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Global Pharm Holdings Group Announces First Quarter 2011 Financial Results
Date:5/16/2011

paid-in capital

9,200,623

9,200,623Statutory surplus reserves

1,310,701

1,310,701Retained earnings

11,837,920

6,546,406Accumulated other comprehensive income

693,492

544,434Total stockholders' equity

23,068,736

17,628,164Total liabilities and stockholders' equity

$51,328,705$43,177,453GLOBAL PHARM HOLDINGS GROUP, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME(Unaudited)Three months ended March 31,20112010Revenues, net$42,120,757$28,892,870Cost of goods sold34,296,10623,777,194Gross profit7,824,6515,115,676Expenses:Operating expenses419,050167,570General and administrative733,019302,783Income from operations6,672,5824,645,323Interest (expense) income (4,147)5,915Miscellaneous expense(1,874)-Income before income taxes6,666,5614,651,238Provision for income taxes1,375,0471,161,722Net income5,291,5143,489,516Other comprehensive income   Foreign currency translation adjustment149,058(812)Total comprehensive income$5,440,572$3,488,704Earnings per share of common stock:Basic and diluted earnings per share$0.20$0.18Basic and diluted weighted average shares26,000,00019,094,000GLOBAL PHARM HOLDINGS GROUP, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) Three months ended March 31, 20112010Cash flows from operating activitiesNet Income$5,291,514$3,489,516Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization18,89416,975Changes in operating assets and liabilities:Accounts receivable(3,215,411)(2,522,535)Inventories(1,569,016)(2,520,577)Restricted cash1,173,196-Other current assets383,506(1,685,213)Accounts payable and other accrued liabilities3,657,5964,011,196Other taxes payable(290,947)329,736Due to related party312,770(928,148)Net cash provided by operating activities5,762,102190,950Cash flows from investing activitiesPurchase of property, plant and equipment(45,560)(9,092)Cash flows from financin
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