Shengtai Pharmaceutical Inc. announced unaudited consolidated financial results for the first quarter ended September 30, 2012. For the quarter, the company reported net sales of $48,744,643 against $40,055,448 a year ago. Income from operations was $1,768,280 against $1,232,432 a year ago.

Income before provision for income taxes was $292,626 against $1,251,946 a year ago. Net income was $196,301 or $0.02 per basic and diluted share against $883,557 or $0.09 per basic and diluted share a year ago. Net cash provided by operating activities was $4,870,243 against net cash used in operating activities of $14,146,831 a year ago.

Purchase of plant and equipment was $1,079 against $1,076 a year ago. The increase in net sales primarily resulted from increased cornstarch sales for the three months ended September 30, 2012, compared to the same period last year. The decrease in net income was primarily attributable to the increased interest expenses of $863,147.