Sinovac Reports Unaudited First Quarter 2009 Financial Results
Three months ended March 31
|
2009
|
2008
|
|
(doses)
|
(doses)
|
Healive
|
772,000
|
1,500,000
|
Bilive
|
176,000
|
31,000
|
Anflu
|
155,000
|
23,500
|
SINOVAC BIOTECH LTD.
|
|||||
Incorporated in Antigua and Barbuda
|
|||||
Consolidated Balance Sheets
|
|||||
March 31, 2009
|
|||||
Unaudited
|
|||||
(Expressed in U.S. Dollars)
|
|
|
|
|
|
|
|
March 31, 2009
|
|
December 31, 2008
|
|
ASSETS
|
|||||
|
|||||
Cash and cash equivalents
|
$
|
23,308,879
|
$
|
32,894,102
|
|
Accounts receivable - net
|
21,105,032
|
19,486,596
|
|||
Inventories
|
9,770,267
|
7,428,865
|
|||
Income tax refundable
|
1,233,824
|
348,018
|
|||
Prepaid expenses and deposits
|
903,454
|
933,297
|
|||
Deferred tax assets
|
|
1,022,078
|
|
1,189,831
|
|
Total current assets
|
57,343,534
|
62,280,709
|
|||
Property, plant and equipment
|
20,564,504
|
19,262,099
|
|||
Deferred tax asset
|
580,296
|
569,937
|
|||
Licenses and permits
|
992,444
|
1,090,477
|
|||
Due to from related party
|
1,460,792
|
||||
Total assets
|
$
|
80,941,570
|
$
|
83,203,222
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||
Current liabilities
|
|||||
Loans payable
|
$
|
8,034,358
|
$
|
8,024,277
|
|
Accounts payable and accrued liabilities
|
9,789,984
|
11,909,037
|
|||
Due to related parties
|
46,971
|
46,971
|
|||
Dividends payable to minority interest shareholder of Sinovac Beijing
|
115,822
|
115,677
|
|||
Deferred research grants
|
|
1,126,236
|
|
1,182,703
|
|
Total current liabilities
|
|
19,113,371
|
|
21,278,665
|
|
Loans payable
|
2,191,189
|
2,188,439
|
|||
Deferred government grants
|
2,788,869
|
2,836,994
|
|||
Total long-term liabilities
|
|
4,980,058
|
|
5,025,433
|
|
Total liabilities
|
|
24,093,429
|
|
26,304,098
|
|
EQUITY
|
|||||
Shareholders' equity
|
|||||
Preferred stock
|
-
|
-
|
|||
Authorized 50,000,000 shares at par value of $0.001 each, issued and outstanding: nil
|
|||||
Common stock
|
42,725
|
42,894
|
|||
Authorized 100,000,000 shares at par value of $0.001 each, issued and outstanding: 42,725,356
|
|||||
Additional paid-in capital
|
41,376,534
|
41,629,506
|
|||
Accumulated other comprehensive income
|
4,208,124
|
4,143,225
|
|||
Dedicated reserves
|
5,549,684
|
5,549,684
|
|||
Accumulated deficit
|
(1,626,855)
|
(1,651,534)
|
|||
Total shareholders' equity
|
|
49,550,212
|
|
49,713,775
|
|
Noncontrolling interest
|
|
7,297,929
|
|
7,185,349
|
|
Total equity
|
56,848,141
|
56,899,124
|
|||
Total liabilities and equity
|
$
|
80,941,570
|
$
|
83,203,222
|
SINOVAC BIOTECH LTD.
|
||||
Incorporated in Antigua and Barbuda
|
||||
Consolidated Statements of Operations and Comprehensive Income
|
||||
Three months ended March 31, 2009 and 2008
|
||||
Unaudited
|
||||
(Expressed in U.S. Dollars)
|
|
|
||
|
|
2009
|
|
2008
|
Sales
|
$
|
6,566,099
|
$
|
8,862,001
|
Cost of sales
|
||||
exclusive of depreciation of land use right and amortization of licenses and permits of $104,633 (2008 - $99,834)
|
|
1,447,770
|
|
1,047,866
|
Gross Profit
|
|
5,118,329
|
|
7,814,135
|
Selling, general and administrative expenses
|
3,547,623
|
3,577,886
|
||
Research and development expenses
|
||||
net of $58,311(2008 - $4,019) in government research grants
|
759,441
|
929,336
|
||
|
|
|
|
|
Depreciation of property, plant and equipment and amortization of licenses and permits
|
|
164,869
|
|
178,229
|
Total Operating Expenses
|
|
4,471,933
|
|
4,685,451
|
Operating Income
|
|
646,396
|
|
3,128,684
|
Interest and financing expenses
|
(126,200)
|
(157,707)
|
||
Interest and other income
|
|
93,131
|
|
46,350
|
Income before income taxes
|
613,327
|
3,017,327
|
||
Income taxes expenses
|
|
481,768
|
|
718,516
|
Net income for the period
|
131,559
|
2,298,811
|
||
Net income attributable to noncontrolling interest
|
(106,880)
|
(738,855)
|
||
Net income attributable to shareholders
|
$
|
24,679
|
$
|
1,559,956
|
Net income for the period
|
$
|
131,559
|
$
|
2,298,811
|
Other comprehensive income
|
||||
Foreign currency translation adjustment
|
|
64,899
|
|
1,282,528
|
Comprehensive income
|
|
196,458
|
|
3,581,339
|
Comprehensive income attributable to noncontrolling Interest
|
123,043
|
1,009,418
|
||
Comprehensive income attributable to shareholders
|
$
|
73,415
|
$
|
2,571,921
|
Earnings per share – basic and diluted
|
$
|
0.00
|
$
|
0.04
|
Weighted average number of shares of common stock outstanding
|
||||
Basic
|
42,890,695
|
41,088,322
|
||
Diluted
|
|
42,890,695
|
|
41,470,579
|
SINOVAC BIOTECH LTD.
|
||||
Incorporated in Antigua and Barbuda
|
||||
Consolidated Statements of Cash Flows
|
||||
Three months ended March 31, 2009 and 2008
|
||||
Unaudited
|
||||
(Expressed in U.S. Dollars)
|
|
|
|
|
|
|
2009
|
|
2008
|
Cash Flows From Operating Activities
|
||||
Net income for the period
|
$
|
24,679
|
$
|
&nbs
p; 1,559,956
|
Adjustments to reconcile net income to net cash provided (used) by operating activities:
|
||||
- deferred income taxes
|
157,394
|
73,181
|
||
- gain on disposal of equipment
|
(9,783)
|
-
|
||
- stock-based compensation
|
66,503
|
16,636
|
||
- provision for doubtful accounts
|
868,938
|
627,805
|
||
- depreciation of property, plant and equipment, and
|
||||
amortization of licenses and permits
|
432,354
|
392,103
|
||
- research and development expenditures qualified for government grant
|
(58,311)
|
(4,019)
|
||
- noncontrolling interests
|
106,880
|
738,855
|
||
Change in other assets and liabilities
|
||||
- accounts receivable
|
(2,462,999)
|
(4,150,245)
|
||
- inventories
|
(2,331,763)
|
(1,449,443)
|
||
- prepaid expenses and deposits
|
30,904
|
319,014
|
||
- income tax refundable
|
(885,252)
|
-
|
||
- accounts payable and accrued liabilities
|
(2,771,775)
|
473,790
|
||
Net Cash Used in Operating Activities
|
|
(6,832,231)
|
|
(1,402,367)
|
Cash Flows From Financing Activities
|
||||
Proceeds from issuance of common stock
|
-
|
9,751,309
|
||
Proceeds from shares subscribed
|
-
|
61,990
|
||
Repurchase of common stock
|
(319,643)
|
-
|
||
Loan to minority shareholders in Sinovac Beijing
|
(1,460,600)
|
-
|
||
Dividend paid to minority shareholders in Sinovac Beijing
|
-
|
(2,947,877)
|
||
Net Cash Provided by / (Used in) Financing Activities
|
|
(1,780,243)
|
|
6,865,422
|
Cash Flows From Investing Activities
|
-
|
-
|
||
Restricted cash
|
-
|
(1,370,686)
|
||
Acquisition of property, plant and equipment
|
(1,011,492)
|
(1,007,424)
|
||
Net Cash Used in Investing Activities
|
|
(1,011,492)
|
|
(2,378,110)
|
Exchange Gain on Cash and Equivalents
|
|
38,743
|
|
422,270
|
(Derease) / Increase in cash and cash equivalents
|
(9,585,223)
|
3,507,215
|
||
Cash and Cash Equivalents, Beginning of Period
|
32,894,102
|
17,071,497
|
||
Cash and Cash Equivalents, End of Period
|
$
|
23,308,879
|
$
|
20,578,712
|
Supplemental Disclosure of Cash Flow Information:
|
||||
Cash paid for income taxes
|
$
|
1,209,626
|
$
|
438,406
|
Cash paid for interests
|
$
|
123,402
|
$
|
110,841
|
Supplemental Schedule of Non-cash Activities:
|
||||
Acquisition of property, plant and equipment included in accounts payable and accrued liabilities
|
$
|
1,092,789
|
$
|
822,696
|
About SINOVAC
Sinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company that focuses on the R&D, manufacturing, and commercialization of biomedical products that protect against human diseases.
SINOVAC's product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected hand-foot-mouth disease (HFMD), hepatitis A, varicella, influenza, poliomyelitis, pneumococcal disease, mumps, etc.
The COVID-19 vaccine, CoronaVac®, has been approved for use in more than 60 countries and regions worldwide. The hepatitis A vaccine, Healive®, passed WHO prequalification requirements in 2017. The EV71 vaccine, Inlive®, is an innovative vaccine under "Category 1 Preventative Biological Products" and commercialized in China in 2016. In 2022, SINOVAC's Sabin-strain inactivated polio vaccine (sIPV) and varicella vaccine were prequalified by the WHO.
SINOVAC was the first company to be granted approval for its H1N1 influenza vaccine Panflu.1®, which has supplied the Chinese government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine, Panflu®, to the Chinese government stockpiling program.
SINOVAC continually dedicates itself to pipeline development including but not limited to new technology, new vaccines as well as other biomedical products. We will constantly explore global opportunities of strategic expansion.
For more information, please visit the Company’s website at www.sinovac.com.
Contact:
Sinovac Biotech Ltd.
PR Team
pr@sinovac.com