Earnings per common share for the 12 months ended December 31, 2008, increased 28.0% reaching $0.44 per share compared to $0.35 per share for the 12 months ended December 31, 2007.
Analysis of balance sheet and cash flow statement
As of December 31, 2008, the Company possessed cash and cash equivalents of $6,927,149, which represented 9.2% of total assets; compared with $1,830,335 in the same period for 2007, which represented 4.2% of the total assets. Compared with the position of December 31, 2007, this was an increase of $5,096,814, or 278.5%. This was a combined result of an improvement in net cash generated from operating activities and an increase in net cash proceeds from financing activities.
In the year ended December 31, 2008, the operating activity cash flow increased to $6.54 million, a substantial increase of 222.6%, compared to $2.03 million for the same period in 2007. The main reason was the increase in revenue and net income, and improvement in accounts receivable collection.
China Pharma's President and CEO, Ms. Zhilin Li said, "We achieved the successes stated above, despite the global economic crisis and challenges within the Chinese Pharmaceutical industry. The Chinese Health Care Reform will be implemented in 2009. The build up of a national basic healthcare system will have a deep impact on the entire Chinese society and on the healthcare industry. We will continue to launch strong innovative products, and adapt to the changing policy environment with our operating model and diversified portfolio. We will explore the opportunities in this environment and work for a better future!"
Conference Call Details
The Company will hold a conference call on Wednesday 18 March at 8:30 a.m.
EDT. To participate in the conference call, please dial +1 866-277-1181 (Toll
Free) ten minutes prior to the schedu
|SOURCE China Pharma Holdings, Inc.|
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