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

weighted average number of shares outstanding was 26.0 million as of March 31, 2011.

Financial ConditionAs of March 31, 2011, the Company had $8.9 million in cash and $23.1 million in accounts receivable compared with $4.3 million and $19.8 million as of December 31, 2010. The increase was in line with increased sales. The Company's inventories increased to $17.7 million as of March 31, 2011 from $16.1 million as of December 31, 2010, mainly due to the increased scale of sales during the first quarter 2011. Working capital was $22.8 million, compared with $17.4 million at the end of 2010. As of March 31, 2011, the Company had $0.6 million in short-term debt compared with $2.0 million as of December 31, 2010. Stockholders' equity totaled $23.1 million as of March 31, 2011, compared with $17.6 million at the end of 2010.

For the period ended March 31, 2011, Global Pharm generated $5.8 million cash from operating activities, as compared to $0.2 million for the comparable period in 2010. The increase is primarily due to the additional $1.8 million in net income generated, $1.0 million in inventory, $2.1 million in other current assets, and the release of $1.2 million in restricted cash, offset by the decrease of $0.7 million in accounts receivable and $0.4 million of other accrued liabilities. The Company used $46.0 thousand in investing activities for the three months ended March 31, 2011 compared to $9.0 thousand in the same period in 2010, primarily as a result of increased capital expenditures. The Company used $1.1 million in cash for financing activities for the three months ended March 31, 2011 compared with $3.2 million for the three months ended March 31, 2010, a decrease of $2.1 million mainly due to loan payment in the first quarter in 2011 and the dividend paid to the former shareholders of $3.2 million in the comparable period in 2010.

Subsequent EventsOn April 29, 2011, the Company's Board of Directors appointed Mr. Yanliang So
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SOURCE Global Pharm Holdings Group, Inc.
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