Shengtai Pharmaceutical Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2013
May 15, 2013 at 10:00 pm EDT
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Shengtai Pharmaceutical Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company's net sales were $49,723,426, an increase of $9,919,818 or 24.92%, compared with $39,803,608 for the same period in 2012. The increase in net sales primarily resulted from increased sales of cornstarch products and other products as well as from increased exports for the three months ended March 31, 2013, compared to the same period in 2012. Net income for the quarter was $105,218 or $0.01 per basic and diluted share compared with net income of $98,253 or $0.01 per basic and diluted share for the same period in 2012. The increase in net income was primarily attributable to the decreased interest expenses of $764,190 and increased interest income of $25,071. Income from operations was $1,487,345 compared with $2,111,140 a year ago. Income before provision for income taxes was $162,487 compared with $152,375 a year ago.
For the nine months, the company's net sales were $162,571,689 compared with $122,792,481 a year ago. Income from operations was $5,345,580 compared with $4,358,141 a year ago. Income before provision for income taxes was $835,869 compared with $1,355,338 a year ago. Net income was $562,735 or $0.06 per basic and diluted share compared with $916,748 or $0.10 per basic and diluted share a year ago. Net cash used in operating activities was $4,398,469 compared with $10,391,666 a year ago. Purchase of plant and equipment was $4,276 compared with $1,227 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.