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
|
Sinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company that focuses on the research, development, manufacturing, and commercialization of vaccines that protect against human infectious diseases.
SINOVAC's product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected Hand-Foot-Mouth disease (HFMD), hepatitis A and B, seasonal influenza, pneumococcal disease, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu), varicella, mumps, and poliomyelitis.
SINOVAC's COVID-19 vaccine, CoronaVac®, has been approved for use in more than 60 countries and regions worldwide. The Healive®, a hepatitis A vaccine manufactured by the Company, passed the assessment under WHO prequalification procedures in 2017. The EV71 vaccine, Inlive®, is an innovative vaccine, that was commercialized in China in 2016. In 2022, SINOVAC's Sabin-strain inactivated polio vaccine (sIPV) was prequalified by WHO.
SINOVAC was the first company that granted approval for its H1N1 influenza vaccine Panflu.1®, which has supplied to 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 has been continually dedicating itself to new vaccine research and development, with more combination vaccine products in the pipeline, and constantly exploring opportunities in the international market. SINOVAC looks forward to conducting more extensive and in-depth trade and cooperation with more countries, enterprises, and professional institutions.
For more information, please see the Company’s website at www.sinovac.com.
Contacts
Sinovac Biotech Ltd.
Helen Yang
+86-10-8279-9871 or
+86-10-5693-1897
Fax: +86-10-6296-6910
ir@sinovac.com
ICR Inc.
Bill Zima
U.S.: 1-646-308-1707
william.zima@icrinc.com