The operating loss for the three months ended March 31, 2011 was $3.4 million, compared to $0.8 million for the same period of the prior year. The increased operating loss in the first quarter of 2011 was primarily attributable to the higher cost of sales, increased administrative expenses from Sinovac Dalian and 100%-owned research and development Company, and higher R&D expenses.
Net loss for the first quarter of 2011 included $70,000 of interest and financing expenses, $154,000 of interest and other income, and $310,000 of income tax expenses. Net loss for the same period of 2010 included $124,000 of interest and financing income, $142,000 of interest and other income, and $269,000 of income tax recovery. Net loss attributable to shareholders for first quarter of 2011 was $2.8 million, or $0.05 per diluted share, as compared to $307,000, or $0.01 per diluted share, in the same period of 2010.
As of March 31, 2011, Sinovac's cash and cash equivalents totaled $91.0 million, compared to $101.6 million as of December 31, 2010.
Conference Call DetailsThe Company will host a conference call on Friday, May 13, 2011 at 8:00 a.m. EDT (May 13, 2011 at 8:00 pm China Standard Time) to review the Company's financial results for the first quarter ended March 31, 2011 and provide an update on recent corporate developments. To access the conference call, please dial 1-877-407-4018 (USA) or 1-201-689-8471 (international). A replay of the call will be available from 11 a.m. EDT on May 13, 2011 to May 27, 2011 at midnight. To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (international) and the replay pin number 371847.
A live audio webcast of the call will also be available from the Investors section on the corporate web site at http://www.sinovac.com . A webcast replay can be accessed on the corporate website beginning May 13, 2011 and the replay will remain avail
|SOURCE Sinovac Biotech Ltd.|
Copyright©2010 PR Newswire.
All rights reserved