China Pharma Holdings, Inc. Reports Third Quarter 2008 Financial Results and Corpora...(424993 -- 1078163 ...),Health

Net income $4,251,478 $3,084,755 $12,479,318 $8,784,942

Comprehensive income --

foreign currency

translation

adjustments 133,713 570,646 2,853,755 1,222,329

Comprehensive income $4,385,191 $3,655,401 $15,333,073 $10,007,271

Basic and Diluted

Earnings Per Share $0.10 $0.08 $0.32 $0.24

Basic and Diluted

Weighted Average

Shares Outstanding 42,278,938 37,228,938 39,523,464 36,935,208 CHINA PHARMA HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

For the nine months ended

September 30,

2008 2007

Cash Flows from Operating Activities: (Restated)

Net income $12,479,318 $8,784,942

Depreciation and amortization 505,595 322,098

Compensation paid with warrants 120,042 --

Gain on sale of intangibles -- (572,446)

Changes in assets and liabilities:

Trade accounts receivable (11,610,177) (4,440,513)

Other receivables 246,329 223,329

Advances to suppliers 651,833 (2,504,684)

Inventory 855,485 (2,965,836)

Deferred tax assets (209,434) --

Deferred offering costs -- 60,487

Trade accounts payable 184,627 279,420

Accrued expenses (138,021) 83
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