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Global Pharm Holdings Group, Inc. Announces Second Quarter 2011 Financial Results
Date:8/12/2011

first half of 2011 increased to $9.2 million, or $0.35 per fully diluted share, compared to $5.7 million, or $0.30 per fully diluted share, in the first half of 2010, based on 26.0 million and 19.1 million weighted average diluted shares outstanding, respectively. This increase primarily reflects a shift in sales mix toward higher margin prescription products and herbal products in the first half of 2011.

Financial ConditionAs of June 30, 2011, the Company had $9.1 million in cash and $24.9 million in accounts receivable compared with $4.3 million and $19.8 million as of December 31, 2010, respectively. The increase was consistent with increased sales. Net working capital was $26.3 million, compared with $17.4 million as of December 31, 2010. As of June 30, 2011, the Company had $0.5 million in short-term debt compared with $2.0 million as of December 31, 2010. Stockholders' equity totaled $27.7 million as of June 30, 2011, compared with $17.6 million at the end of 2010.

For the six months ended June 30, 2011, the Company generated $5.3 million cash from operating activities, having no significant variance as compared to $5.8 million for the comparable period in 2010. The Company used $0.9 million in investing activities for the six months ended June 30, 2011 compared to $9,000 for the comparable period in 2010, primarily as a result of increased expenditures relating to purchases of new subsidiaries and equipment. Net cash provided by financing activities was $0.3 million for the six months ended June 30, 2011, as compared to $3.0 million used for the comparable period in 2010. After an offset between a bank loan repayment and the credit from bank acceptance, the $0.3 million contribution of financing activity in six months ended June 30, 2011 was from the non-controlling interest.  

Subsequent EventsOn July 5, 2011, the Company completed the acquisition of 100% equity interest of Bozhou Xinghe Pharmaceutical Co., Ltd, a TCM herb
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SOURCE Global Pharm Holdings Group, Inc.
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