Aoxing Pharmaceuticals Q1 Revenue Up 92 Percent; Net Income Of $1.35 Million

Mr. Zhenjiang Yue, Chairman and CEO of Aoxing Pharma, said, "We are proud to have achieved these strong first quarter results. Our Zhongtongan product, now included in the government essential drug procurement lists in four new provinces, has continued to accelerate our sales growth in Q1 2016.  Our Tilidine HCL pain management tablets, scheduled for market introduction later this fiscal year, should add to this growth and produce substantial revenue by the end of fiscal 2016."

Mr. Yue added that Aoxing expects to receive clearance to market its Oxycodone/Acetaminophen Tablets and Capsules before the end of the current fiscal year, helping the company achieve fiscal 2016 revenue of at least $45 million.

In a measure to reduce company debt, on November 4, 2015, Aoxing reached an agreement with three of its creditors to convert $2.66 million in high interest bearing debt into 2,046,995 restricted shares of common stock at $1.30 per share.

About the Company

Aoxing Pharmaceutical Company, Inc. is a U.S. incorporated specialty pharmaceutical company, with its operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing Pharma has the largest and most advanced manufacturing facility in China for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China Food and Drug Administration ("CFDA"). For more information, please visit: www.aoxingpharma.com.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

CONSOLIDATED BALANCE SHEETS
		September 30,			June 30,
		2015			2015
ASSETS		(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents	$	8,171,875		$	5,371,545
Accounts receivable, net of allowance for doubtful accounts of $1,378,640 and $1,364,330, respectively		7,000,258			5,854,055
Inventories, net		3,223,582			3,240,026
Prepaid expenses and other current assets		6,949,982			6,630,407
TOTAL CURRENT ASSETS		25,345,697			21,096,033
LONG-TERM ASSETS:
Property and equipment, net of accumulated depreciation		27,381,595			28,651,717
Deferred income tax		1,735,016			2,711,610
Other intangible assets, net		450,875			484,857
Investment in joint venture		68,828			96,475
TOTAL LONG-TERM ASSETS		29,636,314			31,944,659
TOTAL ASSETS	$	54,982,011		$	53,040,692
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings	$	11,343,312		$	12,484,356
Accounts payable		2,933,000			3,625,139
Notes payable		1,568,923			1,631,641
Loan payable – bank		15,218,551			16,316,408
Current portion of loan payable - related parties		13,638			5,793
Current portion of loan payable – others		1,308,876			-
Accrued expenses and other current liabilities		7,273,021			7,176,325
TOTAL CURRENT LIABILITIES		39,659,321			41,239,662
LONG-TERM LIABILITIES:
Loan payable - related parties		1,355,549			8,158
Loan payable – others		-			1,361,199
Deferred income		354,577 Werbung Mehr Nachrichten zur Aoxing Pharmaceutical 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 11:49 - PR Newswire Capital Gearing Trust Plc - Transaction in Own Shares 09:20 - PR Newswire Norges Bank - Form 8.3 - Virgin Money UK PLC 09:00 - PR Newswire Samson Rock Capital LLP - Form 8.3 - TClarke Plc