Shengtai Pharmaceutical Inc. announced consolidated earnings results for the year ended June 30, 2012. For the year, the company reported net sales of $179,029,127 compared to $171,717,866 a year ago. Income from operations was $5,498,842 compared to $13,318,776 a year ago.

Income before provision for income taxes was $1,071,607 compared to $10,497,792 a year ago. Net income was $1,072,594 compared to $7,651,051 a year ago. Basic and diluted EPS was $0.11 compared to $0.80 a year ago.

Net cash used in operating activities was $23,737,700 compared to net cash provided by operating activities of $5,069,599 a year ago. Purchase of plant and equipment was $1,226 compared to $2,018,025 a year ago. Additions to construction in progress were $132,788 compared to $3,626,806 a year ago.

Advances for construction were $99,965 compared to $941,986 a year ago. The increase in sales revenue resulted from an increase in the average selling prices, offset by decreased sales quantity of corn starch products. The decrease in net income was primarily due to the decrease in gross profit, increase in selling and general and administrative expenses, and increase in interest expenses.

The decrease in net cash used in operating activities was due to decreased net income, increased accounts receivables, increased payments to acquire inventories, increased payments to pay back accounts payables, and decreased customer deposit, offset by decreased other receivable, decreased prepayments and other assets, and increased deprecation during the year ended June 30, 2012 as compared to the year ended June 30, 2011.