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Biostar Pharmaceuticals, Inc. Reports First Quarter 2011 Results; Revenues Increase 24% to $15.3 Million with Adjusted EPS of $0.11

Monday, May 16, 2011 General News J E 4
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BIOSTAR PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Three Months Ended  

March 31,

2011

2010

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$         2,723,513

$            2,263,315

Adjustments to reconcile net income to net cash

provided by operating activities:

 Depreciation and amortization

107,085

138,403

 Stock-based compensation and other non-cash expenses

178,018

154,490

 Changes in operating assets and liabilities:

      Accounts receivable

576,149

(1,030,791)

   Inventories

(395,190)

(224,825)

   Prepaid expenses and other receivables

46,712

13,420

   Accounts payable and accrued expenses

(131,727)

248,346

   Value-added tax payable

(672,336)

(421,316)

   Income tax payable

(1,053,447)

(561,431)

   Exchange difference

9,662

-

Net cash provided by operating activities

1,388,439

579,611

CASH FLOWS FROM INVESTING ACTIVITIES

       Purchase of property and equipment

(84,902)

(281,542)

       Acquisition of proprietary technologies

-

(265,153)

Net cash used in investing activities

(84,902)

(546,695)

CASH FLOWS FROM FINANCING ACTIVITIES

  Short-term bank loan

458,008

-

        Due to a sharholder

199,975

-

  Proceeds from issuance of common stock

-

37,537

Net cash provided by  financing activities

657,965

37,537

Effect of exchange rate changes on cash and cash equivalents

124,428

(5,739)

Net increase in cash and cash equivalents

2,085,930

64,714

Cash and cash equivalents, beginning balance

13,211,443

8,577,704

Cash and cash equivalents, ending balance

$       15,297,373

$            8,642,418

SUPPLEMENTAL DISCLOSURES:

Income tax payments

$         2,099,563

$            1,423,006

SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Conversion of preferred stock to common stock

$                       -

$                   1,593

Cashless exercise of warrants

$                       -

$                      815

Prior year deposit for acquisition of property and equipment

$                       -

$               438,851

Payable for acquisition of property and equipment and intangible assets

$                       -

$               197,483

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