Nutrastar Announces First Quarter 2011 Results

Monday, May 16, 2011 General News
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Expands Beverage Distribution and Product Pipeline

NUTRASTAR INTERNATIONAL INC. and subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(AMOUNTS EXPRESSED IN US DOLLARS)

ForátheáThreeáMonthsáEndedMarch 31,

2011

2010

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$

3,007,771

$

2,721,062

Adjustments to reconcile net income to cash provided by operating activities:

Change in fair value of warrants

(392,191)

-

Depreciation and amortization

263,838

252,892

Share-based compensation expense

92,753

45,375

(Increase) decrease in assets:

Accounts receivable

144,759

(152,407)

Prepayments and other receivables

230,979

240,313

Inventories

(40,953)

77,538

Increase (decrease) in liabilities:

Accounts payable

24,756

54,730

Other payables and accruals

(61,212)

(23,572)

Taxes payable

552,406

(42,775)

Net cash provided by operating activities

3,822,906

3,173,156

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property, plant and equipment

(1,168)

(4,816)

Net cash used in investing activities

(1,168)

(4,816)

CASH FLOWS FROM FINANCING ACTIVITIES:

Advances from restricted cash

44,650

-

Repayment to related party

-

(428)

Net cash provided by (used in) financing activities

44,650

(428)

Foreign currency translation adjustment

391,926

5,836

INCREASE IN CASH AND CASH EQUIVALENTS

4,258,314

3,173,748

CASH AND CASH EQUIVALENTS, at the beginning of the period

40,758,848

20,115,677

CASH AND CASH EQUIVALENTS, at the end of the period

$

45,017,162

$

23,289,425

NON-CASH TRANSACTIONS

Preferred stock and dividend converted into common stock

$

673,351

$

-

Share-based payment - IR warrants

22,359

-

Share-based payments to officers and directors under equity incentive plan

92,753

45,375

SUPPLEMENTAL DISCLOSURE INFORMATION

Cash paid for income taxes

$

215,317

$

356,550



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