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Sinovac Reports Unaudited First Quarter 2011 Financial Results
Date:5/13/2011

ng term payable for acquisition of assets4,888,1244,842,509Deferred revenue3,511,3973,478,629Total long term liabilities20,971,11520,843,478Total liabilities63,983,72466,601,429Commitments and contingenciesEQUITYPreferred stock-  Authorized 50,000,000 shares at par value of $0.001 each  Issued and outstanding: nilCommon stock54,48454,306  Authorized: 100,000,000 shares at par value of $0.001 each  Issued and outstanding:  54,483,904 (2010 –54,305,961 )Additional paid-in capital104,469,374104,152,182Accumulated other comprehensive income7,582,1566,883,834Statutory surplus reserves 11,473,11011,473,110Retained earnings 1,081,1283,876,084Total stockholders' equity124,660,252126,439,516Non-controlling interests14,725,82821,316,979Total equity139,386,080147,756,495Total liabilities and equity$203,369,804$214,357,924SINOVAC BIOTECH LTD.Incorporated in Antigua and BarbudaConsolidated Statements of Loss and Comprehensive LossThree months ended March 31, 2011 and  2010 (Unaudited)(Expressed in U.S. Dollars)Three months ended March 3120112010Sales$

4,680,592

$

4,443,899Cost of sales - (exclusive of depreciation of land-use rights and amortization of licenses and permits of $123,98
and (2010 - $104,793)1,586,017883,475Gross profit3,094,5753,560,424Selling, general and administrative expenses4,107,3323,106,367Research and development expenses - net of $73,390 (2010 - $17,554) in government research grants 2,102,3811,083,868Depreciation of property, plant and equipment
and amortization of384,182249,518licenses and permitsGovernment grants(68,482)(65,830)Total operating expenses6,525,4134,373,923Operating
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SOURCE Sinovac Biotech Ltd.
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