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CFMI SEC Suspension for Financials delinquencies:
http://www.sec.gov/litigation/suspensions/2015/34-74392.pdf
Order:
http://www.sec.gov/litigation/suspensions/2015/34-74392-o.pdf
Admin Proceeding:
http://www.sec.gov/litigation/admin/2015/34-74393.pdf
CFMI .0199 China Pharmaceuticals on-watch Shares Outstanding 75,237,972 a/o Aug 17, 2012
It's always a Play4Profits
A .031bid move would be a strong indicators of more than a quick play.
<00>ing
sc
CFMI.. $6.00
Having reached my sell level and since I sold all my shares I will no longer Mod. this board.. GLTA.. hank
CFMI..
Item 5.03 Amendment to Articles of Incorporation or Bylaws.
Effective September 10, 2010, China Pharmaceuticals, Inc. (the “Company”) filed a Certificate of Change to the Articles of Incorporation, which decreases the total number of authorized shares of common stock, par value $.001 per share, from 75,000,000 shares to 25,000,000 and sets forth the terms of a corresponding three-for-one reverse split of the Company’s issued and outstanding common stock. The Company is currently processing the three-for-one reverse split of the Company’s issued and outstanding common stock with the Financial Industry Regulatory Authority and its effectiveness in the marketplace is pending.
The foregoing description of Certificate of Change is a summary and is not complete. Reference is made to the Certificate of Change, which is filed as Exhibit 3.1 to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
Exhibits
3.1 Certificate of Change to the Articles of Incorporation of China Pharmaceuticals, Inc.
Reverse Split completed.
Actions\Amendments
Action Type: Stock Split
Document Number: 20100667928-61 # of Pages: 1
File Date: 9/03/2010 Effective Date:
Previous Stock Value: Par Value Shares: 75,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 75,000.00 New Stock Value: Par Value Shares: 25,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 25,000.00
CFMI.. $1.81..
Board updated with the following Info..
China Pharmaceuticals, Inc. (CFMI) Reports Record Q2 Results: Sales Grow 105%
China Pharmaceuticals, Inc. (OTCBB:CFMI)
Intraday Stock Chart
Today : Monday 30 August 2010
China Pharmaceuticals, Inc. (OTC Bulletin Board: CFMI) ("China Pharmaceuticals Inc." or the "Company"), one of China’s leading manufacturers and distributors of prescription and over-the-counter pharmaceuticals, today announced record financial results for its second quarter ended June 30, 2010. The Company's annual report on Form 10-Q was filed on August 23, 2010 with the United States Securities and Exchange Commission.
"We are extremely delighted to report a strong second quarter of 2010, with revenues and Net income significantly exceeding our expectations. We continue to believe that the factors that contributed to this performance were strong sales from our new products and the highly effective restructuring of our sales and marketing network. With $10,447,588 in Net sales for the quarter ended June 30, 2010, representing a 105% increase over the same quarter last year, along with a particularly robust $5,371,366 in recorded Net income, representing a 208% increase over the same quarter last year, we continue to be extremely pleased with the company’s performance to date and its growth prospects for the future,” stated Mr. Guozhu Wang, Chairman and Chief Executive Officer of China Pharmaceuticals, Inc. "We are focused on continuing to expand our portfolio of high margin products and aggressively expanding our sales and marketing network that will allow us to continue to build sustainable growth in revenues and profits."
Second Quarter 2010 Highlights versus second quarter 2009:
Total revenue for the quarter increased 105% over the same period last year.
Gross profit increased by 89%.
Operating income rose 204%.
Net income grew 208%.
Diluted earnings per share of $0.16.
Total revenue for the quarter ended June 30, 2010 increased 105% to $10,447,588 from $5,084,112 for the second quarter ended June 30, 2009. Gross profit rose 89% to $6,080,998, as compared to $3,217,017 for the second quarter last year. Operating income grew 204% to $6,355,754 from $2,089,349 for the second quarter ended June 30, 2009. Net income increased 208% to $5,371,366, producing diluted earnings per share of $0.16, as compared to the second quarter ended June 30, 2009, which produced $1,743,935 in Net income and diluted earnings per share of $0.06.
Six months ended June 30, 2010 versus six months ended June 30, 2009:
Total revenue increased 79% over the same period last year.
Gross profit increased by 72%.
Operating income rose 77%.
Net income grew 69%.
Diluted earnings per share of $0.19.
Total revenue for the six months period ended June 30, 2010 increased 79% to $17,500,787 from $9,777,545 for the six months period ended June 30, 2010. Gross profit rose 72% to $10,314,019, as compared to $5,981,156 for the six months period ended last year. Operating income grew 77% to $7,571,000 from $4,278,503 for the six months period ended June 30, 2009. Net income increased 69% to $6,015,553, producing diluted earnings per share of $0.19, as compared to the six months period ended June 30, 2009, which produced $3,546,704 in Net income and diluted earnings per share of $0.13.
Financial Condition as at June 30, 2010:
As of June 30, 2010, the Company had $6,739,263 in cash. Working capital was $17,942,308, up from $9,243,121 as at December 31, 2009, representing an increase of 94%. Long term debt remains at Nil. Shareholders' equity as at June 30, 2010 was $36,883,263, as compared to $28,624,514 at the end of December 31, 2009. Total assets as at June 30, 2010 amounted to $40,135,508.
Outlook for 2010:
"Fiscal 2010 continues to be a transitional year for China Pharmaceuticals, Inc. as we prepare for the introduction of new drugs, and pursue additional opportunities for both organic growth and potential strategic acquisitions. Our current outlook reflects only the drugs that we have in hand today and will be subject to update as we execute strategic initiatives to expand our market position and profitability in the future. Based on our performance to date, we continue to remain extremely optimistic regarding our future growth prospects and look forward to sharing further details with our shareholders as we proceed with our expansion plans," concluded Mr. Guozhu Wang.
About China Pharmaceuticals, Inc.:
China Pharmaceuticals, Inc., www.chinapharmaceuticalsinc.com, has its headquarters based in the industrial city of Xi’an, Shaanxi Province, China. The Company identifies, discovers, develops, manufactures, and distributes both prescription and over-the counter pharmaceutical products, including both conventional and traditional Chinese medicines, for the treatment of some of the most common ailments and diseases. China Pharmaceuticals Inc. currently manufactures 132 pharmaceutical products in 11 dosage forms including capsules, oral solutions, tablets, granules, syrups, medicinal teas, tincture and solutions for injection. The company currently markets and distributes 111 prescription drugs representing 84% of sales distributed via 31 sales offices (including 2 company-owned distribution and logistics centers) to a network of hospitals and clinics nation-wide. The Company operates 2 modern hi-tech manufacturing facilities, with 486 employees, based in Hanzhong and the Xi’an Jinghe Industrial Zone, both in Shaanxi Province.
CFMI Outstanding Shares
38,450,000 as of May 1, 2010
CFMI NEWS
China Pharmaceuticals, Inc. (CFMI) Reports Record Q2 Results: Sales Grow 105%
http://ih.advfn.com/p.php?pid=nmona&article=44175605&symbol=CFMI
CFMI,, CFMID..
Symbol Change To CFMID
11:52:00 Today DOWJONES China Pharmaceuticals, Inc. Effects 5 For 6 Share Split
China Pharmaceuticals, Inc. Announces Record Sales for First Quarter 2010
China Pharmaceuticals, Inc. (OTCBB: CFMID) ("China Pharmaceuticals, Inc." or the "Company"), one of China’s leading manufacturers and distributors of prescription and over-the-counter pharmaceuticals, today announced record sales for its first quarter ended March 31, 2010. The Company's quarterly report on Form 10-Q was filed on May 17, 2010 with the United States Securities and Exchange Commission.
"We are delighted to report a strong first quarter of 2010, with revenues significantly exceeding our expectations. We continue to believe that the factors that contributed to this performance were strong sales from our new products and the successful restructuring of our sales and marketing network. We recorded $7,053,199 in total revenue for the quarter ended March 31, 2010, a strong 50% increase compared to the same quarter in 2009. At the same time, we also reduced our current liabilities by 61%. We are confident that our strong cash position combined with no long-term debt and significantly reduced current liabilities will provide us with significant flexibility to continue to maintain our current growth trajectory and to pursue continued organic growth at an accelerated pace,” stated Mr. Guozhu Wang, Chairman and Chief Executive Officer of China Pharmaceuticals, Inc. "We are focused on continuing to expand our portfolio of high margin products that address major disease categories and on continuing to build sustainable growth in revenues and profits."
First Quarter 2010 Highlights versus quarter ended March 31, 2010:
Total revenue for the quarter increased 50% year-over-year to $7,053,199
Gross profit increased 53% to $4,233,021
Working Capital rose 19% to $11,006,657
Total Liabilities decreased 61%, Long-term Debt remains at Nil
Shareholders' Equity grew 5.3% to $30,154,106
Sales and Operations
Total revenue for the quarter ended March 31, 2010 increased 50% to $7,053,199 from $4,693,433 for the quarter ended March 31, 2009. Gross profit rose 53% to $4,233,021, as compared to $2,764,139 for the same quarter in 2009. Gross profit margin increased to 60%, compared to 59% for the previous period. Operating income decreased by 3% to $2,118,935 from $2,189,154 for the quarter ended March 31, 2009, due to an increase in selling and general administrative expenses that were a factor in driving the increase in sales for the period. Net income also decreased by 14% to $1,547,876, as compared to $1,802,769 for the quarter ended March 31, 2009.
Financial Condition
As of March 31, 2010, the Company had $5,518,587in cash as compared to $6,685,630, at the end of December 31, 2009, a decrease of 17%. Cash flow from operating activities decreased by 23% to $1,341,061 which was primarily due to increased selling and general administrative expenses reducing net income. Working capital improved to $11,006,657, an increase of 19% from $9,243,121 as of December 31, 2009, primarily due to repayment of short-term bank loans and a 31% reduction in accounts payable, both of which ultimately contributed to a 61% decrease in total current liabilities. Long-term debt remains at Nil. Shareholders' equity as of March 31, 2010 was $30,154,106 as compared to $28,624,514 at the end of December 31, 2009, representing a 5.3% increase.
Outlook for 2010
"Fiscal 2010 is expected to be a transitional year for China Pharmaceuticals, Inc. as we prepare for the introduction of new drugs and pursue additional opportunities for both organic growth and potential strategic acquisitions. Our current outlook reflects only the drugs that we have in hand today and will be subject to update as we execute strategic initiatives to expand our market position and profitability in the future. We remain very confident regarding our future growth prospects and look forward to sharing further details with our shareholders as our expansion plans reach a definitive stage," concluded Mr. Guozhu Wang.
About China Pharmaceuticals, Inc.
China Pharmaceuticals, Inc., www.chinapharmaceuticalsinc.com , has its headquarters in the City of Xi’an, Shaanxi Province, China. The Company identifies, discovers, develops, manufactures and distributes both prescription and over-the counter, including both conventional and Traditional Chinese Medicines, pharmaceutical products for the treatment of some of the most common ailments and diseases. China Pharmaceuticals, Inc. currently manufactures 85 pharmaceutical products in the form of capsules, oral solutions, tablets, granules, syrups, medicinal teas, tincture and solutions for injection that are either small volume parenteral solutions that are freeze dried powders or large volume parenteral solutions. China Pharmaceuticals, Inc.’s modern high-tech manufacturing facilities are based in Hanzhong and the Xi’an Jinghe Industrial Zone, both in Shaanxi Province.
For the twelve months ended December 31, 2009, China Pharmaceuticals, Inc. recorded record financial results. Total revenue was $26,708,285, representing a 47% increase year-over-year, and net income rose to $8,907,379, representing a 21% increase over the previous fiscal year. Operating income rose 21.26% year-over-year to $10,913,289. Cash flow from operating activities rose 69.9% to $8,924,102. As at December 31, 2009, shareholders’ equity was $28,624,514 and total assets were $33,694,796.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company's ability to raise additional capital to finance the company's activities; the effectiveness, profitability, and the marketability of its products; legal and regulatory risks associated with the share exchange; the future trading of the common stock of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
CFMI $1.55 Earnings..
China Pharmaceuticals, Inc. (CFMI) Announces Record Fiscal Year 2009 Results
Business Wire - Apr 20 at 15:46
Company Symbols: NASDAQ-OTCBB:CFMI
XI'AN, China--(BUSINESS WIRE)-- China Pharmaceuticals, Inc. (OTC Bulletin Board: CFMI) ("China Pharmaceuticals Inc." or the "Company"), today announced financial results for its fiscal year ended December 31, 2009. The Company's annual report on Form 10-K was filed on April 15, 2010 with the United States Securities and Exchange Commission.
"We are delighted to report a strong finish to fiscal 2009, with revenues, operating income, and cash flow significantly exceeding our expectations for the year. We believe that the factors that contributed to this performance were strong sales from our new products and the successful restructuring of our sales and marketing network. With $8,924,102 in operating cash flow in FY 2009, a 69.95% increase over the previous period, we ended the fiscal year with $6,685,630 in cash. We believe that our strong cash position will provide us with significant flexibility to pursue continued organic growth," said Mr. Guozhu Wang, Chief Executive Officer of China Pharmaceuticals, Inc. "We are focused on continuing to expand our portfolio of high margin products that address major disease categories and on continuing to build sustainable growth in revenues and profits."
Fiscal Year 2009 Highlights:
-- Total revenue increased 46.96% year-over-year to $26,708,285.
-- Gross profit increased 29.02% to $14,300,250.
-- Operating income rose 21.26% year-over-year to $10,913,289.
-- Net income grew 21.38% to $8,907,379.
-- Cash flow from operating activities grew 69.95% to $8,924,102.
Total revenue for fiscal 2009 increased 46.96% to $26,708,285 from $18,174,003 in fiscal year 2008. Gross profit rose 29.02% to $14,300,250, as compared to $11,083,576 in the prior year. Gross profit margin increased to 53.54%, compared to 49.52% for the previous year. Operating income grew 21.26% to $10,913,289 from $8,999,550 in fiscal 2008. Net income increased 21.38% to $8,907,379, as compared to $7,598,773 in fiscal 2008.
Financial Condition
As of December 31, 2009, the Company had $6,685,630 in cash as compared to $5,049,188, at the end of fiscal 2008, an increase of 32.4%. Working capital was $9,243,121, up from $4,754,626 as of December 31, 2008. Particularly noteworthy, was the fact that the Company generated $8,924,102 in cash flow from operating activities in fiscal 2009, representing an impressive 69.95% increase over the previous fiscal year. Shareholder's equity as December 31, 2009 was $28,624,514, as compared to $19,676,858 at the end of fiscal 2008.
Outlook for 2010
"Fiscal 2010 is expected to be a transitional year for China Pharmaceuticals, Inc. as we prepare for the introduction of new drugs, and pursue additional opportunities for both organic growth and potential strategic acquisitions. Our current outlook reflects only the drugs that we have in hand today and will be subject to update as we execute strategic initiatives to expand our market position and profitability in the future. We remain very confident regarding our future growth prospects and look forward to sharing further details with our shareholders as our expansion plans reach a definitive stage," concluded Mr. Wang.
About China Pharmaceuticals, Inc.
China Pharmaceuticals, Inc., www.chinapharmaceuticalsinc.com, has its headquarters in the City of Xi'an, Shaanxi Province, China. The Company identifies, discovers, develops, manufactures and distributes both prescription and over-the-counter, including both conventional and Traditional Chinese Medicines, pharmaceutical products for the treatment of some of the most common ailments and diseases. China Pharmaceuticals, Inc. currently manufactures 85 pharmaceutical products in the form of capsules, oral solutions, tablets, granules, syrups, medicinal teas, tincture and solutions for injection that are either small volume parenteral solutions that are freeze dried powders or large volume parenteral solutions. China Pharmaceuticals, Inc.'s manufacturing facilities are based in Hanzhong and the Xi'an Jinghe Industrial Zone, both in Shaanxi Province. For the twelve months ended December 31, 2009, total revenue was $26,708,285 and net income was $8,907,379 or $0.23 per share. As at December 31, 2009 shareholders' equity was $28,624,514 and total assets were $33,694,796.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company's ability to raise additional capital to finance the company's activities; the effectiveness, profitability, and the marketability of its products; legal and regulatory risks associated with the share exchange; the future trading of the common stock of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
Source: China Pharmaceuticals, Inc.
Copyright Business Wire 2010
CFMI.. $1.55
Background..
FORM 5 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 OMB APPROVAL
OMB Number: 3235-0362
Expires: February 28, 2011
Estimated average burden
hours per response 1.0
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported.
Form 4 Transactions Reported.
1. Name and Address of Reporting Person*BOWERING TERRY G
--------------------------------------------------------------------------------
(Last) (First) (Middle)
10 CEDAR MEADOW DRIVE
--------------------------------------------------------------------------------
(Street)REGINA A9 S4X 3J6
--------------------------------------------------------------------------------
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
China Pharmaceuticals Inc [AREN] 5. Relationship of Reporting Person(s) to Issuer
(Check all applicable) Director X 10% Owner
Officer (give title below) Other (specify below)
3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
03/31/2010
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date(Month/Day/Year) 2A. Deemed Execution Date, if any(Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Amount (A) or (D) Price
Common Shares 02/12/2010 S 5,100,000 D $ 0.001 0 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Excercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any(Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
/s/ Terry G. Bowering 04/07/2010
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
CFMI..$1.55
Background..
OTCBB AREN Completes Name Change to China Pharmaceuticals, Inc. and Symbol Change to CFMI
Business Wire - Mar 30 at 13:12
Company Symbols: NASDAQ-OTCBB:AREN, NASDAQ-OTCBB:CFMI
XI'AN, Shaanxi, China--(BUSINESS WIRE)-- Allstar Restaurants (OTC Bulletin Board: AREN) ("Allstar" or the "Company") today announced that effective on March 30, 2010, the Company changed its name from Allstar Restaurants to China Pharmaceuticals, Inc. The OTCBB symbol changes from AREN to CFMI. The name change was effected through a parent/subsidiary merger of our wholly owned subsidiary, China Pharmaceuticals, Inc., with and into the Company, with the Company as the surviving corporation. To effectuate the merger, the Company filed its Articles of Merger with the Nevada Secretary of State, and the merger became effective on March 30, 2010. The name and symbol change became effective through FINRA today, March 30, 2010.
The Company's board of directors approved the merger which resulted in the name change on March 30, 2010. In accordance with Section 92A.180 of the Nevada Revised Statutes, shareholder approval of the merger was not required. On the effective date of the merger, the Company's name was changed to "China Pharmaceuticals, Inc." and the Company's Articles of Incorporation were amended to reflect this name change.
Following the Combination, the combined Company will be quoted on the OTCBB, under the symbol "CFMI."
"We are very pleased to announce the name change that better reflects the company's business. We are also pleased to announce that FINRA has assigned our company the new symbol 'CFMI'," said Mr. Wang, CEO and Chairman of China Pharmaceuticals, Inc.
About China Pharmaceuticals, Inc.
China Pharmaceuticals, Inc. has its headquarters in the City of Xi'an, Shaanxi Province, China. The Company identifies, discovers, develops, manufactures and distributes both prescription and over-the counter, including both conventional and traditional Chinese medicines, pharmaceutical products for the treatment of some of the most common ailments and diseases. China Pharmaceuticals, Inc. currently manufactures 85 pharmaceutical products in the form of capsules, oral solutions, tablets, granules, syrups, medicinal teas, tincture and solutions for injection that are either small volume parenteral solutions that are freeze dried powders or large volume parenteral solutions. China Pharmaceuticals, Inc.'s manufacturing facilities are based in Hanzhong and the Xi'an Jinghe Industrial Zone, both in Shaanxi Province. For the nine months ended September 30, 2009, revenue was $18,394,922 and net income was $6,309,887 or $0.16 per share on a pro-forma basis. As at September 30, 2009 shareholders' equity was $26,011,958 and total assets were $35,020,073.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company's ability to raise additional capital to finance the company's activities; the effectiveness, profitability and the marketability of its products; legal and regulatory risks associated with the share exchange; the future trading of the common stock of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
Source: Allstar Restaurants/China Pharmaceuticals, Inc.
Generic ;Pharma co in restaurant business? what kind of business ?
where do you find such starnge things?model?
Symbol History
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Symbol Name Expiration Date
CFMI China Pharmaceuticals, Inc.
AREN AllStar Restaurants (common) 03/30/2010
http://www.otcbb.com/profiles/cfmi.htm
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China Qinba Pharmaceuticals, Inc. was incorporated on May 29, 2008 under the laws of Delaware. On August 18, 2008, China Qinba formed Xi’an Development Co., Ltd. as a wholly foreign-owned enterprise (“WFOE”) organized under the laws of the People’s Republic of China (“PRC”) (“Xi’an Development”).
Xi’an Pharmaceuticals, our operating entity, was incorporated in the PRC on October 15, 1969. Xi’an Pharmaceuticals is in the business of manufacturing, marketing and sales of pharmaceuticals in China.
Subsidiaries
As a result of the Merger Transaction, China Qinba and Xi’an Development are our wholly-owned subsidiaries. Xi’an Pharmaceuticals, the entity through which we operate our business, currently has no subsidiaries, either wholly-owned or partially-owned.
Our Business
Xi’an Pharmaceuticals was formed in October 15, 1969 under the laws of the PRC and is engaged in the research, development, manufacture, packaging, marketing and distribution of pharmaceutical and medical products in China for human use for a variety of diseases and conditions. All of our operations are conducted in the People’s Republic of China where our two manufacturing facilities are located, one in Xixiang County in Hanzhong and one in Xi’an Jinghe Industrial Zone. We manufacture pharmaceutical products in the form of capsules, oral solutions, tablets, granules, syrups, medicinal teas, tincture and solutions for injection that are either small volume parenteral solutions that are freeze dried powders or large volume parenteral solutions. Certain of the pharmaceutical products we manufacture are used in the treatment of viral pneumonia, hypotonicity dehydration, viral influenza and many other diseases and indications.
We currently manufacture 85 pharmaceutical products which are sold to numerous distributors who distribute our products pursuant to distribution agreements to licensed healthcare providers such as hospitals, clinics and pharmacies. We currently have 35 active distribution agreements. The raw materials used to manufacture our products include various medicinal herbs such as tumeric and zedoary, which we obtain from specified and qualified suppliers with national qualifications, and sulfamethoxazole, an antibiotic, which is primarily used in the manufacture of Fufang Qiguanyan Pian. We also enter into trading agreements for the supply of many of the materials used to manufacture and package our products including aluminum foil, which we use as the inner packing materials used in tablets production. Xi’an Pharmaceuticals has written agreements with substantially all of its suppliers. The agreements with three of Xi’an Pharmaceuticals’ largest suppliers each commenced January 1, 2008 and expire December 31, 2010. These agreements typically provide that the suppliers are to supply product to Xi’an Pharmaceuticals within a specified period of time after Xi’an Pharmaceuticals’ placement of an order. Typically, Xi’an Pharmaceuticals is required to pay for the products within 60 days of their receipt. The price paid for the products shall be the market price publicized at the time of purchase.
Our focus has been on the development and sale of pharmaceutical products based on traditional Chinese medicines designed to address numerous diseases and indications, with an emphasis on sales to community hospitals and rural medical institutions.
Principal Products
In the fiscal year ended December 31, 2009, our revenues were principally derived from sales of products listed below. We have SFDA1 approval for all medicines and active pharmaceutical ingredients that we market. Detailed information is provided in the table of products below.
We market our pharmaceutical products under numerous brand names, including “Xiaonengren” for our pediatric series of drugs. The following is a list of some of our approved pharmaceutical products and their intended uses.
China Pharmaceuticals, Inc. (CFMI) Reports Record Q2 Results: Sales Grow 105% |
China Pharmaceuticals, Inc. (OTC Bulletin Board: CFMI) ("China Pharmaceuticals Inc." or the "Company"), one of China’s leading manufacturers and distributors of prescription and over-the-counter pharmaceuticals, today announced record financial results for its second quarter ended June 30, 2010. The Company's annual report on Form 10-Q was filed on August 23, 2010 with the United States Securities and Exchange Commission. "We are extremely delighted to report a strong second quarter of 2010, with revenues and Net income significantly exceeding our expectations. We continue to believe that the factors that contributed to this performance were strong sales from our new products and the highly effective restructuring of our sales and marketing network. With $10,447,588 in Net sales for the quarter ended June 30, 2010, representing a 105% increase over the same quarter last year, along with a particularly robust $5,371,366 in recorded Net income, representing a 208% increase over the same quarter last year, we continue to be extremely pleased with the company’s performance to date and its growth prospects for the future,” stated Mr. Guozhu Wang, Chairman and Chief Executive Officer of China Pharmaceuticals, Inc. "We are focused on continuing to expand our portfolio of high margin products and aggressively expanding our sales and marketing network that will allow us to continue to build sustainable growth in revenues and profits." Second Quarter 2010 Highlights versus second quarter 2009:
Total revenue for the quarter ended June 30, 2010 increased 105% to $10,447,588 from $5,084,112 for the second quarter ended June 30, 2009. Gross profit rose 89% to $6,080,998, as compared to $3,217,017 for the second quarter last year. Operating income grew 204% to $6,355,754 from $2,089,349 for the second quarter ended June 30, 2009. Net income increased 208% to $5,371,366, producing diluted earnings per share of $0.16, as compared to the second quarter ended June 30, 2009, which produced $1,743,935 in Net income and diluted earnings per share of $0.06. Six months ended June 30, 2010 versus six months ended June 30, 2009:
Total revenue for the six months period ended June 30, 2010 increased 79% to $17,500,787 from $9,777,545 for the six months period ended June 30, 2010. Gross profit rose 72% to $10,314,019, as compared to $5,981,156 for the six months period ended last year. Operating income grew 77% to $7,571,000 from $4,278,503 for the six months period ended June 30, 2009. Net income increased 69% to $6,015,553, producing diluted earnings per share of $0.19, as compared to the six months period ended June 30, 2009, which produced $3,546,704 in Net income and diluted earnings per share of $0.13. Financial Condition as at June 30, 2010: As of June 30, 2010, the Company had $6,739,263 in cash. Working capital was $17,942,308, up from $9,243,121 as at December 31, 2009, representing an increase of 94%. Long term debt remains at Nil. Shareholders' equity as at June 30, 2010 was $36,883,263, as compared to $28,624,514 at the end of December 31, 2009. Total assets as at June 30, 2010 amounted to $40,135,508. Outlook for 2010: "Fiscal 2010 continues to be a transitional year for China Pharmaceuticals, Inc. as we prepare for the introduction of new drugs, and pursue additional opportunities for both organic growth and potential strategic acquisitions. Our current outlook reflects only the drugs that we have in hand today and will be subject to update as we execute strategic initiatives to expand our market position and profitability in the future. Based on our performance to date, we continue to remain extremely optimistic regarding our future growth prospects and look forward to sharing further details with our shareholders as we proceed with our expansion plans," concluded Mr. Guozhu Wang. About China Pharmaceuticals, Inc.: China Pharmaceuticals, Inc., www.chinapharmaceuticalsinc.com, has its headquarters based in the industrial city of Xi’an, Shaanxi Province, China. The Company identifies, discovers, develops, manufactures, and distributes both prescription and over-the counter pharmaceutical products, including both conventional and traditional Chinese medicines, for the treatment of some of the most common ailments and diseases. China Pharmaceuticals Inc. currently manufactures 132 pharmaceutical products in 11 dosage forms including capsules, oral solutions, tablets, granules, syrups, medicinal teas, tincture and solutions for injection. The company currently markets and distributes 111 prescription drugs representing 84% of sales distributed via 31 sales offices (including 2 company-owned distribution and logistics centers) to a network of hospitals and clinics nation-wide. The Company operates 2 modern hi-tech manufacturing facilities, with 486 employees, based in Hanzhong and the Xi’an Jinghe Industrial Zone, both in Shaanxi Province. |
Product No. | Product Name | Indications | ||
1 | Metronidazole and Glucose Injection | Varieties of tract infections caused by Anaerobion, trichomoniasis and amebic dysentery. | ||
2 | Sodium Chloride Injection | Hypotonicity dehydration solvent or thinner for injection. | ||
3 | Glucose and Sodium Chloride Injection | Body fluid loss; supply body fluid, electrolyte, energy preoperation, intraoperation and postoperation. | ||
4 | Glucose Injection | Supply energy and body fluid, total, total parenteral nutrition, hypoglycemia, hypertonic solution for dehydrating agent. | ||
5 | Compound Sodium Chloride Injection | Hypotonicity dehydration solvent or thinner for injection. | ||
6 | Mannitol Injection | Hydrocephalus, glaucoma, edema caused by deep burning or scald, acute renal failure and ascites. | ||
7 | Heartleaf Houttuynia Herb Injection | Clear heat, detoxification, promote diuresis. Used for lung abscess, phlegm, cough, urinary tract infections. | ||
8 | Sterilized Water for Injection | Solvent of sterilized powder for injection, thinner of injection, or wash solution for operation endoscope in urology Surgery. | ||
9 | Zedoary Turmeric Oil and Glucose Injection | Viral pneumonia, viral influenza, encephalitis, myocarditis, viral enteritis, mumps, stomatitis. | ||
10 | Zedoary Turmeric Oil and Glucose Injection | Anti-viral drug for children’s viral pneumonia. | ||
11 | Citicoline Sodium and Glucose Injection | Irritable neurocranium trauma, disturbance of consciousness after brain operation. | ||
12 | Fluconazole Injection | Mycotic infections by candida, cryptococcosis, coccidioidomycosis. | ||
13 | Fructose Sodium Diphosphate Injection | Hypophosphataemia angina, acute myocardial infarction and arrhythmia of coronary heart disease and myocardial ischemia of cardiac failure. | ||
14 | Matrine and Sodium Chloride Injection | Chronic active hepatitis, chronic prolonged hepatitis. | ||
15 | Glycerin Sodium Chloride Injection | High osmosis dehydrant. Reduce high cranial pressure caused by intracerebral hemorrhage, cerebral infarction, trauma, meningitis and brain tumor. | ||
16 | Xylitol and Sodium Chloride Injection | Supply heat, improve glycometabolism and remove ketonemia, used as substitute of sugar for diabetics. | ||
17 | Ligustrazine Hydrochloride Glucose Injection | Insufficient blood supply, cerebral embolism, angiitis, coronary heart disease, angina. | ||
18 | Levofloxacin and Glucose Injection | Respiratory tract infections, urinary tract infections, genital tract infections, skin soft tissue infections, enteral infections, septicemia. | ||
19 | Dexamethasone Sodium Phosphate Injection | Hypoadrenocorticism, rheumatoid arthritis, cerebral edema, congenital adrenal cortical hyperplasia. | ||
20 | Atropine Sulfate Injection | Toxic shock caused by serious infection, internal organs angina, preanesthetic medication, antiarrhythmic. | ||
21 | Kanamycin Sulfate | Systemic infections caused by various gram negative bacteria. | ||
22 | Gentamycin Sulfate | Urinary tract infection, septicemia, skin soft tissue infection, enteral infection caused by ordinary pathogen and preoperative prophylactic medication. |
23 | Hydrocortisone Injection | Toxic symptom caused by various infections, hypocorticoidism caused by various infections, anaphylactic shock. | ||
24 | Lappaconitine Hydrobromide for Injection | Non-addictive analgesics, strong analgesic effect, have effect of local anaesthesia, temperature reduction, antifebrile and detumescence. | ||
25 | Vitamin B12 Injection | Pernicious anemia, megaloblastic anemia, anemia caused by antifolate drugs, stearrhea. | ||
26 | Procaine Hydrochloride Injection | Local anesthetics, used for infiltration anesthesia, mental conduction block. | ||
27 | Bupleurum injection | Clear heat, relieve exterior syndrome, for cold treatment. Fever of influenza and malaria. | ||
28 | Lidocaine hydrochloride Injection | Local anesthetics, antiarrhythmic. | ||
29 | Analgin Tablets | Clear heat and kill pain. | ||
30 | Compound Sulfamethoxazole Tablets | Sulfa antibacterial drug. | ||
31 | Inosine Tablets | Coenzyme drug, improve metabolism, for various liver and heart diseases, leukocytopenia, central retinitis, optic atrophy. | ||
32 | Metronidazole Tablet | Amebicide, antitrichomonal agent, Anti-anaerobic bacteria. | ||
Vitamin C Tablets | Vitamin C, prevent and treat scurvy. | |||
34 | Occrycetin Tablets | Broad spectrum antibiotics. Used for rickettsiosis, brucellosis, mycoplasmalpneumonia, Chlamydia infection, sensitive Gram-positive cocci, subinfection caused by coccus-negative. | ||
35 | Lidan Paishi Pian | Clear heat and promote diuresis, cholagogue and remove calculi, biliary tract infection, cholecystitis. | ||
36 | Rhubarb Sodium Bicarbonate Tablets | Stomachic and acid making. Used for inappetence and hyperchlorhydria. | ||
37 | Dried Yeast Tablets | Vitamin medicine. | ||
38 | Berberine Hydrochloride Tablets | Antibacterial drug, used for intestinal infection of dysentery bacillus. | ||
39 | Compound Tablet of Fritillary Bulb | Clear lung heat, eliminate phlegm, and relieve cough and asthma. Used for wind cold cough and asthma, chest distress, acute and chronic bronchitis. | ||
40 | compound tablet of red sage root | Activate blood and dissolve stasis, regulate vital energy and alleviate pain, used for chest distress and angina. | ||
41 | Qinghuo Zhimai Pian | Clear heat, detoxification and purgation. | ||
42 | Xanthinol Nicotinate Tablets | Ischemic cerebrovascular diseases like cerebral infarction and thrombosis, brain damages like apoplectic sequela, cerebral trauma, brain surgery sequela, also used for thromboangitis obliterans and phlebitis. | ||
43 | Tolperisone Hydrochloride Injection | Central muscle relaxant, vasodilatation. Increase blood volume, used for atherosclerosis and apoplexy sequela. | ||
44 | Fufang Huzhang Anmin Pian | Clear heat and detoxification, used for fever, rhinorrhoea, headache, faucitis. | ||
45 | Berberine Hydrochloride and Trimethoprim Tablets | Gastroenteropathy caused by sensitive bacteria, intestinal infection like bacillary dysentery. | ||
46 | Fufang Qiguanyan Pian | Relieve inflammation, reduce phlegm, relieve asthma, for acute and chronic bronchitis. | ||
47 | Qinggan Pian | Clear heat and detoxification, cholagogue and remove calculi. Used for cold and fever, throat irritation, parotitis, muggy jaundice. | ||
48 | Paracetamol,Caffein,Atificial Cow-bezoar and chlorphenamine Maleate Tablets | Relieve fever, headache, blocked nose, sore throat and sneezing caused by common cold and influenza. |
49 | Sanhuang Pian | Clear heat and detoxification, purge pathogenic fire, purgation. Used for body heat, conjunctival congestion, ulcers in mouth and nose, throat irritation, bleeding gum, upset and thirsty, yellow urine, constipation, acute gastroenteritis, and dysentery. | ||
50 | Norfloxacin Capsules | Urinary tract infections, gonorrhoea, prostatitis, enteral infections, typhia, salmonella bacteria infections. | ||
51 | Paracetamol,Caffein,Atificial Cow-bezoar and chlorphenamine Maleate capsules | Relieve fever, headache, blocked nose and sore throat caused by common cold and influenza. |
52 | Compound Rifampicin Capsules | Various tuberculosis, improve tolerance with other anti-tuberculosis drugs, shorten treatment period, reduce adverse reaction, defer occurrence of antibiotic-resistant bacteria. Used for extrapulmonary tuberculosis, lepriasis, common bacterial infections. | ||
53 | Pediatric Paracetamol Atificial Cow-bezoar and Chlorphenamine Maleate Granules | Relieve headache, fever, sore throat and blocked nose caused by cold. | ||
54 | Isatis Root Granules | Clear heat and detoxification, cool blood, relieve sore throat, detumescence. Used for body heat, sore throat, tonsillitis and parotitis. | ||
55 | Yinhua Ganmao Chongji | Clear heat, relieve exterior syndrome, relieve sore throat, cold, fever, headache, throat irritation. | ||
56 | Ganmao Tuire Keli | Clear heat and detoxification. Used for respiratory tract infection, acute tonsillitis and faucitis. | ||
57 | Runhou Yaocha | Good for lung and can reduce internal heat, smooth throat, purge, engender saliva, relieve sore throat, clear throat, invigorate spleen, nourish kidney and revive energy. Used for dry throat, sore throat, foreign body sensation. | ||
58 | Inosine Oral Solution | Coenzyme drug, improve metabolism, for various liver and heart diseases, leukocytopenia, thrombocytopenia central retinitis, optic atrophy. | ||
59 | Compound Guaiacol Potassium Sulfonale Oral Solution | Relieve cough and phlegm. | ||
60 | Xiao’aiping Koufuye | Anticancer, relieve asthma, diminish inflammation. Used for esophageal cancer, gastric cancer, lung cancer, liver cancer, Lymphoma, colon cancer, Cervical cancer, septicemia. Also for radiation treatment, chemotherapy, post-operation treatment, chronic bronchitis, bronchial asthma. | ||
61 | Qiangli Pipa Lu | Nourish yin and clear lung heat, relieve cough, eliminate phlegm, repeated cough, bronchitis. | ||
62 | Xiao’er Zhike Tangjiang | Clear phlegm and relieve cough. Used for pediatric cough caused by cold. | ||
63 | Zhike Pipa Lu | Clear lung heat, relieve cough, eliminate phlegm. cough, phlegm, xerostomia caused by wind-heat. Used for bronchitis cough and pediatric cold. | ||
64 | Banxia Tangjiang | Clear cough and reduce phlegm, and bronchitis. | ||
65 | Fritillary and Loquat Syrup | Clear heat and ventilate lung, clear phlegm and relieve cough. Used for cough and phlegm, sore and swelling throat, chest distress, cold, chronic bronchitis caused by wind heat invading lung and internal heat. | ||
66 | Fei’er Tangjiang | Pediatric nutrient, hypofunction of spleen and stomach, do not feel like eating. | ||
67 | Sufei Ke Tangjiang | Cough and phlegm, bronchitis. |
68 | Zinc Sulfate Syrup | Anti zinc deficiency drug, used for pediatric slow growth, malnutrition, anorexia, oral ulcer, post-surgery wound healing caused by zinc deficiency. | ||
69 | Orange Tincture | Fragrant and promote digestion. | ||
70 | Weiling Heji | Nourish yin and blood, soothe nerves. Used for over fatigue, neurasthenia, amnesia and insomnia. | ||
71 | Methylrosanilinium Chloride Solution | Sterilization and antisepsis. Used for superficial injury, anabrosis, ulcer and skin infection. | ||
72 | Merbromin Solution | Skin mucosa ulcer and injury sterilization. | ||
73 | Iodine Tincture | Sterilization and antisepsis. | ||
74 | Zingiberis Tincture | Promote digestion and dispel cold. | ||
75 | Weiling Heji | Promote digestion, acid-making, kill pain. Used for gastritis, gastric ulcer and duodenal ulcer. |
76 | Baixuanxiatare Pian | Clear unusual mucilaginous substance, bile, sepsis, detumescence, antipruritics. Used for tinea manuum, tinea corporis, tinea pedis, tinea versicolor, psoriasis, allergic dermatitis, shingles and acne. | ||
77 | Isosor Bide Mononitrate Injection | Long term treatment of coronary heart disease, prevent angina, continuous angina treatment of post myocardial infarction, treat chronic congestive heart disease with digitalis or diuretics. | ||
78 | Azithromycin for Injection | Used for infection caused by sensitive strains, like intravenous drip of community-acquired pneumonia caused by Chlamydia pneumoniae, mycoplasma pneumoniae, staphylococcus aureus, streptococcus pneumoniae. | ||
79 | Clindamycin Phosphate Injection | Serious infection caused by staphyloccus aureus and anaerobic bacteria. Ideal effect of osteomyelitis caused by sensitive bacteria. | ||
80 | Fleroxacin | Mainly used for systematic infection treatment, like acute respiratory infection, urinary infection, gynecological infection, ordinary otolaryngology infection and skin soft tissue infection. | ||
81 | Naoxinqing Capsule | Increase pipe, vein and brain blood, improve blood and oxygen supply status of heart and brain tissue, and increase electrophoretic mobility of erythrocyte. Used for coronary heart disease, angina, cerebral arteriosclerosis, ischemic cerebrovascular disease. | ||
82 | Weili Capsule | Kill pain and promote circulation, digestion and gall. Used for improper diet, phlegm, vomit, stomachache, bad appetite, constipation, acute gastritis and cholecystitis. | ||
83 | Zhiyanxiao Capsule | Clear heat and detoxification, promote circulation, stop bleeding, kill pain and swelling. Used for old patients’ hemorrhoids symptom like dyschizia, hematochezia hemorrhoids inflammation and anal fissure. | ||
84 | Yinyangsuo Capsule | Treat renal and impotence, promote body fluid production. Used for impotence, ache and weak at waist and knee, body fluid deficiency, and dizziness. | ||
85 | Stanch Capsule | Clear heat and cool blood. Used for menorrhagia, nose bleed, hemoptysis, hematemesis and emptysis caused by blood heat. |
| JUNE 30, 2010 | DECEMBER 31, 2009 | ||||||
(UNAUDITED) | (AUDITED) | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash & cash equivalents | $ | 6,739,926 | $ | 6,685,630 | ||||
Accounts receivable, net | 12,150,095 | 3,525,444 | ||||||
Inventory | 1,594,175 | 396,513 | ||||||
Prepayment and other receivables | 612,348 | 708,761 | ||||||
Trade deposit | 92,561 | 2,991,628 | ||||||
Due from officer | 5,448 | 5,427 | ||||||
Total current assets | 21,194,554 | 14,313,403 | ||||||
NONCURRENT ASSETS | ||||||||
Property and equipment, net | 7,483,727 | 7,686,245 | ||||||
Construction in progress | 3,386,885 | 3,373,819 | ||||||
Intangible assets | 8,070,342 | 8,321,329 | ||||||
Total noncurrent assets | 18,940,954 | 19,381,393 | ||||||
TOTAL ASSETS | $ | 40,135,508 | $ | 33,694,796 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 1,413,932 | 744,880 | |||||
Trade deposit received | 4,268 | 83,879 | ||||||
Short-term bank loans | - | 2,493,692 | ||||||
Accrued liabilities and other payables | 468,029 | 778,290 | ||||||
Value-added tax payable | 369,037 | 318,142 | ||||||
Income tax payable | 996,979 | 651,399 | ||||||
Total current liabilities | 3,252,246 | 5,070,282 | ||||||
CONTINGENCIES AND COMMITMENT | ||||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred stock, par value, $0.0001 per share, 20,000,000 shares authorized | - | - | ||||||
Common stock, par value, $0.0001 per share; 100,000,000 shares authorized, 33,041,677 and 28,000,000 shares issued and outstanding at June 30, 2010 and December 31, 2009, respectively | 3,304 | 2,800 | ||||||
Paid in capital | 8,730,490 | 6,580,150 | ||||||
Statutory reserve | 2,854,617 | 2,137,797 | ||||||
Accumulated other comprehensive income | 164,890 | 72,543 | ||||||
Retained earnings | 25,129,962 | 19,831,224 | ||||||
Total stockholders' equity | 36,883,263 | 28,624,514 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 40,135,508 | $ | 33,694,796 | ||||
Six Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Net sales | $ | 17,500,787 | $ | 9,777,545 | $ | 10,447,588 | $ | 5,084,112 | ||||||||
Cost of goods sold | 7,186,768 | 3,796,389 | 4,366,590 | 1,867,095 | ||||||||||||
Gross profit | 10,314,019 | 5,981,156 | 6,080,998 | 3,217,017 | ||||||||||||
Operating expenses | ||||||||||||||||
Selling, general and administrative expenses | 2,743,019 | 1,702,652 | (274,756 | ) | 1,127,667 | |||||||||||
Income from operations | 7,571,000 | 4,278,503 | 6,355,754 | 2,089,349 | ||||||||||||
Non-operating income (expenses) | ||||||||||||||||
Interest income | 7,876 | 12,442 | 7,756 | 41 | ||||||||||||
Interest expense | (29,324 | ) | (57,181 | ) | (29,324 | ) | (57,181 | ) | ||||||||
Financial expense | (405 | ) | (81,304 | ) | 29,248 | (63 | ) | |||||||||
Other income | - | 54,692 | - | 54,101 | ||||||||||||
Total non-operating income (expenses), net | (21,852 | ) | (71,351 | ) | 7,681 | (3,103 | ) | |||||||||
Income before income tax | 7,549,148 | 4,207,152 | 6,363,435 | 2,086,247 | ||||||||||||
Income tax | 1,533,594 | 660,448 | 992,068 | 342,312 | ||||||||||||
Net income | 6,015,553 | 3,546,704 | 5,371,366 | 1,743,935 | ||||||||||||
Other comprehensive item | ||||||||||||||||
Foreign currency translation | 92,347 | - | 110,631 | (6,401 | ) | |||||||||||
Comprehensive Income | $ | 6,107,900 | $ | 3,546,704 | $ | 5,481,997 | $ | 1,737,534 | ||||||||
Basic weighted average shares outstanding | 31,313,774 | 28,000,000 | 32,459,259 | 28,000,000 | ||||||||||||
Diluted weighted average shares outstanding | 31,823,802 | 28,000,000 | 33,573,521 | 28,000,000 | ||||||||||||
Basic earnings per share | $ | 0.19 | $ | 0.13 | $ | 0.17 | $ | 0.06 | ||||||||
Diluted earnings per share | $ | 0.19 | $ | 0.13 | $ | 0.16 | $ | 0.06 | ||||||||
CHINA PHARMACEUTICALS, INC. CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2009 AND 2008 | ||||||||
ASSETS | ||||||||
12/31/2009 | 12/31/2008 | |||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 6,685,630 | $ | 5,049,188 | ||||
Cash pledged | - | 193,657 | ||||||
Accounts receivable | 3,525,544 | 5,204,418 | ||||||
Due from officer | 5,427 | - | ||||||
Inventories | 396,513 | 249,716 | ||||||
Prepayments and other receivables | 708,761 | 734,660 | ||||||
Trade deposit paid | 2,991,628 | 320,780 | ||||||
Total Current Assets | 14,313,403 | 11,752,419 | ||||||
Property and equipment, net | 7,686,245 | 8,101,407 | ||||||
Construction in progress | 3,373,819 | - | ||||||
Intangible assets, net | 8,321,329 | 7,113,137 | ||||||
Total Assets | $ | 33,694,796 | $ | 26,966,963 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 744,880 | $ | 1,793,187 | ||||
Bank acceptance payable | - | 193,657 | ||||||
Accrued expenses and other payables | 778,290 | 449,561 | ||||||
Trade deposit received | 83,879 | 179,484 | ||||||
Short-term bank loans | 2,493,692 | 3,800,058 | ||||||
Amount due to a shareholder | - | 32,885 | ||||||
Value-added tax payable | 318,142 | 234,513 | ||||||
Income tax payable | 651,399 | 314,448 | ||||||
Total Current Liabilities | 5,070,282 | 6,997,793 | ||||||
Long-term Liabilities | ||||||||
Long-term bank loan | - | 292,312 | ||||||
Total Liabilities | 5,070,282 | 7,290,105 | ||||||
Stockholders’ Equity | ||||||||
Preferred stock, par value, $0.0001 per share 20,000,000 shares authorized, none outstanding Common stock, par value, $0.0001 per share, 100,000,000 shares authorized, 31,675,000 and 31,450,000 shares issued and outstanding | 3,168 | 3,145 | ||||||
Common stock subscribed, par value, $0.0001 per share, 25,000 and 250,000 shares issued | 2 | 25 | ||||||
Paid-in capital | 6,580,780 | 6,580,780 | ||||||
Subscriptions receivable | (1,000 | ) | (10,000 | ) | ||||
Statutory reserves | 2,137,797 | 1,247,175 | ||||||
Accumulated other comprehensive loss | 72,543 | 41,266 | ||||||
Retained earnings | 19,831,224 | 11,814,467 | ||||||
Total Stockholders’ Equity | 28,624,514 | 19,676,858 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 33,694,796 | $ | 26,966,963 |
CHINA PHARMACEUTICALS, INC. | ||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||
FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008 | ||||||||
2009 | 2008 | |||||||
Sales, net | $ | 26,708,285 | $ | 18,174,003 | ||||
Cost of sales | (12,408,035 | ) | (7,090,427 | ) | ||||
Gross profit | 14,300,250 | $ | 11,083,576 | |||||
Selling, general and administrative expenses | (3,386,961 | ) | (2,084,026 | ) | ||||
Income from operations | 10,913,289 | 8,999,550 | ||||||
Other Income (Expense) | ||||||||
Interest income | 12,531 | 32,635 | ||||||
Other income | 145,382 | 13,014 | ||||||
Interest expense | (350,211 | ) | (407,183 | ) | ||||
Other expense | (14,900 | ) | (3,687 | ) | ||||
Total other Income (Expense) | (207,198 | ) | (365,221 | ) | ||||
Income before income taxes | 10,706,091 | 8,634,329 | ||||||
Provision for income taxes | (1,798,712 | ) | (1,296,191 | ) | ||||
Net income | $ | 8,907,379 | $ | 7,338,138 | ||||
Net income per common share | ||||||||
Basic | 0.28 | $ | 0.23 | |||||
Diluted | 0.28 | $ | 0.23 | |||||
Weighted average common shares outstanding | ||||||||
Basic | 31,562,500 | 31,350,000 | ||||||
Diluted | 31,562,500 | 31,350,000 | ||||||
Net income | $ | 8,907,379 | $ | 7,338,138 | ||||
Other comprehensive income | 31,277 | 260,635 | ||||||
Comprehensive income (loss) | $ | 8,938,656 | $ | 7,598,773 |
CHINA PHARMACEUTICALS, INC. |
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY |
FOR YEARS ENDED DECEMBER 31, 2009 and 2008 |
Common Stock | Stock subscribed | Paid- in | Subscription | Statutory | Comprehensive Income | Retained | Total Shareholders’ | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | receivable | Reserves | (Loss) | Earnings | Equity | |||||||||||||||||||||||||||||||
Balance 12/31/2007 | 31,250,000 | $ | 3,125 | $ | 6,070,825 | $ | 576,078 | $ | (219,369 | ) | $ | 5,147,426 | $ | 11,578,085 | ||||||||||||||||||||||||||
Transfer Reserves | 671,097 | (671,097 | ) | - | ||||||||||||||||||||||||||||||||||||
Capital Contribution | 200,000 | 20 | 499,980 | 500,000 | ||||||||||||||||||||||||||||||||||||
Common Subscribed | 250,000 | 25 | 9,975 | (10,000 | ) | - | ||||||||||||||||||||||||||||||||||
Comprehensive income | 260,635 | 260,635 | ||||||||||||||||||||||||||||||||||||||
Net Income | 7,338,138 | 7,338,138 | ||||||||||||||||||||||||||||||||||||||
Balance 12/31/2008 | 31,450,000 | $ | 3,145 | 250,000 | 25 | $ | 6,580,780 | (10,000 | ) | $ | 1,247,175 | $ | 41,266 | $ | 11,814,467 | $ | 19,676,858 | |||||||||||||||||||||||
Transfer Reserves | 890,622 | (890,622 | ) | - | ||||||||||||||||||||||||||||||||||||
Capital Contribution | 225,000 | 23 | (225,000 | ) | (23 | ) | 9,000 | 9,000 | ||||||||||||||||||||||||||||||||
Comprehensive income | 31,277 | 31,277 | ||||||||||||||||||||||||||||||||||||||
Net Income | 8,907,379 | 8,907,379 | ||||||||||||||||||||||||||||||||||||||
Balance 12/31/2009 | 31,675,000 | $ | 3,168 | 25,000 | $ | 2 | $ | 6,580,780 | $ | (1,000 | ) | $ | 2,137,797 | $ | 72,543 | $ | 19,831,224 | $ | 28,624,514 |
CHINA PHARMACEUTICALS, INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008 | ||||||||
2009 | 2008 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | $ | 8,907,379 | $ | 7,338,138 | ||||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation and amortization | 818,446 | 639,339 | ||||||
Provision for impairment loss on intangible assets | 737,315 | |||||||
Loss on assets disposed | 6,649 | 12,745 | ||||||
Changes in operating assets and liabilities: | ||||||||
Cash pledged | 193,657 | (193,657 | ) | |||||
Accounts receivable | 1,678,874 | (2,866,193 | ) | |||||
Due from officer | (5,427 | ) | - | |||||
Prepaid and other receivables | 25,899 | (667,543 | ) | |||||
Trade deposit paid | (2,670,748 | ) | (55,554 | ) | ||||
Inventory | (146,797 | ) | 592,354 | |||||
Accounts payable and accrued expenses | (719,578 | ) | (227,149 | ) | ||||
Bank acceptance payable | (193,657 | ) | 187,451 | |||||
Trade deposit received | (95,605 | ) | 100,357 | |||||
Due to shareholers | (32,885 | ) | 3,537 | |||||
VAT tax payable | 83,629 | 82,745 | ||||||
Income tax payable | 336,951 | 304,372 | ||||||
Total adjustment | 16,723 | (2,087,196 | ) | |||||
Net cash provided by (used in) operating activities | 8,924,102 | 5,250,942 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchase of property & equipment | (12,697 | ) | (10,041 | ) | ||||
Construction in progress | (3,373,819 | ) | - | |||||
Intangible assets | (2,342,743 | ) | (2,612,990 | ) | ||||
Proceeds of assets disposed | - | 15,562 | ||||||
Net cash used in Investing activities | (5,729,259 | ) | (2,607,469 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Borrowings from short-term bank loan | 2,903,036 | 3,536,818 | ||||||
Repayment of short-term bank loan | (4,501,714 | ) | (3,678,291 | ) | ||||
Proceeds of issuance of stock | 9,000 | 500,000 | ||||||
Net cash provided by (used in) financing activities | (1,589,678 | ) | 358,527 | |||||
Effect of exchange rate changes on cash and cash equivalents | 31,277 | 236,224 | ||||||
Net Increase (Decrease) in cash and cash equivalents | 1,636,442 | 3,238,224 | ||||||
Cash and cash equivalents, beginning balance | 5,049,188 | 1,810,964 | ||||||
Cash and cash equivalents, ending balance | 6,685,630 | $ | 5,049,188 | |||||
SUPPLEMENTAL DISCLOSURES: | ||||||||
Interest payments | 345,490 | $ | 407,183 | |||||
Income tax payments | 1,147,313 | $ | 991,820 |
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