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Sinovac Reports Unaudited First Quarter 2012 Financial Results
Date:5/15/2012

ast year.  The major driver of the higher operating expense was the increase in research and development expenses as the Company advances its pipeline vaccine candidates.

The Company's operating loss was $8.2 million for the first quarter 2012, compared to $3.5 million for the first quarter last year.

Loss before income taxes and non-controlling interests was $7.7 million, compared to $3.4 million in the same quarter last year.

Net loss attributable to stockholders in the first quarter 2012 was $5.6 million, or $0.10 per basic and diluted share, compared to a net loss of $2.8 million, or $0.05 per basic and diluted share, for the same quarter last year.

As of March 31, 2012, cash and cash equivalents totaled $94.5 million, compared to $104.3 million as of December 31, 2011. During the first quarter of 2012, the Company utilized $3.1 million of its cash resources to contribute to its ongoing clinical trial for its proprietary EV71 vaccine.  The Company intends to provide the trial with approximately additional $7 million during the remaining quarters of the year. Under the credit line arrangements already in place that cover the ongoing capital needs of the Changping site development, $2.2 million was utilized in the first quarter.  Capital expenditure payments to complete the Changping site, which are covered by the same credit line arrangements, are estimated to be around $20 million in the remaining quarters of 2012 and $1.7 million in 2013. Conference Call DetailsThe Company will host a conference call on Tuesday, May 15, 2012 at 8:00 a.m. EDT (May 15, 2012 at 8:00 p.m. China Standard Time) to review the Company's financial results 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 15, 2012 to May 29, 2012 at midnight.  To access the
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SOURCE Sinovac Biotech Ltd.
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