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

ncome tax expense of $0.2 million for the three months ended September 30, 2012. As a result of lower revenues, we have accumulated net operating loss carry forwards of $2.8 million which, under Chinese tax law, can be "carried forward" for 5 years.

Net loss for three months ended September 30, 2013 was $2.3 million, or a loss per basic and diluted common share of ($0.05), compared to net income of $1.3 million in the three months ended September 30, 2012, or earnings per basic and diluted common share of $0.03.The decrease in net income was mainly due to the decrease in revenue and the increase in bad debt expense.

Nine Months ResultsRevenue for the nine months ended September 30, 2013 was $24.4 million, down 43% from revenue of $42.9 million for the nine months ended September 30, 2012. Gross profit for the nine months ended September 30, 2013 was $2.8 million, down 78% from gross profit of $12.7 million for the corresponding period of 2012. Operating loss was $10.4 million, down $17.7 million from operating income of $7.2 million for the first nine months of 2012. Net loss was $9.6 million, or ($0.22) per basic and diluted share, compared to net income of $5.9 million, or $0.13 per basic and diluted share, for the same period a year ago.

Financial ConditionAs of September 30, 2013, the Company had cash and cash equivalents of $4.5 million compared to $4.0 million as of December 31, 2012. Working capital decreased to $85.3 million as of September 30, 2013 from $97.9 million as of December 31, 2012 and the current ratio was 7.6 times as of September 30, 2013 compared to 7.7 times as of December 31, 2012.

Our accounts receivable balance decreased to $52.5 million at September 30, 2013 from $66.2 million at December 31, 2012. Our receivables decreased due to decreased sales, the improved performance of our collection of accounts receivable and an increase in our allowance for doubtful accounts.

For the nine months ended September 3
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SOURCE China Pharma Holdings, Inc.
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