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SkyPeople Fruit Juice, Inc. Message Board

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  • tigerpac tigerpac Apr 4, 2011 12:44 PM Flag

    Great Potential vs Potential Fraud

    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.>

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