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China Pharma Holdings, Inc. Announces First Quarter 2008 Financial Results
Date:5/2/2008

> CHINA PHARMA HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

For the three months

ended March 31,

2008 2007

(Restated)

Cash Flows from Operating Activities:

Net income $4,190,541 $2,374,039

Depreciation and amortization 162,779 100,063

Gain on sale of intangibles -- (569,398)

Changes in assets and

liabilities:

Trade accounts receivable (5,343,190) (1,728,236)

Other receivables (44,977) (739,783)

Advances to suppliers 1,275,939 (1,095,219)

Inventory 234,072 (1,092,813)

Deferred offering costs -- 59,743

Trade accounts payable 275,053 247,713

Accrued expenses (7,001) 27,960

Accrued taxes payable 738,767 78,756

Other payables (46,030) 88,814

Advances from customers 85,325 6,571

Net Cash from Operating Activities 1,521,278 (2,241,790)

Cash Flows from Investing Activities:

Purchase of property and equipment (6,994) (2,360)

Proceeds from the sale of intangibles -- 38,453

Purchase of intangible assets (418,079) --


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SOURCE China Pharma Holdings, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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