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Biostar Pharmaceuticals, Inc. Announces Second Quarter 2009 Financial Results
Date:8/14/2009

secular growth occurring in our industry."

Six Month Results

For the six months ended June 30, 2009, revenues increased approximately 27.5% to $20.7 million compared to the same period in 2008. Gross profit was approximately $14.5 million for the first six months of 2009, representing an increase of 51.9% from the first six months of 2008. Gross margins were 70.2% for the first six months of 2009 compared to 58.9% for the same period in 2008.

Income from operations was $7.8 million for the first six months of 2009, representing an increase of 87.9% over the first six months of 2008. Operating margins were 37.6% for the first six months of 2009 compared to 25.5% for the first six months of 2008. Net income was $5.7 million for the six months ended June 30, 2009, an increase of approximately 58.8% from the same period in 2008. Fully diluted earnings per share were $0.24 compared to $0.15 for the first six months of 2009 and 2008 respectively, based up on 23.7 million and 23.2 million shares.

Balance Sheet and Cash Flow

The Company had a current ratio of 3.2 to 1 and approximately $1.9 million in cash and cash equivalents on June 30, 2009 compared approximately $0.8 million in cash and cash equivalents on December 31, 2008.

Accounts receivable was approximately $15.3 million on June 30, 2009 versus approximately $11.7 million on December 31, 2008. The number of days sales outstanding (i.e. days sales in accounts receivable) increased to 134 for the six months ended June 30, 2009 from 117 for the same period last year due to slower payments of customers during the current economic slowdown.

On June 30, 2009, the Company had stockholders' equity of $29.0 million, with total assets of $36.3 million versus total liabilities of $7.3 million.

For the first six months of 2009, the Company generated approximately $1.2 million in cash fro
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SOURCE Biostar Pharmaceuticals, Inc.
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