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China Pharma Holdings, Inc. Reports Third Quarter 2012 Financial Results
Date:11/15/2012

HAIKOU CITY, China, Nov. 15, 2012 /PRNewswire/ -- China Pharma Holdings, Inc. (NYSE MKT: CPHI) ("China Pharma" or the "Company"), a specialty pharmaceuticals company in China, today announced financial results for the quarter ended September 30, 2012.

Third Quarter 2012 Highlights

  • We received production approval for Candesartan from the SFDA in November 2012 and plan to start production in the first quarter of fiscal 2013. Candesartan is an angiotensin II receptor antagonist serving as a first-line treatment for hypertension.
  • On October 30, 2012, we entered into a revolving line of credit with a bank in the amount of RMB30,000,000 (approximately $4.75 million). 
  • Revenue was $12.2 million for the third quarter of 2012, representing a decrease of 42% compared to $21.0 million for the same period in 2011. For the first nine months of 2012, revenue was $42.9 million, representing a decrease of 27% from $58.7 million for the same period in 2011.
  • Gross profit was $3.2 million for the third quarter of 2012, representing a decrease of 57% compared to $7.5 million for the same period in 2011. For the first nine months of 2012, gross profit was $12.7 million, representing a decrease of 41% from $21.7 million for the same period in 2011.
  • Net income was $1.3 million, or $0.03 per basic and diluted share for the third quarter of 2012, representing a decrease of 74% compared to $5.0 million for the prior year period, or $0.11 per basic and diluted share. For the first nine months of 2012, net income was $5.9 million, representing a decrease of 61% from $15.1 million for the same period in 2011.
  • "We are excited to receive the SFDA's production approval for Candesartan in November. We believe this drug will bring positive impact on our current existing product line which has been significantly influenced by the Healthcare Reform and its associated pricing pressure in the recent quarters," Ms. Zhilin Li, China
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    SOURCE China Pharma Holdings, Inc.
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