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China Pharma Holdings, Inc. Reports First Quarter 2011 Financial Results

Wednesday, May 11, 2011 General News J E 4
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CHINA PHARMA HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

ForátheáThreeáMonths

EndedáMarchá31,

2011

2010

Cash Flows from Operating Activities:

Net income

$ á5,103,622

$ á4,853,158

Depreciation and amortization

441,993

419,903

Stock based compensation

41,898

47,624

Derivative gain

(677,498)

(558,504)

Changes in assets and liabilities:

Trade accounts receivable

(1,455,529)

(1,224,072)

Other receivables

(72,955)

(6,209)

Advances to suppliers

794,570

(1,037,525)

Inventory

(2,525,349)

(1,604,046)

Deferred tax assets

(1,414)

(72,339)

Trade accounts payable

(1,261,422)

318,952

Accrued expenses

194,444

(36,265)

Accrued taxes payable

184,552

155,402

Other payables

44,932

2,043

Advances from customers

574,632

(134,791)

Net Cash Provided by Operating Activities

1,386,476

1,123,331

Cash Flows from Investing Activities:

Net investment in banker's acceptances

(467,902)

-

Advances for purchases of property and equipment

and intangible assets

(239,670)

(1,291,216)

Purchase of property and equipment

(60,949)

(58,272)

Purchase of intangible assets

(608,708)

(1,207,541)

Net Cash Used in Investing Activities

(1,377,229)

(2,557,029)

Cash Flows from Financing Activity:

Proceeds from related party loan

67,919

-

Proceeds from exercise of warrants

-

2,583,000

Net Cash Provided by Financing Activity

67,919

2,583,000

Effect of Exchange Rate Changes on Cash

34,393

527

Net Increase in Cash and Cash Equivalents

111,559

1,149,829

Cash and Cash Equivalents at Beginning of Period

3,692,086

3,634,753

Cash and Cash Equivalents at End of Period

$ á3,803,645

$ á4,784,582

Supplemental Cash Flow Information:

Cash paid for interest

$ á á á 58,170

$ á á á 50,490

Cash paid for income taxes

385,546

376,727

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