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Sinovac Reports Unaudited Second Quarter 2011 Financial Results
Date:8/12/2011

3,000 of interest and financing expenses, $132,000 loss on disposal of equipment, $38,000 of other income and $891,000 of income tax expense.  Net income attributable to stockholders for the second quarter of 2011 was $1.3 million, or $0.02 per diluted share, as compared to $1.0 million, or $0.02 per diluted share, in the same period of 2010.

As of June 30, 2011, Sinovac's cash and cash equivalents totaled $70.3 million, compared to $101.6 million at December 31, 2010.  Short-term investments were $22.4 million, compared to $1.5 million at December 31, 2010. The Company invests in short-term investments with principal and income guaranteed.

Financial Review for the Six Months Ended June 30, 2011 Sales for the six-month period of 2011 were $20.3 million, up 38.3% from $14.7 million for the same period quarter of 2010. During the six-month period of 2011, Sinovac recorded $7.7 million in pandemic influenza vaccine sales on prior year order.  

Sinovac's sales breakdown by product was as follows.Six months ended June 30,2011

2010SalesHepatitis vaccines

$12,562,124

$11,757,576Influenza vaccines

7,774,567

2,950,029Total

$ 20,336,691$ 14,707,605Gross profit for the six month period of 2011 was $13.9 million, with a gross margin of 68.2%, compared to $12.0 million and a gross margin of 81.9% for the same period of 2010.  After deducting depreciation of land use rights and amortization of licenses and permits, the gross margin was 66.9% and 80.5% for the six-month period of 2011 and 2010, respectively. The gross profit margin was adversely affected by the revenue recognition in the six-month period of 2011 of the prior pandemic flu vaccine order that had a lower gross margin than other vaccine products.

Selling, general and administrative expenses for the six-month period of 2011 were $9.1 million, compared to $7.1 million in the same period of 2010. SG&A expe
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SOURCE Sinovac Biotech Ltd.
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