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China Pharma Holdings, Inc. Reports Second Quarter 2011 Financial Results
Date:8/11/2011

our gross margins by major categories, CNS Cerebral & Cardio Vascular category margins decreased to 42.9% from the second quarter 2010 gross margin of 47.8%. Gross margin for our Anti-Viro/Infection & Respiratory category decreased to 26.4% from 32.1%. Gross margin for our Digestive Diseases category decreased to 45.7% from 52.3%, and gross margin for our Other category fell to 42.5% from 47.1%.

Selling, general and administrative expenses in the second quarter of 2011 were $1.8 million, or 9.1% of sales, compared to $1.5 million, or 9.1% of sales, in the same period of 2010. For the quarter ended June 30, 2011, the Company's bad debt benefit was $118,704, compared to bad debt expense of $37,615 in the same period of 2010.  

Operating income was $5.8 million in the second quarter of 2011, down 3% from $6.0 million in the second quarter of 2010. Operating income was lower mainly due to lower gross margins.

For the quarter ended June 30, 2011, the Company paid income tax at a rate of approximately 15%. Income tax expense for the second quarter of 2011 was $0.89 million, compared to $0.63 million for the same period last year. The Company obtained "National High-Tech Enterprise" status from the PRC government in the fourth quarter of 2010. With this designation, the Company is entitled to a preferential tax rate of 15% for the next three years (2011 to 2013), which is notably lower than the statutory income tax rate of 25%.

Net income for the second quarter of 2011 was $5.1 million, or $0.12 per basic and diluted share, compared to $6.1 million, or $0.14 per basic and diluted share, in the second quarter of 2010. Excluding the effect of change in fair value of derivative warrant liability, management estimates that adjusted non-GAAP net income in the second quarter of 2011 was $4.8 million, or $0.11 per diluted share, compared to $5.3 million, or $0.12 per diluted share, in the second quarter of 2010.

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SOURCE China Pharma Holdings, Inc.
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