Sinovac Reports Unaudited Second Quarter 2011 Financial Results

-- Conference call scheduled for Friday, August 12, 2011 at 8:00 AM EDT

  • Date: 2011-08-12
  • Pageview: 8997

Beijing – August 12, 2011 – Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, announced today its unaudited second quarter financial results for the period ended June 30, 2011.

Second Quarter 2011 Financial Highlights

 Sales increased 52.5% year-over-year to .7 million, compared to .3 million.

Net income attributable to shareholder reached .32 million and EPS was {value}.02 per share.

Cash and cash equivalents and short-term investments, which the principal and income were guaranteed, totaled .7 million at June 30, 2011, compared to 3.1 million at December 31, 2010.

Recent Business Highlights

In July 2011, Sinovac was selected by the Xinjiang Centers for Disease Control and Prevention (Xinjiang CDC) to supply 568,700 doses of Healive, its inactivated hepatitis A vaccine. The bidding result was subject to a public notification period from August 1 to August 8, and the delivery is anticipated to be commenced before the end of this year.

►In April and July 2011, Sinovac received the official bidding notices from the Hunan Department of Health that it was selected to supply 100,000 doses of Anflu, its seasonal flu vaccine and 40,000 doses of Healive, respectively.
►In August 2011, Sinovac obtained the GMP certificate for both of its Healive and Anflu from COFEPRIS, the regulatory authority of Mexico’s Ministry of Health.
►In May 2011, Sinovac unblinded the Phase I clinical trial results for its proprietary inactivated vaccine against human enterovirus 71 (EV71), which causes hand, foot, and mouth disease (HFMD). The safety observation results for the EV71 vaccine for all three age groups (adult, children and infant) showed good safety and tolerance profiles and the preliminary immunogenicity study results showed the vaccines can induce good immune responses.
►In June 2011, Sinovac commenced the Phase II clinical trial for its proprietary inactivated EV71 vaccine against hand, foot and mouth disease. The Phase II clinical trial is designed as a single center, randomization, double blinded, and placebo controlled study. The objective of the Phase II clinical trial is to determine the dosage level by evaluating the immunogenicity and safety with different level of dosages of Sinovac's EV71 vaccine candidate, and to provide reference data for Phase III clinical trial.
 
Dr. Weidong Yin, Chairman, President and CEO of Sinovac, commented, “Demand for our hepatitis vaccines is rebounding in China as demonstrated by our second quarter sales. We are gaining traction in the public market as we recently received two provincial government orders in additional to our ongoing public market sales activity in Beijng, Shanghai, Tianjin and part of Jiangsu. This shows that our revised sales strategy focused on the public market and restructured sales team is producing favorable results. We will continue to strengthen our efforts in public market presence, and stabilize sales in the private market.”
 
Dr. Yin continued, “Over the past quarter, we have made substantial progress with our vaccine development pipeline. Our Phase II trial for our EV71 vaccine is progressing on schedule as dosing is underway and is on track to be completed within the year as planned. We are optimistic about the potential for this vaccine as inquiries are increasing across Asia in the face of the current epidemic in Vietnam. The registration for animal rabies vaccine is moving forward on schedule, which is anticipated to be launched within the year.”
 
Dr. Yin continued, “We are excited to obtain the Mexico GMP certificate for our seasonal flu and hepatitis A vaccines. This is the significant milestone as we advance our global commercialization strategy to register our vaccines. We anticipate that the Certificate of Approval for Anflu will be granted in the coming months as we prepare for the commercial launch of the vaccine in Mexico.”
 
Dr. Yin concluded, “We are encouraged by the second quarter sales activity and public market orders received in recent months. We believe that the ongoing execution of our revised sales strategy and seasonal flu vaccine sales that typically take place in the second half of the year will enable continued revenue growth. We look forward to updating you on the continued progress across our vaccine development pipeline.”
 
Financial Review for the Second Quarter Ended June 30, 2011  

Sales for the second quarter 2011 were .7 million, up 52.5% from .3 million for the second quarter of 2010. During the second quarter 2011, Sinovac recorded .7 million in pandemic influenza vaccine sales on prior year order.

Sinovac’s sales breakdown by product was as follows.

 
Three months ended June 30,
 
 2011
 2010
Sales
 
 
Hepatitis vaccines
8,097,941
8,676,883
Influenza vaccines
7,558,158
1,586,823
Total
$ 15,656,099
$ 10,263,706
 
 Gross profit for the second quarter 2011 was .8 million, with a gross margin of 68.8%, compared to .5 million and a gross margin of 82.7% for the same period of 2010. After deducting depreciation of land use rights and amortization of licenses and permits, the gross margin was 67.9% and 81.7% for the second quarter of 2011 and 2010, respectively. The gross profit margin was adversely affected by the revenue recognition in the second quarter 2011 of the prior pandemic flu vaccine order that had a lower gross margin than other vaccine products.
 

Selling, general and administrative expenses for the second quarter 2011 were .0 million, compared to .0 million in the same period of 2010. SG&A expenses as a percentage of second quarter 2011 sales were 31.8%, compared to 38.9% during the second quarter of the prior year. Excluding pandemic flu vaccine sales, SG&A as a percentage of sales were 62.5% and 46.0% for the current quarter and prior year quarter, respectively. The increased SG&A was mainly related to the sales team expansion and increased spending on sales promotion in the private pay market.  

Net research and development expenses for the second quarter 2011 were .3 million, compared to .7 million in the same period in 2010. The increased R&D expenses in the second quarter 2011 were primarily related to the continued development of the pipeline vaccines, including the expenses for the EV71 vaccine with the Phase II clinical trial underway, the trial production of the animal rabies vaccine and mumps vaccine, and other R&D projects.

 

Depreciation of property, plant and equipment and amortization of license and permits for the second quarter 2011 were 2,000, compared to 2,000 for the same period of last year. The change compared to 2010 was primarily attributable to amortization on the Changping production facility, which started to amortize in September 2010 and higher depreciation for Tangshan Yian’s new animal production line.  

Total operating expenses for the second quarter of 2011 were .6 million, compared to .9 million in the comparative period in 2010.

The operating income for the three months ended June 30, 2011 was .1 million, compared to .6 million for the same period of the prior year. The increased operating income in the second quarter of 2011 was primarily attributable to the revenue recognition for the prior order on pandemic flu vaccine in current reported quarter.

Net income for the second quarter 2011 included 0,000 of interest income, 3,000 of interest and financing expenses, ,000 gain on disposal of equipment, ,000 of other income and .5 million of income tax expenses. Net income for the same period of 2010 included 4,000 of interest income, 3,000 of interest and financing expenses, 2,000 loss on disposal of equipment, ,000 of other income and 1,000 of income tax expense.  Net income attributable to stockholders for the second quarter of 2011 was .3 million, or {value}.02 per diluted share, as compared to .0 million, or {value}.02 per diluted share, in the same period of 2010.

As of June 30, 2011, Sinovac’s cash and cash equivalents totaled .3 million, compared to 1.6 million at December 31, 2010.  Short-term investments were .4 million, compared to .5 million at December 31, 2010. The Company invests in short-term investments with principal and income guaranteed.

Financial Review for the Six Months Ended June 30, 2011


Sales for the six-month period of 2011 were .3 million, up 38.3% from .7 million for the same period quarter of 2010. During the six-month period of 2011, Sinovac recorded .7 million in pandemic influenza vaccine sales on prior year order.  
 
Sinovac’s sales breakdown by product was as follows.
 
 
Six months ended June 30,
 
 2011
 2010
Sales
 
 
Hepatitis vaccines
12,562,124
11,757,576
Influenza vaccines
7,774,567
2,950,029
Total
$ 20,336,691
$ 14,707,605
 
Gross profit for the six month period of 2011 was .9 million, with a gross margin of 68.2%, compared to .0 million and a gross margin of 81.9% for the same period of 2010. After deducting depreciation of land use rights and amortization of licenses and permits, the gross margin was 66.9% and 80.5% for the six-month period of 2011 and 2010, respectively. The gross profit margin was adversely affected by the revenue recognition in the six-month period of 2011 of the prior pandemic flu vaccine order that had a lower gross margin than other vaccine products. 

Selling, general and administrative expenses for the six-month period of 2011 were .1 million, compared to .1 million in the same period of 2010. SG&A expenses as a percentage of sales for the six-month period of 2011 were 44.7%, compared to 48.3% during the same period of the prior year.  Excluding pandemic flu vaccine sales, SG&A as a percentage of sales were 71.9% and 60.2% for the first half year and prior year same period, respectively. The increased SG&A was mainly related to the expansion of sales team and increased spending on sales promotion on the private pay market. 

Net research and development expenses for the six-month period of 2011 were .4 million, compared to .8 million in the same period of 2010. The increased R&D expenses in the six-month period of 2011 were primarily related to the continued development of the pipeline vaccines, including the expenses for the EV71 vaccine with the Phase II clinical trial underway, the trial production of the animal rabies vaccine and mumps vaccine, and other R&D projects. 

Depreciation of property, plant and equipment and amortization of license and permits for the six-month period of 2011 were 6,000, compared to 1,000 for the same period of last year. The change compared to 2010 was primarily attributable to amortization on the Changping production facility, which started to amortize in September 2010 and higher depreciation for Tangshan Yian’s new animal production line.

Total operating expenses for the six-month period of 2011 were .2 million, compared to .3 million in the comparative period of 2010.
 
The operating loss for the six months ended June 30, 2011 was 0,000, compared to an operating income of .8 million for the same period of the prior year. The year over year change was primarily attributable to the lower gross margin due to the product mix. Excluding the recognition of revenue coming from pandemic flu vaccines of prior order, the year over year change was primarily attributable to the increased R&D expenses, SG&A expenses and depreciation of property, plant and equipment.

Net loss for the six-month period of 2011 included 5,000 of interest income, 3,000 of interest and financing expenses, ,000 of gain on disposal of equipment, ,000 of other income and .8 million of income tax expenses. Net income for the same period of 2010 included 5,000 of interest income, 7,000 of interest and financing expenses, 9,000 of loss on disposal of equipment, ,000 of other income and 1,000 of income tax expense. Net loss attributable to stockholders for the six-month period of 2011 was .5 million, or {value}.03 per diluted share, as compared to net income of 8,000, or {value}.01 per diluted share, in the same period of 2010.

Other Developments
 

In May 2011, Mr. Kenneth Lee, Principal at SAIF Partners, was appointed a member of the Board of Directors. 

As announced on August 5, 2011, Jacob Ho, Sinovac’s Chief Financial Officer, has resigned for personal reasons. The Company has initiated an executive search for a new Chief Financial Officer to replace Mr. Ho, who has agreed to remain with the Company until August 16, 2011. Ms. Nan Wang, Vice President of Sinovac, has been appointed as the Interim Chief Financial Officer.
 
Conference Call Details
 
The Company will host a conference call on Friday, August 12, 2011 at 8:00 a.m. EDT (August 12, 2011 at 8:00 pm China Standard Time) to review the Company's financial results for the second quarter ended June 30, 2011 and provide an update on recent corporate developments. To access the conference call, please dial 1-877-407-4018 (USA) or 1-201-689-8471 (international). A replay of the call will be available from 11 a.m. EDT on August 12, 2011 to May 26, 2011 at midnight. To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (international) and the replay pin number 376092.
 
A live audio webcast of the call will also be available from the Investors section on the corporate web site at http://www.sinovac.com . A webcast replay can be accessed on the corporate website beginning August 12, 2011 and the replay will remain available for 30 days.
 
About Sinovac
 
Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacture and commercialization of vaccines that protect against human infectious diseases including hepatitis A, seasonal influenza, H5N1 (bird flu) pandemic influenza and H1N1 influenza. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, PANFLU.1, and has received orders from the Chinese Central Government pursuant to the government stockpiling program. The Company is developing a number of new vaccine products, including vaccines for pneumococcal conjugate, enterovirus 71 (EV71) (against hand, foot & mouth disease), mumps, rubella, HIB, epidemic meningitis, chickenpox and human rabies. Its wholly owned subsidiary, Tangshan Yian, is focusing on the research, development, manufacturing and commercialization of animal vaccines and has completed the field trials for an independently developed inactivated animal rabies vaccine, which is anticipated to be launched in 2011.
 
Safe Harbor Statement
 

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about Sinovac's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Sinovac does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Helen Yang/Chris Lee

Sinovac Biotech Ltd.

Tel:  +86-10-8279-9871/9659
Fax:  +86-10-6296-6910
Email: ir@sinovac.com
 
Investors:
Stephanie Carrington
The Ruth Group
Tel: +1-646-536-7017
 
Media:
Victoria Aguiar
The Ruth Group
Tel:  +1-646-536-7013

Email:  vaguiar@theruthgroup.com 

 

SINOVAC BIOTECH LTD.

     

Incorporated in Antigua and  Barbuda

     

Consolidated Balance Sheets

     

(Unaudited)

     

(Expressed in U.S. Dollars)

     
   

June 30, 2011

 

December 31, 2010

 

ASSETS

         
           

Current assets

         

 Cash and cash equivalents

$

70,287,280

$

101,585,490

 

 Short-term investments

 

22,431,931

 

1,512,447

 

 Accounts receivable – net

 

18,483,216

 

22,370,296

 

 Inventories

 

16,096,706

 

14,541,554

 

 Due from related party

 

-

 

3,397,522

 

 Prepaid expenses and deposits

 

1,159,484

 

887,187

 

 Deferred tax assets  

 

1,164,156

 

2,682,069

 
           

Total current assets

 

129,622,773

 

146,976,565

 
           

Property, plant and equipment

 

67,500,625

 

64,036,228

 

Long-term inventories

 

1,843,109

 

395,516

 

Long-term prepaid expenses

 

477,766

 

517,957

 

Prepayment for acquisition of equipment

 

697,952

 

576,232

 

Deferred tax assets

 

427,052

 

507,062

 

Licenses and permits

 

1,549,371

 

1,348,364

 

Total assets

$

202,118,648

$

214,357,924

 
           

LIABILITIES AND EQUITY

         
           

Current liabilities

         

 Loans payable

$

9,282,178

$

10,435,887

 

 Accounts payable and accrued liabilities

 

18,850,194

 

22,091,190

 

Income tax payable

 

1,219,242

 

958,411

 

Deferred revenue

 

2,470,777

 

9,707,688

 

 Deferred tax liability

 

375,272

 

1,005,186

 

 Deferred research grants

 

1,384,746

 

1,559,589

 
           

Total current liabilities

 

33,582,409

 

45,757,951

 
           

Deferred government grants

 

2,381,680

 

2,464,565

 

Loans payable

 

12,193,626

 

10,057,775

 

Long-term payable for acquisition of assets

 

3,539,941

 

4,842,509

 

Deferred revenue

 

7,656,180

 

3,478,629

 

Total long term liabilities

 

25,771,427

 

20,843,478

 
           

Total liabilities

 

59,353,836

 

66,601,429

 
           

Commitments and contingencies

         
           

EQUITY

         

Preferred stock

     

-

 

 Authorized 50,000,000 shares at par value of {value}.001 each

         

 Issued and outstanding: nil

         

Common stock

 

54,641

 

54,306

 

 Authorized: 100,000,000 shares at par value of {value}.001 each

         

 Issued and outstanding:  54,641,304 (2010 –54,305,961 )

         

Additional paid-in capital

 

104,797,508

 

104,152,182

 

Accumulated other comprehensive income

 

8,583,856

 

6,883,834

 

Statutory surplus reserves

 

11,473,110

 

11,473,110

 

Retained earnings

 

2,404,769

 

3,876,084

 
           

Total stockholders' equity

 

127,313,884

 

126,439,516

 
           

Non-controlling interests

 

15,450,928

 

21,316,979

 
           

Total equity

 

142,764,812

 

147,756,495

 
           

Total liabilities and equity

$

202,118,648

$

214,357,924

 
         

 

SINOVAC BIOTECH LTD.

                 

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

               

Three Months and Six Months Ended June 30, 2011 and 2010

                 

(Unaudited)

                 

(Expressed in U.S. Dollars)

                 
   

Three months ended

 

Six months ended

 
   

June 30

 

June 30

 
   

2011

 

2010

 

2011

 

2010

 
                   

Sales

$

15,656,099

$

10,263,706

$

20,336,691

$

14,707,605

 
                   

Cost of sales - (exclusive of depreciation of land-use rights and amortization of licenses and permits of 2,123 (2010 - 4,832) for three months and  6,104 (2010 -9,625) for six months

 

4,877,963

 

1,775,177

 

6,463,980

 

2,658,652

 
                   

Gross profit

 

10,778,136

 

8,488,529

 

13,872,711

 

12,048,953

 
                   

Selling, general and administrative expenses

 

4,978,973

 

3,992,405

 

9,086,305

 

7,098,772

 
                   

Research and development expenses - net of 2,041 (2010 - $(36,502)) for three months and 5,431 (2010 - $(18,948)) for six months in government research grants

 

2,275,639

 

1,704,478

 

4,378,020

 

2,788,346

 

Depreciation of property, plant and equipment  and amortization of 
licenses and permits

 

461,973

 

261,968

 

846,155

 

511,486

 
                   

Government grants recognized in income

 

(68,965)

 

(65,855)

 

(137,447)

 

(131,685)

 
                   

Total operating expenses

 

7,647,620

 

5,892,996

 

14,173,033

 

10,266,919

 
                   

Operating income (loss)

 

3,130,516

 

2,595,533

 

(300,322)

 

1,782,034

 
                   

Interest income

 

510,087

 

373,533

 

655,461

 

505,016

 
                   

Interest and financing expenses

 

(342,813)

 

(422,983)

 

(412,510)

 

(547,358)

 
                   

Gain (loss) on disposal of equipment

 

41,210

 

(132,316)

 

33,506

 

(819,411)

 
                   

Other income (expenses) 

 

13,770

 

38,241

 

22,381

 

49,550

 
                   

Income (Loss)  before income taxes and non-controlling interests

 

3,352,770

 

2,452,008

 

(1,484)

 

969,831

 
                   

Income tax expenses 

 

(1,475,071)

 

(891,282)

 

(1,785,493)

 

(621,803)

 
                   

Consolidated net income (loss)

 

1,877,699

 

1,560,726

 

(1,786,977)

 

348,028

 
                   

Less: income (loss) attributable to non-controlling interests

 

554,057

 

515,401

 

(315,663)

 

(389,987)

 
                   

Net income (loss) attributable to stockholders

$

1,323,642

$

1,045,325

$

(1,471,314)

$

738,015

 

Net income (loss)

$

1,877,699

$

1,560,726

$

(1,786,977)

$

348,028

 
                   

Other comprehensive income 

                 

Foreign currency translation adjustment

 

1,172,743

 

428,844

 

2,012,310

 

437,567

 

Total comprehensive income

 

3,050,441

 

1,989,570

 

225,333

 

785,595

 

Less: comprehensive income (loss) attributable to non-controlling 
interests

 

725,100

 

630,326

 

(3,375)

 

(273,585)

 

Comprehensive income attributable to stockholders

$

2,325,341

$

1,359,244

$

228,708

$

1,059,180

 

Basic and diluted earnings (loss) per share 

$

0.02

$

0.02

$

(0.03)

$

0.01

 

Weighted average number of shares

                 

of common stock outstanding 

                 

 - Basic

 

54,572,164

 

54,140,104

 

54,509,600

 

52,053,219

 

 - Diluted

 

55,213,766

 

55,124,895

 

54,509,600

 

53,178,006

 

r

SINOVAC BIOTECH LTD.

                 

Consolidated Statements of Cash Flows

                 

Three Months and Six Months Ended June 30, 2011 and 2010

                 

(Unaudited)

                 

(Expressed in U.S. Dollars)

                 
   

Three Months ended June 30

Six Months ended June 30

 
   

2011 

 

2010 

 

2011 

 

2010 

 

Cash flows from (used in) operating activities

                 

 Net income(loss) for the period

$

1,877,699

$

1,560,726

$

(1,786,977)

$

348,028

 

 Adjustments to reconcile net income to net cash from

                 

   (used by) operating activities:

                 

 - deferred income taxes

 

1,460,463

 

(554,811)

 

1,770,885

 

137,709

 

 - write-off of equipment and loss (gain) on disposal

 

(41,210)

 

132,316

 

(33,506)

 

819,411

 

 - stock-based compensation

 

67,971

 

99,232

 

100,633

 

202,896

 

 - inventory provision

 

-

 

240,859

 

-

 

257,065

 

 - depreciation of property, plant and equipment, and amortization of licenses and permits

 

1,399,348

 

990,097

 

2,592,054

 

1,881,104

 

 - research and development expenditures qualifying for government grant

 

(142,041)

 

36,502

 

(215,431)

 

18,948

 

 - deferred government grant recognized in income

 

(68,965)

 

(65,855)

 

(137,447)

 

(131,685)

 

- accretion expenses

 

102,564

 

-

 

204,409

 

-

 

 - accounts receivable

 

4,330,944

 

(3,389,051)

 

4,377,521

 

(1,559,320)

 

 - inventories

 

(345,299)

 

(4,705,960)

 

(2,626,987)

 

(8,477,709)

 

 - income tax payable

 

(402,540)

 

(2,070,272)

 

(505,933)

 

(4,698,680)

 

 - prepaid expenses and deposits

 

(501,030)

 

31,019

 

(511,790)

 

(304,751)

 

 - deferred revenue and advances

                 

  from customers

 

(3,014,970)

 

(3,217,309)

 

(3,317,650)

 

(374,556)

 

 - accounts payable and accrued liabilities

 

(1,308,444)

 

4,044,222

 

(4,186,558)

 

(5,133,166)

 

Net cash provided by (used in) operating activities

 

3,414,490

 

(6,868,285)

 

(4,276,777)

 

(17,014,706)

 
                   

Cash flows from (used in) financing activities

                 

 - Loan proceeds

 

1,881,372

 

-

 

1,881,372

 

8,265,031

 

 - Loan repayment

 

(1,374,424)

 

(14,777,424)

 

(1,374,424)

 

(14,777,424)

 

 - Proceeds from issuance of common stock net of share issuance cost

 

251,839

 

47,395

 

536,548

 

61,915,101

 

 - Repayment from (loan to) non-controlling shareholder of Sinovac Beijing

 

-

 

3,285,464

 

3,397,522

 

(3,286,695)

 

 - Subscriptions received

 

8,480

 

4,800

 

8,480

 

4,800

 

 - Dividends paid to non-controlling shareholder of

 

-

 

(3,285,902)

 

(5,862,676)

 

(3,285,902)

 

   Sinovac Beijing

                 

 - Due from non-controlling shareholder of  Sinovac Dalian

 

-

 

519,075

 

-

 

519,075

 

 - Government grant received

 

7,636

 

189,007

 

7,636

 

235,818

 

Net cash provided by (used in) financing activities

 

774,903

 

(14,017,585)

 

(1,405,542)

 

49,589,804

 
                   

Cash flows used in investing activities

                 

- Restricted cash

 

-

 

(302,038)

 

-

 

(244,077)

 

- Proceeds from disposal of equipment

 

-

 

1,594

 

-

 

191,470

 

- Proceeds from redemption of short-term investments

 

1,547,030

 

-

 

1,547,030

 

7,314,187

 

- Purchase of short-term investments

 

(22,431,931)

 

(1,610,984)

 

(22,431,931)

 

(9,949,157)

 

- Prepayments for acquisition of new facility

 

-

 

-

 

-

 

(8,265,031)

 

- Acquisition of property, plant and equipment

 

(4,544,793)

 

(1,649,336)

 

(5,698,141)

 

(2,097,501)

 

Net cash used in investing activities

 

(25,429,694)

 

(3,560,764)

 

(26,583,042)

 

(13,050,109)

 
                   

Exchange effect on cash and cash equivalents

 

559,552

 

152,506

 

967,151

 

160,136

 

Increase (decrease) in cash and cash equivalents

 

(20,680,749)

 

(24,294,128)

 

(31,298,210)

 

19,685,125

 
                   

Cash and cash equivalents, beginning of period

 

90,968,029

 

118,932,465

 

101,585,490

 

74,953,212

 
                   

Cash and cash equivalents, end of period

$

70,287,280

$

94,638,337

$

70,287,280

$

94,638,337

 
                   

Cash paid for interest

$

356,085

$

389,898

$

641,420

$

658,177

 

Cash paid for income taxes

$

417,148

$

2,708,398

$

520,514

$

4,361,751

 
                   

Supplemental schedule of non-cash activities:

                 

 Acquisition of property, plant and equipment included in

                 

 accounts payable and accrued liabilities

$

3,625,631

$

3,958,740

$

3,625,631

$

3,958,740

 
               

 

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