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China Pharma Holdings, Inc. Reports Third Quarter 2013 Financial Results
Date:11/15/2013

HAIKOU, China, Nov. 15, 2013 /PRNewswire-FirstCall/ -- China Pharma Holdings, Inc. (NYSE MKT: CPHI) ("China Pharma", the "Company" or "we"), a NYSE MKT listed corporation with its fully-integrated specialty pharmaceutical subsidiary based in China, today announced financial results for the three months ended September 30, 2013.

Third Quarter Highlights

  • Revenue decreased 33% to $8.1 million in the third quarter of 2013 from $12.2 million in the third quarter of 2012.
  • Gross profit was $2.2 million in the third quarter of 2013, a decrease of approximately $1.0 million compared to $3.2 million gross profit in the third quarter of 2012.
  • Net loss was $2.3 million in the third quarter of 2013 compared to $1.3 million net income in the third quarter of 2012, a decrease of $3.6 million. Earnings (loss) per common share was ($0.05) per basic and diluted share in the third quarter of 2013 compared with $0.03 per share in the same period last year.
  • Candesartan, a front-line drug therapy for the treatment of hypertension, was launched in November, 2013 and we expect this product to generate revenue in the fourth quarter of 2013.
  • Our "National High-Tech Enterprise" status ("National HT Status") was successfully renewed in the third quarter of 2013. With this designation, we continue to be entitled to a preferential tax rate of 15% for the years ending December 31, 2014, 2015 and 2016, which is notably lower than the statutory income tax rate of 25%.
  • "We feel excited about the launching of Candesartan, the long-awaited front-line drug therapy for the treatment of hypertension in November, 2013. We expect this product to bring positive impact on our revenue and margin through organized marketing and our existing sales network. " Ms. Zhilin Li, China Pharma's Chairman and CEO continued. "The successful renewal of National HT Status, which entitles us to a preferential tax rate of 15% for 2014, 2015 and 2016, require
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    SOURCE China Pharma Holdings, Inc.
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