tsRevenues for the six months ended June 30, 2011 were $37.7 million, up 19% from revenues of $31.7 million for the six months ended June 30, 2010. Gross profit for the six months ended June 30, 2011 was $14.2 million, up 7% from gross profit of $13.2 million for the corresponding period of 2010. Gross margin was 37.5%, compared to 41.5% for the first six months of 2010. Operating income was $11.1 million, up 2.9% from $10.8 million for the first six months of 2010. Net income was $10.2 million, or $0.23 per basic and diluted share, compared to $11.4 million, or $0.26 per basic and diluted share, for the same period a year ago.
Financial ConditionAs of June 30, 2011, the Company had cash and cash equivalents of $4.7 million compared to $3.7 million as of December 31, 2010.
Working capital increased to $88.7 million at June 30, 2011 from $79 million at December 31, 2010. The current ratio rose to 8.2 times at June 30, 2011 from 7.2 times at December 31, 2010.
Accounts receivable balance rose to $66 million at the end of the second quarter of 2011 from $62 million at the end 2010. The Company's management team continues to be sharply focused on improving accounts receivable collection and expects to make further progress in the quarters to come.
For the six months ended June 20, 2011, cash flow from operating activities was $3.6 million, as compared to $3.3 million in the second quarter of 2010.
"In the second half of 2011, we expect to add new higher-margin revenue streams with our upcoming new products, which should help offset some of the margin pressure coming from the more competitive pricing due to government reform policies. Overall we are still very optimistic that we have the right mix of products and pipeline opportunities to position China Pharma to benefit from China's healthcare reform program," said Ms. Li. "We believe our success in 2011 and beyond will be defined by our differentiated product portfolio,
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|SOURCE China Pharma Holdings, Inc.|
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