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China Jo-Jo Drugstores Inc. Reports Financial Results For Third Quarter 2012

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People’s Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.

CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES
                 
 
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
DECEMBER 31, MARCH 31,

2011
2011
 

ASSETS
 
CURRENT ASSETS
Cash $ 4,339,666 $ 6,489,905
Restricted cash 1,451,564 921,876
Trade accounts receivable, net 7,374,177 1,484,850
Inventories 7,361,719 4,617,420
Other receivables 1,214,408 1,049,564
Advances to suppliers, net 14,086,803 16,528,772
Other current assets 2,906,589 8,364,267
Total current assets 38,734,926 39,456,654
 
PROPERTY AND EQUIPMENT, net 15,303,962 5,471,432
 
OTHER ASSETS
Long term deposit 2,635,206 2,540,758
Prepaid - noncurrent 6,752,564 6,075,478
Intangible assets, net 2,881,237 390,302
Total other assets 12,269,007 9,006,538
 
Total assets $ 66,307,895 $ 53,934,624
 

LIABILITIES AND EQUITY
 
CURRENT LIABILITIES
Accounts payable, trade $ 5,518,920 $ 3,530,204
Notes payable 4,836,702 2,704,680
Other payables 1,651,888 627,734
Other payables - related parties 880,058 880,058
Customer deposits 1,883,966 2,038,608
Taxes payable 1,259,043 1,624,558
Accrued liabilities 305,154 311,639
Total current liabilities 16,335,731 11,717,481
 
Purchase option derivative liability 36,834 153,226
Total liabilities 16,372,565 11,870,707
 
COMMITMENTS AND CONTINGENCIES
 
EQUITY
China Jo-Jo Drugstores, Inc. stockholders' equity
Preferred stock; $0.001 par value; 10,000,000 shares authorized;
nil issued and outstanding as of December 31, 2011
and March 31, 2011 - -
Common stock; $0.001 par value; 250,000,000 shares authorized;
13,559,088 and 13,530,477 shares issued and outstanding as of
December 31, 2011 and March 31, 2011, respectively 13,559 13,530
Additional Paid-in capital 16,409,543 16,333,956
Statutory reserves 1,309,109 1,309,109
Retained earnings 29,737,898 23,287,474
Accumulated other comprehensive income 2,466,228 1,119,848
Total China Jo-Jo Drugstores, Inc. stockholders' equity 49,936,337 42,063,917
 
Noncontrolling interests (1,007 ) -
Total equity 49,935,330 42,063,917
 
Total liabilities and equity $ 66,307,895 $ 53,934,624
 

 

 

 

CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES
               
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
(UNAUDITED)
 
Three months ended December 31, Nine months ended December 31,
2011   2010 2011 2010
REVENUES, NET $ 25,643,949 $ 18,042,309 $ 69,296,755 $ 48,927,907
 
COST OF GOODS SOLD 18,817,080   12,713,181 49,342,667 34,576,771
 
GROSS PROFIT 6,826,869   5,329,128 19,954,088 14,351,136
 
SELLING EXPENSES 2,498,892 1,337,055 6,588,686 3,339,928
GENERAL & ADMINISTRATIVE EXPENSES 2,175,615   1,227,520 4,570,919 2,758,654
OPERATING EXPENSES 4,674,507   2,564,575 11,159,605 6,098,582
 
INCOME FROM OPERATIONS 2,152,362 2,764,553 8,794,483 8,252,554
 
OTHER INCOME (EXPENSE), NET 16,343 112,736 222,929 60,985
CHANGE IN FAIR VALUE OF PURCHASE OPTION DERIVATIVE LIABILITY 19,404   119,595 116,392 91,546
 
INCOME BEFORE INCOME TAXES 2,188,109 2,996,884 9,133,804 8,405,085
 
PROVISION FOR INCOME TAXES 610,910   759,431 2,684,463 2,387,719
 
NET INCOME 1,577,199 2,237,453 6,449,341 6,017,366
 
ADD: NET (PROFIT) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST (3,217 ) - 1,083 -
 
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST 1,573,982 2,237,453 6,450,424 6,017,366
 
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustments - controlling interest

262,892
514,170 1,346,380 1,168,202
Foreign currency translation adjustments - noncontrolling interest 31   - 31 -
 
COMPREHENSIVE INCOME $

1,836,905
  $ 2,751,623 $ 7,796,835 $ 7,185,568
 
WEIGHTED AVERAGE NUMBER OF SHARES
Basic 13,557,379   13,500,002 13,546,570 13,220,002
Diluted 13,557,379   13,500,002 13,546,570 13,220,002
 
EARNINGS PER SHARES
Basic - attributable to controlling interest $ 0.12   $ 0.17 $ 0.48 $ 0.46
Diluted - attributable to controlling interest $ 0.12   $ 0.17 $ 0.48 $ 0.46
 

CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES
                   
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine months ended
December 31,

2011
2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 6,449,341 $ 6,017,366
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 2,065,451 627,387
Stock compensation 75,616 80,445
Bad debt expense 543,435 130,170
Change in fair value of purchase option derivative liability (116,392 ) (91,546 )
Changes in operating assets:
Accounts receivable, trade (5,082,547 ) (2,292,087 )
Inventories 1,497,076 (1,257,608 )
Other receivables (636,952 ) (351,317 )
Advances to suppliers 3,000,229 (10,724,139 )
Other current assets 5,635,292 (501,851 )
Long term deposit (17,790 ) -
Prepaid - noncurrent 153,828 (337,058 )
Changes in operating liabilities:
Accounts payable, trade 5,554,243 1,935,978
Other payables and accrued liabilities (862,802 ) (282,608 )
Customer deposit (213,660 ) -
Taxes payable (366,393 ) (38,313 )
Net cash provided by (used in) operating activities 17,677,975 (7,085,181 )
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments and advance on property and equipment purchase (11,727,452 ) (2,096,497 )
Net payments for business acquisitions (3,297,561 ) (593,440 )
Net cash used in investing activities (15,025,013 ) (2,689,937 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in restricted cash (496,520 ) (417,930 )
Payments on notes payable (4,452,229 ) 1,149,847
Proceeds from equity financing - 15,708,608
Payments on short-term loans - (890,160 )
Payments on other payables-related parties - (54,942 )
Net cash (used in) provided by financing activities (4,948,749 ) 15,495,423
 
EFFECT OF EXCHANGE RATE ON CASH 145,548 332,488
 
(DECREASE) INCREASE IN CASH (2,150,239 ) 6,052,793
 
CASH, beginning of period 6,489,905 801,593
 
CASH, end of period $ 4,339,666 $ 6,854,386
 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest $ - $ 23,587
Cash paid for income taxes $ 3,254,843 $ 2,474,812
Non-cash financing activities
Notes payable transferred to accounts payable vendors $ 6,480,692 $ 3,649,312

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