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China BCT Reports Strong Second Quarter 2010 Results
Date:8/16/2010

he first half of 2009. Net income increased 10.7% to $11.4 million, or $0.30 per diluted share, compared to $10.3 million, or $0.32 per diluted share, in the first half of 2009. Excluding non-cash expense related to change in the fair value of warrant liabilities, adjusted net income was $12.1 million, or $0.32 per diluted share. There were no comparable adjustments to net income in the first half of 2009.

Financial Condition

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.

Business Outlook

"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
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SOURCE China BCT Pharmacy Group, Inc.
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