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

rated $0.8 million in sales in the three months ended September 30, 2013, compared to $1.2 million in the same period of the previous year, a decrease of $0.4 million. 

Gross profit for the three months ended September 30, 2013 was $2.2 million, while gross profit for the three months ended September 30, 2012 was $3.2 million. Our gross profit margin in the third quarter of 2013 was 28%, compared to 27% in the third quarter of 2012. The decrease in gross profit was in line with the performance of revenue in this period, and the gross margin remained stable.

Selling, general and administrative expenses in the third quarter of 2013 were $1.6 million, or 20% of sales, compared to $1.5 million, or 12% of sales, in the third quarter of 2012.  This increase was mainly due to the expenses related to technology upgrades and production process improvements for some of our existing marketed products in the period. For the three months ended September 30, 2013, the Company recognized $3.3 million in bad debt expenses, compared to $0.2 million in the same period of 2012. The increase in bad debt expenses was mainly due to an increase in our accounts receivable that are beyond 720 days old. Our bad debt allowance estimate is currently calculated as the sum of 3.5% of accounts receivable that are less than 360 days old, 10% of accounts receivable that are between 360 days and 720 days old, and 100% of accounts receivable that are greater than 720 days old.

Our operating loss for the three months ended September 30, 2013 was $2.7 million, compared to operating income of $1.6 million in the three months ended September 30, 2012, a decrease of $4.3 million. The main reasons for the decrease were lower revenues and an increase in bad debt expense.

In the three months ended September 30, 2013 and 2012, we paid income tax at the rate of 15%.  The Income tax benefit was $0.5 million in the three months ended September 30, 2013 compared to an i
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SOURCE China Pharma Holdings, Inc.
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