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Skystar Bio-Pharmaceutical Announces Results for Third Quarter Fiscal Year 2012

Veterinary Medication Facility Resumes Production and Distribution; Veterinary Vaccine Facility Receives Initial GMP Certification

XI'AN, CHINA -- (Marketwire) -- 11/15/12 -- Skystar Bio-Pharmaceutical Company (NASDAQ: SKBI) ("Skystar" or the "Company"), a China-based manufacturer and distributor of veterinary medicines, vaccines, micro-organisms and feed additives, today reported unaudited third quarter fiscal year 2012 earnings, for the period ended September 30, 2012.

Third Quarter 2012 Highlights

  • Revenue decrease 57% YoY to $8.9 million
    • Veterinary vaccines totaled $1.0 million, up 19% YoY
    • Veterinary medicines totaled $1.8 million, down 86% YoY
    • Feed additives totaled $1.2 million, up 13% YoY
    • Probiotics products totaled $4.9 million, down 18% YoY
  • Gross margin of 59% for the third quarter of fiscal 2011 as compared to 52% in the year ago period
  • GAAP net income declined 65% to $2.7 million or $0.36 per fully diluted share, compared with net income of $7.7 million or $1.08 per fully diluted share in the year ago period
  • Fiscal 2012 top line revenue guidance range revised from $33 million to $38 million reflecting inactivity of the veterinary medications facility due to timing of its GMP re-certification process.

Nine Month 2012 Highlights

  • Net revenue declined 31% YoY to $25.7 million
  • Gross profit of $14.7 million for the nine months of fiscal 2012 as compared to $18.9 million in the year ago period
  • GAAP net income $6.3 million, compared with GAAP net income of $11.2 million in the year ago period

Mr. Weibing Lu, Skystar Bio-Pharmaceutical's Chairman and Chief Executive Officer, commented, "Skystar has made significant strides in moving its infrastructure forward in support of manufacturing capacity for the Company's veterinary medication and vaccine lines providing a solid outlook in the medium and long term.

"Skystar has resumed production and distribution of its primary veterinary medicine following GMP recertification by the Ministry of Agriculture. In addition, Skystar's animal and aquaculture vaccine production facility passed initial GMP certification, and, when it operates and reaches its full production levels, is expected to generate at minimum $15 million in annual sales.

"Once operational, the much anticipated vaccine facility will allow Skystar to mass produce vaccines currently produced by hand in large quality controlled batches. Both the certification of the veterinary medicine and vaccine plants are significant milestones for Skystar and are vital in supporting the Company's growth in upcoming years."

Mr. Lu concluded, "In terms of Skystar's performance for the 3rd quarter of 2012, it is noteworthy that, in spite of China's 'soft' economic performance which is partly attributable to fiscal policies designed to control inflation, Skystar has been able to maintain and, at times, marginally increase sales pricing for its products. With this in mind, Skystar's 3rd quarter revenue and bottom line largely reflect a revenue drop in its veterinary medication business in the 3rd quarter, which accounts for nearly 60% of Skystar's revenues in any given period. This is a short term effect related to the closure of Skystar's veterinary medication facility during the pendency of the GMP recertification process. Now that Skystar has resumed production at this facility, Skystar can continue its commitment to maintaining bottom line profitability in its organic business in order to fund growth and expansion initiatives internally for years to come."

With the loss of revenue from the veterinary medication plant for all of the third quarter, Skystar's seasonally strongest quarter, the Company is recasting guidance to be in the range of $33 million to $38 million for fiscal 2012.

Financial Summary
Revenues for third quarter 2012, decreased 57% to $8.9 million as compared to $20.9 million in the year ago period.

Gross profit third quarter 2012 was roughly $5.3 million, down 52% from third quarter 2011.

Gross margin for the period was higher at 59% compared to 52% in the year ago period, due to the change in available product mix for sale.

Total operating expenses for third quarter 2012 was $1.6 million, or 18% of total revenue, compared with $1.9 million or 9% of total revenue in the year ago period.

Research and development costs totaled roughly $200,000 for the period, as compared to roughly $91,000 for the three months ended September 30, 2011, an increase of 118%.

Selling expenses totaled $690,000 for third quarter 2012 as compared to $1.2 million for the comparable year ago period this was a decrease of roughly $480,000 or 41%.

General and administrative expenses totaled $730,000 in the third quarter of 2012 as compared to $602,000 for the year ago period, an increase of $128,000 or 21%.

Operating income decreased 59% year over year and was $3.6 million in the third quarter of fiscal 2012 as compared to $9.0 million in the year ago period, operating margin remained level at 41% as compared to 43% from the year ago period.

Net income for the third quarter of 2012 was $2.7 million, or $0.36 per fully diluted share. This compares to net income of $7.7 million or $1.08 per fully diluted share in the same quarter of 2011.

As of September 30, 2012, Skystar had approximately $2.7 million in cash and current assets of $73 million and current liabilities of $20 million.

Conference Call & Webcast Information
The Company will host a conference call on Thursday, November 15, 2012 to discuss the quarter. Skystar's conference call will begin promptly at 7:45 a.m. ET to discuss third quarter financial results and operational performance. Mr. Weibing Lu, Skystar's chairman and chief executive officer, will host the call, which will be webcast live.

The webcast will be made available on the investor relations section of the Skystar corporate website at http://www.investorcalendar.com/IC/CEPage.asp?ID=170249.

Phone dial-in
Telephone access to the conference call will be available in North America by dialing +1 (877) 407-8031 or internationally by dialing +1 (201) 689-8031.

An audio replay of the conference call will be available approximately two hours following the conclusion of the call and for the following 30 day period. To access the replay in North America, dial +1 (877) 660-6853 or, when calling internationally, dial +1 (201) 612-7415, using conference ID # 398886. An archived replay of the conference webcast will also be available on investor relations section of the Skystar corporate website at http://www.skystarbio-pharmaceutical.com.

To be added to the Company's email distribution for future news releases, please send your request to [email protected].

About Skystar Bio-Pharmaceutical Company
Skystar is a China-based developer and distributor of veterinary healthcare and medical care products. Skystar has four product lines (veterinary medicines, micro-organisms, vaccines and feed additives) and over 284 products. Skystar has formed strategic sales distribution networks covering 29 provinces throughout China. For additional information, please visit http://www.skystarbio-pharmaceutical.com.


                            For Three Months Ended   For Nine Months Ended
                                September 30,            September 30,
                           ----------------------- ------------------------
                              2012         2011        2012         2011
                           ----------  ----------- -----------  -----------

REVENUE, NET               $8,933,005  $20,903,063 $25,730,190  $37,086,158

COST OF REVENUE             3,670,230   10,057,212  11,060,826   18,185,565
                           ----------  ----------- -----------  -----------

GROSS PROFIT                5,262,775   10,845,851  14,669,364   18,900,593
                           ----------  ----------- -----------  -----------

Research and development
 costs                        198,838       91,124     533,024    2,180,147
Selling expenses              692,009    1,174,928   2,068,192    2,154,158
General and administrative
 expenses                     730,539      602,248   3,670,254    2,412,339
                           ----------  ----------- -----------  -----------
Total operating expenses    1,621,386    1,868,300   6,271,470    6,746,644
                           ----------  ----------- -----------  -----------

INCOME FROM OPERATIONS      3,641,389    8,977,551   8,397,894   12,153,949
                           ----------  ----------- -----------  -----------

Other income (expense),
 net                             (734)       9,421      55,264        5,054
Interest income (expense),
 net                         (199,238)      15,036    (378,779)     (54,265)
Change in fair value of
 warrant/purchase option
 liability                      7,000      171,765      29,400    1,267,412
                           ----------  ----------- -----------  -----------
Total other income
 (expense), net              (192,972)     196,222    (294,115)   1,218,201
                           ----------  ----------- -----------  -----------

 FOR INCOME TAXES           3,448,417    9,173,773   8,103,779   13,372,150

PROVISION FOR INCOME TAXES    717,163    1,446,112   1,768,905    2,205,267
                           ----------  ----------- -----------  -----------

NET INCOME                  2,731,254    7,727,661   6,334,874   11,166,883

Foreign currency
 translation adjustment      (198,269)     898,786     484,203    2,494,959
                           ----------  ----------- -----------  -----------

COMPREHENSIVE INCOME       $2,532,985  $ 8,626,447 $ 6,819,077  $13,661,842
                           ==========  =========== ===========  ===========

Basic                      $     0.36  $      1.08 $      0.85  $      1.56
                           ==========  =========== ===========  ===========
Diluted                    $     0.36  $      1.08 $      0.85  $      1.56
                           ==========  =========== ===========  ===========

Basic                       7,604,800    7,172,354   7,426,082    7,171,530
                           ==========  =========== ===========  ===========
Diluted                     7,604,800    7,172,354   7,426,082    7,174,668
                           ==========  =========== ===========  ===========


                                                September 30,  December 31,
                                                    2012           2011
  Cash                                         $    2,668,532 $    7,048,968
  Accounts receivable, net of allowance for
   doubtful accounts of $472,483 and $438,678
   as of September 30, 2012 and December 31,
   2011, respectively                              15,457,752      3,391,493
  Inventories                                      15,272,511     14,851,159
  Deposits, prepaid expenses and other
   receivables                                      3,139,404      3,421,487
  Prepayments to suppliers                         34,834,548     29,226,961
  Loans receivable                                  2,106,998        964,088
                                               -------------- --------------
    Total current assets                           73,479,745     58,904,156
                                               -------------- --------------

PROPERTY, PLANT AND EQUIPMENT, NET                 28,904,306     28,376,559

CONSTRUCTION-IN-PROGRESS                            8,686,322      8,839,055

  Long-term prepayments                             1,033,875      1,512,817
  Long-term prepayments for acquisitions              177,296        569,788
  Intangible assets, net                            5,406,479      5,674,206
                                               -------------- --------------
    Total other assets                              6,617,650      7,756,811
                                               -------------- --------------
      Total assets                             $  117,688,023 $  103,876,581
                                               ============== ==============


  Accounts payable                             $    4,123,218 $    1,047,067
  Other payables and accrued expenses               3,575,584      5,274,598
  Short-term loans                                  9,181,400      7,366,320
  Deposits from customers                           1,347,993      1,432,529
  Taxes payable                                     1,238,105        160,081
  Due to related parties                              386,533         56,273
                                               -------------- --------------
    Total current liabilities                      19,852,833     15,336,868
                                               -------------- --------------

  Long-term loan                                    1,266,400              -
  Deferred government grant                           395,750        393,500
  Warrant/purchase option liability                    14,000         43,400
                                               -------------- --------------
    Total other liabilities                         1,676,150        436,900
                                               -------------- --------------
      Total liabilities                            21,528,983     15,773,768
                                               -------------- --------------


  Preferred stock, $0.001 par value,
   50,000,000 shares authorized. No Series "A"
   shares authorized. 48,000,000 Series "B"
   shares authorized. No Series "B" shares
   issued and outstanding                                   -              -
  Common stock, $0.001 par value, 40,000,000
   shares authorized, 7,604,800 and 7,161,919
   shares issued and outstanding as of
   September 30, 2012 (Unaudited) and December
   31, 2011, respectively                               7,605          7,162
  Paid-in capital                                  37,021,085     35,784,378
  Statutory reserves                                5,708,135      5,708,135
  Retained earnings                                44,826,905     38,492,031
  Accumulated other comprehensive income            8,595,310      8,111,107
                                               -------------- --------------
    Total shareholders' equity                     96,159,040     88,102,813
                                               -------------- --------------
      Total liabilities and shareholders'
       equity                                  $  117,688,023 $  103,876,581
                                               ============== ==============


                                                     Nine months ended
                                                       September 30,
                                                     2012          2011
                                                ------------- -------------
Net income                                      $   6,334,874 $  11,166,883
Adjustments to reconcile net income to net cash
 provided by (used in) operating activities:
  Depreciation                                        920,444       709,749
  Amortization                                        300,589       432,098
  Provision for doubtful accounts                      31,340
  Change in fair value of warrant/purchase
   option liability                                   (29,400)   (1,267,412)
  Common stock to be issued to related parties
   for compensation                                                  72,965
  Common stock issued under 2010 stock
   incentive plan                                   1,037,911
Change in operating assets and liabilities
  Accounts receivable                             (12,094,949)   (4,566,868)
  Inventories                                        (336,902)   (6,890,055)
  Deposits, prepaid expenses and other
   receivables                                        404,130       151,534
  Prepayments to suppliers                         (5,426,601)   (8,750,609)
  Accounts payable                                  3,112,002     1,073,204
  Other payables and accrued expenses              (1,361,439)      710,264
  Deposits from customers                             (92,856)      123,582
  Taxes payable                                     1,078,604     4,234,408
                                                ------------- -------------
  Net cash used in operating activities            (6,122,253)   (2,800,257)
                                                ------------- -------------

Payments of long-term prepayments                    (343,960)     (357,226)
Refund of long-term prepayments                       475,560
Loans to third parties                             (1,941,248)   (2,885,501)
Collection of loans to third parties                  802,270    11,054,921
Purchases of property, plant and equipment           (157,782)      (58,560)
Purchases of intangible assets                                      (46,496)
Payments on construction-in-progress                 (182,774)   (7,316,494)
                                                ------------- -------------
Net cash (used in) provided by investing
 activities                                        (1,347,934)      390,644
                                                ------------- -------------

Proceeds from short-term loans                      4,503,728     3,277,016
Repayment of short-term loans                      (2,726,544)   (3,043,340)
Proceeds from long-term loan                        1,266,400
Repayment of government grants                       (317,040)
Due to related parties                                331,158         4,960
                                                ------------- -------------
Net cash provided by financing activities           3,057,702       238,636
                                                ------------- -------------

EFFECT OF EXCHANGE RATE CHANGES ON CASH                32,049        66,298
                                                ------------- -------------

DECREASE IN CASH                                   (4,380,436)   (2,104,679)

CASH, beginning of period                           7,048,968     5,887,831
                                                ------------- -------------

CASH, end of period                             $   2,668,532 $   3,783,152
                                                ============= =============

Cash paid for interest                          $     508,667 $     266,797
                                                ============= =============
Cash paid for income taxes                      $     971,784 $   1,271,193
                                                ============= =============
Non-cash investing and financing activities
Long-term prepayments transferred to
 construction-in-progress                       $     832,230 $   5,497,461
                                                ============= =============
Long-term prepayments transferred to plant and
 equipment                                      $                 4,727,364
                                                ============= =============
Construction-in-progress transferred to
 property, plant and equipment                  $   1,128,662 $
                                                ============= =============
Share issued to settle payables to related
 parties                                        $     199,239 $
                                                ============= =============


                             Common stock
                            Shares    Amount   capital
                          ---------- ------- -----------
BALANCE, December 31,
 2011                      7,161,919 $ 7,162 $35,784,378

Share issued under 2010
 stock incentive plan        442,881     443   1,236,707
Foreign currency
Net income
                          ---------- ------- -----------

BALANCE, September 30,
 2012                      7,604,800 $ 7,605 $37,021,085
                          ========== ======= ===========

                             Retained earnings

                          Statutory                comprehensive
                           reserves   Unrestricted     income       Total
                         ----------- ------------- ------------- -----------
BALANCE, December 31,
 2011                    $ 5,708,135 $  38,492,031 $   8,111,107 $88,102,813

Share issued under 2010
 stock incentive plan                                              1,237,150
Foreign currency
 translation                                             484,203     484,203
Net income                               6,334,874                 6,334,874
                         ----------- ------------- ------------- -----------

BALANCE, September 30,
 2012                    $ 5,708,135 $  44,826,905 $   8,595,310 $96,159,040
                         =========== ============= ============= ===========

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the Company's ability to receive timely certification and related government approvals, its ability to increase production at its existing and future facilities, its ability to maintain and meet forecast production and other performance parameters, effect of changing economic conditions in The People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual events to differ from the forward-looking statements. More information about some of these risks and uncertainties may be found in the reports filed with the Securities and Exchange Commission by the Company. The Company operates in a highly competitive and changing business and regulatory environment, thus new or unforeseen risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Except as is expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. Additional risks that could affect our future operating results are more fully described in our U.S. Securities and Exchange Commission filings, including the Company's most recently filed Quarterly Report for the quarter ended September 30, 2012 and other subsequent filings. These filings are available at www.sec.gov.

Grayling Investor Relations
Christopher Chu
(646) 284-9426
Email Contact

Skystar Bio-Pharmaceutical Company
Scott Cramer Director
Director Corporate Development and U.S. Representative
(407) 645-4433

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