It plainly says in their PR that A/R turnover (DSO) was 144 days for 2010.
This does not mesh with the way DSO is calculated.
Revenue for Q4 was 44 million A/R as of 12/31 was 46 million Yet SPU is claiming it takes them 144 days to collect A/R on average.
(A/R)/(Sales) x 91 Days (quarter) = DSO
(46/44) x 91 Days = 95 days
Something is wrong here.
<As of December 31, 2010, the Company had $49.3million in cash and cash equivalents, up from $14.4 million as of December 31, 2009 due to $10.7 million of cash from operations and $24 million from the equity financing completed during the third quarter of 2010. Working capital was $78.6 million, up from $29.0 million as of December 31, 2009. Accounts receivable were $46.0 million, compared to $27.4 million as of December 31, 2009 and accounts receivable turnover in days for 2010 was 144 days. Shareholders' equity was $118.5 million, a 93% increase from $61.4 million reported on December 31, 2009. The Company had $10.2 million in short term loans with local and provincial banks in Shaanxi and Liaoning province as of December 31, 2010.>