Synutra International, Inc.

CIK:0001293593|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements Of Operations [Abstract]
Net sales	$ 109,053	$ 109,256	$ 269,622	$ 278,933
-including sales to related parties	4,406	3,593	11,495	8,946
Cost of sales	66,578	53,891	155,830	141,031
Gross profit	42,475	55,365	113,792	137,902
Selling and distribution expenses	15,898	14,001	40,591	40,569
Advertising and promotion expenses	12,156	12,835	29,223	30,921
General and administrative expenses	7,678	8,000	22,622	20,701
Loss on a supply contract	0	0	2,833	0
Government subsidies	146	105	403	307
Income from operations	6,889	20,634	18,926	46,018
Interest expense	3,580	4,117	10,471	12,495
Interest income	1,814	2,179	5,615	6,713
Foreign currency exchange gain (loss), net	2,477	(2,423)	(1,851)	(10,975)
Other expense, net	104	179	291	599
Income before income tax expense	7,496	16,094	11,928	28,662
Income tax expense	2,359	3,823	4,142	7,754
Net income	5,137	12,271	7,786	20,908
Net income attributable to the noncontrolling interest	192	233	41	768
Net income attributable to common stockholders	$ 4,945	$ 12,038	$ 7,745	$ 20,140
Weighted average common stock outstanding - basic and diluted (in shares)	56,691	57,026	56,691	57,163
Earnings per share - basic and diluted (in dollars per share)	$ 0.09	$ 0.21	$ 0.14	$ 0.35

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Operating activities:
Net income	$ 7,786	$ 20,908
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,849	7,247
Bad debt expense (reversal)	(538)	(1,367)
Inventory write down	8,029	5,491
Deferred income tax	(849)	(214)
Loss on a supply contract	556	0
Other	2	61
Changes in assets and liabilities:
Accounts receivable	884	(8,067)
Inventories	(47,214)	(10,069)
Due from related parties	3,086	958
Prepaid land use right	0	(518)
Prepayments and other current assets	(23,427)	(17,232)
Other non-current assets	(2,460)	(7)
Accounts payable	9,511	23,326
Due to related parties	73	117
Advances from customers	6,645	9,127
Income tax receivable/payable	(850)	(3,894)
Other current liabilities	2,896	6,028
Other noncurrent liabilities	(1,181)	373
Net cash (used in) provided by operating activities	(29,202)	32,268
Investing activities:
Acquisition of property, plant and equipment	(44,922)	(96,914)
Repurchase of non-controlling interest	0	(1,486)
Acquisition of intangible assets	(371)	0
Change in restricted cash	(12,663)	(12,127)
Proceeds from assets disposal	40	16
Proceeds from disposal of subsidiaries	72	5,617
Changes in long-term loan receivable	0	(9,809)
Proceed of investment held at trust	3,103	0
Net cash used in investing activities	(54,741)	(114,703)
Financing activities:
Proceeds from short-term debt	160,806	110,441
Repayment of short-term debt	(88,068)	(155,683)
Proceeds from long-term debt	63,643	211,914
Repayment of long-term debt	(101,079)	(98,972)
Payment on capital lease obligations	(422)	(519)
Proceeds from noncontrolling interest	1,219	0
Payment on shares repurchased	0	(2,371)
Net cash provided by financing activities	36,099	64,810
Effect of exchange rate changes on cash and cash equivalents	(3,422)	(2,340)
Net change in cash and cash equivalents	(51,266)	(19,965)
Cash and cash equivalents, beginning of period	102,667	85,171
Cash and cash equivalents, end of period	51,401	65,206
Supplemental cash flow information:
Interest paid, net of capitalized interest of $4.0 million and $3.2 million	10,000	10,677
Income tax paid	5,839	11,858
Non-cash investing and financing activities:
Purchase of property, plant and equipment included in accounts payable	6,190	13,202
Consideration receivable on disposal of subsidiaries	$ 0	$ 4,891

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Dec. 31, 2016	Mar. 31, 2016
Current Assets:
Cash and cash equivalents	$ 51,401	$ 102,667
Restricted cash	32,362	77,787
Accounts receivable, net of allowance of $806 and $1,435, as of December 31, 2016 and March 31, 2016, respectively	28,315	29,911
Inventories	129,447	98,360
Due from related parties	1,080	2,486
Receivable from disposal of a subsidiary	997	1,161
Deferred tax assets	14,630	15,781
Prepayments and other current assets	48,041	30,675
Investment held at trust	0	3,169
Total current assets	306,273	361,997
Property, plant and equipment, net	302,938	294,185
Land use rights, net	7,811	8,541
Intangible assets, net	2,802	2,661
Restricted cash	172,236	128,397
Due from related parties	0	2,223
Deferred tax assets	4,102	3,481
Long-term loan receivable	7,208	9,286
Other non-current assets	12,564	6,326
TOTAL ASSETS	815,934	817,097
Current Liabilities:
Short-term debt	163,379	95,175
Long-term debt due within one year	76,209	95,504
Accounts payable	71,642	76,862
Income taxes payable	1,794	2,721
Due to related parties	205	132
Advances from customers	30,111	25,186
Other current liabilities	48,805	49,617
Total current liabilities	392,145	345,197
Long-term debt	271,872	315,512
Deferred government subsidies	6,699	7,196
Capital lease obligations	6,447	7,315
Other long-term liabilities	4,199	5,077
Total liabilities	681,362	680,297
Common stockholders' equity:
Common stock, $.0001 par value: 250,000 shares authorized; 57,301 shares issued and 56,691 shares outstanding as of both December 31, 2016, and March 31, 2016	6	6
Additional paid-in capital	134,693	134,693
Accumulated deficit	(7,065)	(14,810)
Accumulated other comprehensive income	2,427	13,352
Total common stockholders' equity	130,061	133,241
Noncontrolling interest	4,511	3,559
Total equity	134,572	136,800
TOTAL LIABILITIES AND EQUITY	$ 815,934	$ 817,097