Shengtai Pharmaceutical Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2012
February 14, 2013 at 09:18 pm EST
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Shengtai Pharmaceutical Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2012. For the quarter, the company reported net sales of $64,103,621 compared to $42,933,425 a year ago. Income from operations was $2,089,954 compared to $1,014,569 a year ago. Income before provision for income taxes was $380,755 compared to loss before provision for income taxes of $48,983 a year ago. Net income was $261,216 or $0.03 per basic and diluted share compared to net loss of $65,062 or $0.01 per basic and diluted share a year ago. The increase in net sales primarily resulted from increased cornstarch and other products sales. The increase in net income was primarily attributable to the increased gross profit of $1,947,768, offset by increased selling, general and administrative expenses of $872,383 and by increased interest expenses of $518,770.
For the six months, the company reported net sales of $112,848,264 compared to $82,988,873 a year ago. Income from operations was $3,858,235 compared to $2,247,001 a year ago. Income before provision for income taxes was $673,382 compared to $1,202,963 a year ago. Net income was $457,517 or $0.05 per basic and diluted share compared to $818,495 or $0.09 per basic and diluted share a year ago. Net cash provided by operating activities was $1,285,014 compared to net cash used in operating activities of $9,539,722 a year ago. Purchase of plant and equipment was $4,259 compared to $1,221 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.