Shengtai Pharmaceutical Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2011
February 15, 2012 at 07:00 am EST
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Shengtai Pharmaceutical Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2011. For the quarter, the company reported net sales of $42,933,425 against $49,044,856 for the same period a year ago. Income from operations was $1,014,569 against $3,796,160 for the same period a year ago. Interest income was $139,465 against $70,770 for the same period a year ago. Loss before provision for income taxes was $48,983 against income before provision for income taxes of $3,543,409 for the same period a year ago. Net loss was $65,062 or $0.01 basic and diluted per share against net income of $2,696,468 or $0.28 basic and diluted per share for the same period a year ago. The decrease in net sales primarily resulted from decreased sales quantities for the three months ended December 31, 2011, compared to the same period last year. The decrease in net income was primarily attributable to the decreased gross profit and increased selling, general, and administrative expenses.
For the year, the company reported net sales of $82,988,873 against $83,689,428 for the same period a year ago. Income from operations was $2,247,001 against $7,235,713 for the same period a year ago. Interest income was $144,191 against $72,036 for the same period a year ago. Income before provision for income taxes was $1,202,963 against income before provision for income taxes of $5,863,949 for the same period a year ago. Net income was $818,495 or $0.09 basic and diluted per share against net income of $4,339,552 or $0.45 basic and diluted per share for the same period a year ago. Net cash used in operating activities were $9,539,722 against net cash provided by operating activities of $5,120,215 for the same period a year ago. Purchase plant and equipment were $1,221 against $1,204,598 for the same period a year ago.
Shengtai Pharmaceutical, Inc. (Shengtai), through its wholly owned subsidiary, Weifang Shengtai Pharmaceutical Inc., is a producer of pharmaceutical-grade glucose in China. The Company's products include pharmaceutical-grade glucose or dextrose, used for medical purposes, as well as other glucose and cornstarch products used for the food and beverage industry, and for industrial productions in China. The Company's glucose series include dextrose monohydrate (DMH), dextrose anhydrous, oral glucose dextrin and rough glucose for other processing purposes. Its starch series include pharmaceutical starch and edible corn starch. The Company's customers include healthcare institutions, food and beverage companies, pharmaceutical companies, medical supply exporters and medical supply. The Company also exports its products to approximately 70 different countries overseas, such as Japan, Singapore, Korea, Australia, Russia and India.