China Nuokang (NKBP) Makes Several Management Changes; Sees 'Substantial' Drop in FY11 Net Income
Tweet
Share
E-mailGet Alerts NKBP Hot Sheet
Join SI Premium – FREE
China Nuokang Bio-Pharmaceutical Inc. (Nasdaq: NKBP) announced the following management team changes:
The preliminary financial results are subject to adjustment based upon, among other things, the finalization of the Company's year-end closing and reporting during the audit process. The Company plans to release fourth quarter and full year 2011 financial results on March 14, 2012.
"In the past few months, our performance has been affected by our exploration of certain strategic alternatives to enhance shareholder value. These efforts necessarily resulted in certain additional expenses and an operational focus on these strategic initiatives. Although we remain open to strategic alternatives that enhance shareholder value, we are now focused on stabilizing our commercialization platform and achieving our goal of becoming one of China's leading, multi-product biopharmaceutical companies. Meanwhile, although we expect our revenues for 2011 to remain within our previously guided range of $40 million to $45 million, we expect a substantial decrease in our net income for 2011 due to one-time and non-operational charges such as costs associated with our exploration of strategic alternatives."
"Operationally, we have improved our financial health by strengthening our balance sheet. We have paid off most of our debt to strengthen our capital structure. Also, we have improved our working capital by significantly reducing our accounts receivable balance. We will continue to strive to improve cash flows and financial health to build a solid balance sheet for future growth.
"Furthermore, we are excited to bring onboard a number of new executives who we believe will complement this mission and our new direction. Felix's strong finance background strengthens our ability to provide the financial planning and internal controls expected of a U.S.-listed company. His diversified experience includes serving as the financial controller of a Fortune 500 company and working with the international pharmaceutical leader Roche, as well as a decade of audit experience. Tong's decades of experience in sales and marketing with both domestic and international leaders in China's pharmaceutical industry will be instrumental to our sales performance and new product launches going forward. Overall, we are confident that we have a strong executive team in place to lead us through our restructuring process and beyond. We are excited to emerge as a stronger and more diversified bio-pharmaceutical company positioned for future growth.
"Lastly, we are also pleased to announce Steven's promotion to vice-president of investor relations. Steven played an integral role in our initial public offering on NASDAQ as well as supporting and communicating Nuokang's growth as a public company. As our company continues endeavor to strengthen our market position, we are excited for Steven to broaden his role. We recognize the importance of investor relations and believe Steven's new position demonstrates Nuokang's commitment to investor needs."
- Mr. Felix Chungfai Wong has been appointed finance director to succeed Ms. Lixin Niu;
- Mr. Tong Le has been appointed vice-president of sales & marketing to succeed Mr. Tao Zhu;
- Mr. Steven Duan has been promoted to vice-president of investor relations from director of investor relations; and
- Mr. Yong Xu will be succeeded by a new vice-president of administration and human resources, to be officially confirmed pending a necessary quiet period.
The preliminary financial results are subject to adjustment based upon, among other things, the finalization of the Company's year-end closing and reporting during the audit process. The Company plans to release fourth quarter and full year 2011 financial results on March 14, 2012.
"In the past few months, our performance has been affected by our exploration of certain strategic alternatives to enhance shareholder value. These efforts necessarily resulted in certain additional expenses and an operational focus on these strategic initiatives. Although we remain open to strategic alternatives that enhance shareholder value, we are now focused on stabilizing our commercialization platform and achieving our goal of becoming one of China's leading, multi-product biopharmaceutical companies. Meanwhile, although we expect our revenues for 2011 to remain within our previously guided range of $40 million to $45 million, we expect a substantial decrease in our net income for 2011 due to one-time and non-operational charges such as costs associated with our exploration of strategic alternatives."
"Operationally, we have improved our financial health by strengthening our balance sheet. We have paid off most of our debt to strengthen our capital structure. Also, we have improved our working capital by significantly reducing our accounts receivable balance. We will continue to strive to improve cash flows and financial health to build a solid balance sheet for future growth.
"Furthermore, we are excited to bring onboard a number of new executives who we believe will complement this mission and our new direction. Felix's strong finance background strengthens our ability to provide the financial planning and internal controls expected of a U.S.-listed company. His diversified experience includes serving as the financial controller of a Fortune 500 company and working with the international pharmaceutical leader Roche, as well as a decade of audit experience. Tong's decades of experience in sales and marketing with both domestic and international leaders in China's pharmaceutical industry will be instrumental to our sales performance and new product launches going forward. Overall, we are confident that we have a strong executive team in place to lead us through our restructuring process and beyond. We are excited to emerge as a stronger and more diversified bio-pharmaceutical company positioned for future growth.
"Lastly, we are also pleased to announce Steven's promotion to vice-president of investor relations. Steven played an integral role in our initial public offering on NASDAQ as well as supporting and communicating Nuokang's growth as a public company. As our company continues endeavor to strengthen our market position, we are excited for Steven to broaden his role. We recognize the importance of investor relations and believe Steven's new position demonstrates Nuokang's commitment to investor needs."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Faraday Future signs robotics distributor deal, plans partner event
- Extra Space Storage names Noah Springer as next CEO
- BTIG Reiterates Neutral Rating on MaxCyte Inc. (MXCT)
Create E-mail Alert Related Categories
Corporate News, Guidance, Management ChangesRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
