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Biostar Pharmaceuticals, Inc. Announces Record Third Quarter 2009 Financial Results
Date:11/12/2009

for the nine months ended September 30, 2009, an increase of 112.9% from the same period in 2008. Diluted earnings per share were $0.37 for the first nine months of 2009 compared to $0.18 for the first nine months of 2008, based up on 23.7 million and 23.2 million shares respectively.

Balance Sheet and Cash Flow

Cash and cash equivalents totaled $2.4 million on September 30, 2009 compared to $0.8 million on December 31, 2008. Accounts receivable balance was approximately $17.9 million on September 30, 2009 versus approximately $11.7 million on December 31, 2008. Days sales outstanding (DSO) were at 104 days. The Company had a current ratio of 5.9 to 1 and stockholders' equity of $32.5 million, with total assets of $37.1 million versus total liabilities of $4.5 million on September 30, 2009.

For the first nine months of 2009, the Company generated $2.9 million in cash from operations versus reported $0.5 million used in operations for the same period in 2008.

Business Developments

On November 6, 2009, Biostar announced the closing of a private placement financing of approximately $3.6 million with certain accredited investors. The "Make Good" target associated with this financing is measured by income from operations of $15.9 million for 2009, and $21.1 million for 2010. The Company will use the net proceeds for the completion of the Company's new raw materials processing facility.

On November 3, the Company announced it has expanded its rural supply network to 3,512 sales outlets in rural areas of 6 provinces. The Company will continue working toward its goal of covering 5,000 sales outlets by the end of 2009 and 10,000 sales outlets by 2011. The Company expects the rural supply network to contribute more than $10.0 million in annual revenues in 2010 with average annual revenue generated from each sales outlet of $2,000.00.

On October 7, Biostar
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SOURCE Biostar Pharmaceuticals, Inc.
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