China Pharma Holdings, Inc. Reports First Quarter Financial Results

Our selling expenses for the three months ended March 31, 2016 and 2015 were both $1.0 million, which accounted for 26.6% and 17.4% of the total revenue in first quarter 2016 and 2015 respectively. Due to many adjustments in our selling processes under healthcare reform policies, despite the decrease in sales, we still need to maintain personnel and continue our sales activity to support the sales and collection of accounts receivable.

Our general and administrative expenses for the three months ended March 31, 2016 were $0.3 million, compared to $0.5 million in the three months ended March 31, 2015. General and administrative expenses accounted for 8.8% and 8.3% of our total revenues in first quarter 2016 and 2015, respectively.

The Company's bad debt expense was $0.6 million for the first quarter 2016, compared to a bad debt expense of $3.2 million in the first quarter 2015. The decrease was due to having majority of accounts receivable balance fully allowed in 2014 and 2015 under the Company's revised allowance policy as they were over 720 days old. 

Operating loss was $1.3 million in the first quarter 2016 compared to $3.8 million in the same period 2015. The main reason for the decrease in loss was lower bad debt expenses in the first quarter 2016.

Net loss for the first quarter 2016 was $1.6 million, or $(0.04) per basic and diluted share, compared to net loss of $4.1 million, or $(0.09) per basic and diluted share for the first quarter 2015. The reduction in net loss was mainly due to the decrease in bad debt expense, which was partially offset by the decreased revenue.

Financial Condition

As of March 31, 2016, the Company had cash and cash equivalents of $7.2 million compared to $6.5 million as of December 31, 2015. Year-over-year, working capital decreased to $11.1 million in March 31, 2016 from $12.2 million as of December 31, 2015; and the current ratio was 1.8 times as of March 31, 2016, decreased from 2.0 times as of December 31, 2015.

Our accounts receivable balance decreased to $4.8 million as of March 31, 2016 from $5.9 million as of December 31, 2015.

Net cash provided by operating activities was $1.3 million in the three months ended March 31, 2016 compared to ($2,239) for the three months ended March 31, 2015. This is mainly due to lower net loss and the outcome of the changes in our sales strategy: we enhanced the control of sales on credit, therefore improved the collection of accounts receivable and advances from customers. We also enhanced the control over accounts payable in this period.

Conference Call

The Company will hold a conference call at 8:30 am ET on May 17, 2016 to discuss the results of its first quarter 2016. Listeners may access the call by dialing 1-866-519-4004 or 65-671-350-90 for international callers, Conference ID # 5988683.  A replay of the call will be accessible through May 25, 2016 by dialing 1-855-452-5696 or 61-281-990-299 for international callers, Conference ID # 5988683.

About China Pharma Holdings, Inc.

China Pharma Holdings, Inc. is a specialty pharmaceutical company that develops, manufactures and markets a diversified portfolio of products focused on conditions with a high incidence and high mortality rates in China, including cardiovascular, CNS, infectious, and digestive diseases. The Company's cost-effective, high-margin business model is driven by market demand and supported by new GMP-certified product lines covering the major dosage forms. In addition, the Company has a broad and expanding nationwide distribution network across all major cities and provinces in China. The Company's wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou City, Hainan Province. For more information about China Pharma Holdings, Inc., please visit http://www.chinapharmaholdings.com. The Company routinely posts important information on its website.

Safe Harbor Statement 

Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as the achievability of financial guidance, success of new product development, unanticipated changes in product demand, increased competition, downturns in the Chinese economy, uncompetitive levels of research and development, and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations except as required by applicable law or regulation.

Contact:

China Pharma Holdings, Inc.
Phone: +86-898-6681-1730 (China)
Email: hps@chinapharmaholdings.com

 - FINANCIAL TABLES FOLLOW - 

CHINA PHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
		March 31,		December 31,
		2016		2015
ASSETS
Current Assets:
Cash and cash equivalents		$      7,261,777		$      6,248,760
Banker's acceptances		116,317		-
Trade accounts receivable, less allowance for doubtful
accounts of $29,598,703 and $28,644,398, respectively		4,791,247		5,882,509
Other receivables, less allowance for doubtful
accounts of $78,558 and $74,400, respectively		191,958		290,739
Advances to suppliers		2,643,516		2,533,354
Inventory, less allowance for obsolescence
of $6,696,224 and $8,417,095, respectively		9,917,139		9,662,750
Prepaid expenses		195,081		339,140
Total Current Assets		25,117,035		24,957,252
Advances for purchases of intangible assets		42,309,641		42,030,649
Property and equipment, net of accumulated depreciation of
$10,286,937 and $9,442,912, respectively		28,826,692		29,393,257
Intangible assets, net of accumulated amortization of
$4,456,837 and $4,360,004, respectively		778,766		841,075
TOTAL ASSETS		$    97,032,134		$    97,222,233
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Trade accounts payable		$      3,744,095		$      2,824,521
Accrued expenses		113,627		143,409
Other payables		1,712,024		1,710,283
Advances from customers		932,653		595,681
Other payables - related parties		1,354,567		1,354,567
Current portion of construction loan facility		1,550,893		1,540,666
Short-term notes payable		4,652,678 Werbung Mehr Nachrichten zur China Pharma Holdings Inc Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 24.04.24 - PR Newswire Fidelity China Special Situations Plc - Transaction in Own Shares 24.04.24 - PR Newswire Capital Gearing Trust Plc - Transaction in Own Shares 24.04.24 - PR Newswire Fidelity Japan Trust Plc - Monthly Factsheet Solarboom 2024:    5 Gründe die für diese Aktie sprechen… weiterlesen» Anzeige wo-site-teaser-box-16746_site-teaser-box_2024-04-24_08%253A00%253A00_2024-04-25_09%253A00%253A59