Date:11/11/2010

88,030,97816,852,57916,838,722Income tax expense(674,051)(867,750)(1,796,749)(1,711,703)Net income5,484,9277,163,22815,055,83015,127,019Other comprehensive income - foreign currencytranslation adjustment1,774,57585,8962,192,273179,085Comprehensive income$   7,259,502$   7,249,124$ 17,248,103$ 15,306,104Earnings per Share:Basic$
.13$
.17$
.35$
.36Diluted$
.13$
.17$
.35$
.36CHINA PHARMA HOLDINGS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)For the Nine Months EndedSeptember 30,20102009Cash Flows from Operating Activities:Net income$   15,055,830$   15,127,019Depreciation and amortization1,271,251986,310Stock based compensation281,587-Bad debt expense (benefit)215,707(2,101,710)Deferred tax assets(193,953)210,171Changes in assets and liabilities:Trade accounts receivable(4,610,175)(10,841,625)Other receivables(69,154)82,949Advances to suppliers(1,495,898)1,170,103Inventory(5,239,859)(1,742,681)Trade accounts payable277,2752,772,775Accrued expenses(30,168)(11,339)Accrued taxes payable609,646393,724Other payables15,972233,155Advances from customers(27,982)109,238Net Cash Provided by Operating Activities6,060,0796,388,089Cash Flows from Investing Activities:Advances for purchases of property and equipment and intangible assets(1,615,399)(2,921,715)Purchase of property and equipment(219,904)(255,273)Purchase of intangible assets(5,311,961)(7,621,781)Net Cash Used in Investing Activities(7,147,264)(10,798,769)Cash Flows from Financing Activity:Proceeds from issuance of notes payable2,934,1003,799,775Payments of notes payable(3,814,330)(2,484,468)Borrowing from a related party227,903-Proceeds from exercise of warrants2,583,000-Net Cash Provided by Financing Activity1,930,6731,315,307Effect of Exchange Rate Changes on Cash83,19113,001Net Increase (Decrease) in Cash926,679(3,082,372)Cash and Cash Equivalents at Beginning of Period3,634,7536,927,149Cash and Cash Equivalents at End of Period$
4,561,432$
3,844,77
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SOURCE China Pharma Holdings, Inc. Copyright©2010 PR Newswire. All rights reserved

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