Net loss for the six-month period of 2011 included $655,000 of interest income, $413,000 of interest and financing expenses, $34,000 of gain on disposal of equipment, $22,000 of other income and $1.8 million of income tax expenses. Net income for the same period of 2010 included $505,000 of interest income, $547,000 of interest and financing expenses, $819,000 of loss on disposal of equipment, $50,000 of other income and $621,000 of income tax expense. Net loss attributable to stockholders for the six-month period of 2011 was $1.5 million, or $0.03 per diluted share, as compared to net income of $738,000, or $0.01 per diluted share, in the same period of 2010.
Other DevelopmentsIn May 2011, Mr. Kenneth Lee, Principal at SAIF Partners, was appointed a member of the Board of Directors.
As announced on August 5, 2011, Jacob Ho, Sinovac's Chief Financial Officer, has resigned for personal reasons. The Company has initiated an executive search for a new Chief Financial Officer to replace Mr. Ho, who has agreed to remain with the Company until August 16, 2011. Ms. Nan Wang, Vice President of Sinovac, has been appointed as the Interim Chief Financial Officer.
Conference Call DetailsThe Company will host a conference call on Friday, August 12, 2011 at 8:00 a.m. EDT (August 12, 2011 at 8:00 pm China Standard Time) to review the Company's financial results for the second quarter ended June 30, 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 August 12, 2011 to May 26, 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 376092.
|SOURCE Sinovac Biotech Ltd.|
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