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Shengtai Pharmaceutical, Inc. Reports Financial Results for the Third Quarter and the First Nine Months of Fiscal Year 2010
Date:5/17/2010

Net income for the nine months ended March 31, 2010 was $2,814,184, an increase of $3,319,673 compared with a net loss of $505,489 for the same period in 2009.

Financial Condition

The Company generated $7.35 million in positive cash flow from operations during the nine months ended March 31, 2010. As of March 31, 2010, the Company had cash and restricted cash position at $18.10 million. The Company's short-term loan totaled $36.91 million, notes payable to banks totaled $14.96 million, long-term loan's current maturity totaled $2.50 million and the long-term debt's non-current portion totaled $3.80 million. The Company's total shareholders' equity increased to $48.31 million. The Company expects that its proceeds from operating cash flows and its cash balances, together with amounts available under the loans, will be sufficient to meet its anticipated liquidity needs for the next twelve months.

Business Outlook

Based on its current outlook, and existing and anticipated business conditions, Shengtai expects net income for the fiscal year ending June 30, 2010 to be between $4 to $5 million.

"We stick to our strategies of increasing of production capacity, control of costs, improving of product mix structure to create higher total gross profits," said Mr. Qingtai Liu, Shengtai's CEO. "The market remains competitive. Howeve
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SOURCE Shengtai Pharmaceutical, Inc.
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