, current assets were $65.3 million while total assets were $120.4 million. On March 31, 2010, cash and cash equivalents were $7.9 million compared to $10.2 million as of December 31, 2009.

Accounts receivable were $7.7 million, an increase of approximately 87.0% compared to accounts receivable of $4.1 million as of December 31, 2009 with day sales outstanding of 69 compared to 50, respectively. As of March 31, 2010, accounts payable were $7.0 million, an increase of approximately 12.8% compared to accounts payable of $6.2 million as of December 31, 2009.

On March 31, 2010, current liabilities were $94.3 million, notes payable were $48.6 million, and short-term bank loans were $25.4 million.


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SOURCE China Ruitai International Holdings Co., Ltd.
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