As of June 30, 2010, BCT had $16.5 million in cash and cash equivalents and $42.7 million in working capital and a current ratio of 1.9:1. Long-term bank debt was $3.6 million. Shareholders' equity was $65.2 million on June 30, 2010, up from $53.4 million at the end of 2009.
The Company generated $6.0 million in cash from operating activities for the quarter ended June 30, 2010, compared to cash from operating activities of $6.1 million in the same period in 2009. Cash used in investing activities was $3.7 million, compared to cash used in investing activities of $0.2 million for the same period last year. For the six months ended June 30, 2010, the Company recorded cash payments of approximately $4.3 million for retail store acquisitions. Inventory levels increased quarter-over-quarter as the Company anticipated and prepared for accelerating revenue growth in future quarters.
"In the first half of 2010, China BCT successfully added 59 pharmaceutical
stores to our retail arm and we continue to target acquiring more new pharmacy
outlets this year to achieve our goal. In the second half of 2010, we will
step up our efforts to establish new exclusive distribution contracts with
hospitals in Guangxi. We believe this strategy will help us achieve
sustainable growth in profitability over the long term," said Mr. Tang "We
will adopt a selective approach to acquire retail chains, or individual stores,
in prime locations and with strong f
|SOURCE China BCT Pharmacy Group, Inc.|
Copyright©2010 PR Newswire.
All rights reserved