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China Pharma Holdings, Inc. Reports First Quarter 2009 Financial Results and Corporate Updates
Date:5/15/2009

%, compared to 49.6% during the first quarter of 2008. Gross margin performance reflects increased sales of lower margin products.

Operating expenses for the first quarter of 2009 increased 61.7% to $1.9 million compared to $1.2 million in the same period of 2008. Selling expenses contributed to the greatest increase for the period, increasing 78.4% to $602,760 from $337,792 in the first quarter of 2008, which is due to the Company's substantial expanding investment in distribution channels and overall marketing efforts. Allowance for bad debt was $774,932 compared to $472,975 the same period in 2008. The 63.8% increase was due to the majority of products were sold to state-owned hospitals, whose payments are slow, but reliable. General and administrative expenses were $488,047 in the first quarter of 2009, up from $342,818 in the first quarter of 2008. This increase reflects higher operating expenses that occurred as a result of expanded business operations.

Operating income for the first quarter of 2009 totaled $4.1 million, compared to $4.7 million for the same period in 2008.

Net income for the first quarter of 2009 was $3.7 million, compared to $4.2 million reported in the same period of 2008. Diluted earnings per share were $0.09 in the first quarter of 2009, compared to $0.11 in the first quarter of 2008. The EPS calculation is based on 42.3 million fully-diluted shares, increased from 37.3 million shares in the prior year period.

China Pharma's President and CEO, Ms. Zhilin Li, stated, "We are pleased to report a quarter with continued growth during the global economic crisis. Our increased sales of new and existing products contributed to stable growth in the first quarter. We are confident that the recent decline in purchase orders from bulk buyers will reverse, and our revenue growth will return to the higher levels enjoyed previously. Combined with our increased marketin
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SOURCE China Pharma Holdings, Inc.
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