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China BCT Reports First Quarter 2010 Results
Date:5/21/2010

valents and $35.0 million in working capital and a current ratio of 1.9:1x. Long-term bank debt was $3.6 million. Shareholders' equity was $58.1 million on March 31, 2010, up from $53.4 million at the end of 2009.

The Company generated $3.9 million in cash from operating activities for the quarter ended March 31, 2010, an increase compared to cash used in operating activities of $4.1 million in the same period in 2009. The increase in cash flow from operating activities primarily reflected decrease in trade receivables and increase in accounts payable and better cash management. Inventory level increased quarter-over-quarter as the Company anticipated accelerating revenue growth in future quarters.

Recent Events

In May 2010, China BCT announced that it acquired 48 retail pharmacy stores in two separate transactions. First, the Company acquired 30 retail pharmacy stores from a retail pharmacy operator in Liuzhou City for $2.4 million in cash from Wubaitang, a local pharmaceutical company with pharmaceutical wholesale and retail divisions, in March 2010. Management expects these newly acquired stores to contribute approximately $3.7 million to the Company's revenue in 2010. Subsequently, in April 2010, the Company acquired an 18-store retail pharmacy chain in Zhaoping County, the administrative region of Hezhou City, for $1.3 million in cash from Zhaoping Laobaixing Pharmacy Retail Limited, a local retail pharmaceutical chain store enterprise. Th
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SOURCE China BCT Pharmacy Group, Inc.
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