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Synutra Achieved 67.2% Net Sales Growth for the Full Fiscal Year Ended March 31, 2008

2008-06-17 04:46 1840

Fiscal year basic EPS increased by 115% to $0.86 per share

QINGDAO, China and ROCKVILLE, Md., June 17 /Xinhua-PRNewswire/ -- Synutra International, Inc. (Nasdaq: SYUT, “Synutra”), a leading infant formula company in China, and a producer, marketer and seller of nutritional products for infants, children and adults, today reported results for the fourth quarter and fiscal year ended March 31, 2008. The Company’s strong operational and financial performance is detailed in the Company’s Annual Report (Form 10-K), which has been filed with the US Securities and Exchange Commission.

Synutra’s Chairman and Chief Executive Officer Liang Zhang commented: “During this fiscal year, we recorded strong growth as we benefited from growing industry demand as well as increasing brand recognition. Our sales and marketing initiatives and commitment to offering high-quality products that address the evolving demands of our customer base allowed us to continue to build brand equity and deepen market penetration in our primary markets, and to begin selective expansion into larger cities.”

Fiscal Fourth Quarter Ended March 31, 2008

Net sales in the fourth quarter ended March 31, 2008 increased by 65.0% to $108.2 million, compared to $65.6 million for the same quarter in 2007. Gross profit increased by 55.0%, from $33.7 million in the fourth quarter ended March 31, 2007 to $52.3 million in the fourth quarter ended March 31, 2008, amounting to 48.3% of sales. Fourth quarter net income increased by 376.2% to $19.3 million, compared to net income of $4.1 million in the same period in 2007. Synutra earned $0.36 per share (basic) in the fourth quarter of fiscal 2008, up from $0.08 earned in the prior year period.

Full Fiscal Year Ended March 31, 2008

Net sales for the full fiscal year ended March 31, 2008 increased by $145.5 million, or 67.2%, to $362.1 million, compared to $216.6 million for the fiscal year ended March 31, 2007. Gross profit increased by 74.8% to $186.5 million, from $106.7 million for the prior fiscal year. Full fiscal year net income increased by 129.8% to $45.7 million, compared to $19.9 million for the fiscal year ended March 31, 2007. Synutra earned $0.86 per share (basic) for the full fiscal year 2008, a 115% increase from $0.40 earned in the prior fiscal year.

Synutra’s 10-K is available online: www.synutra.com

About Synutra International, Inc.

Synutra operates nine subsidiaries developing, producing, distributing and selling dairy-based nutritional products across the People’s Republic of China. It offers its products for infants, children, adults, pregnant women and nursing mothers under the “Sheng Yuan” or “Synutra” master brand and several sub-brands, including “Super,” “U-Smart” and “U-Strong.” The Group’s extensive sales network covers 29 provinces and provincial-level municipalities in China, and comprises over 420 distributors and over 1,000 sub-distributors who sell Synutra’s products in nearly 63,400 retail outlets. For more information, please contact Weiguo Zhang of Synutra, Inc. (301 840 3888, wzhang@synutra.com), Brian Rafferty of Taylor Rafferty (212 889 4350, synutra@taylor-rafferty.com) or visit: www.synutra.com .

The information contained herein includes statements, estimates, projections, guidance or outlook that constitute “forward-looking” statements as defined under U.S. federal securities laws. Generally the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “will” and similar expressions, identify forward-looking statements, which generally are not historical in nature. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward looking statements if they comply with the requirements of the Act.

Source: Synutra International, Inc.
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