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China Jo-Jo Drugstores, Inc. Reports Fiscal Year 2012 Earnings Results And Schedules Conference Call For July 3, 2012

Stocks in this article: CJJD

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

CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2012 AND MARCH 31, 2011
    2012   2011

ASSETS

CURRENT ASSETS
Cash $ 3,833,216 $ 6,489,905
Restricted cash 2,818,449 921,876
Trade accounts receivable, net 16,516,671 1,484,850
Inventories 6,875,574 4,617,420
Other receivables 603,294 1,049,564
Advances to suppliers, net 14,347,557 16,528,772
Other current assets   2,853,301   8,364,267
Total current assets   47,848,062   39,456,654
 
PROPERTY AND EQUIPMENT, net   15,647,120   5,471,432
 
OTHER ASSETS
Long term deposits 2,872,219 2,540,758
Other noncurrent assets 5,776,667 6,075,478
Intangible assets, net   2,816,945   390,302
Total other assets   11,465,831   9,006,538
 
Total assets $ 74,961,013 $ 53,934,624
 

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts payable, trade $ 13,906,383 $ 3,530,204
Notes payable 4,208,928 2,704,680
Other payables 782,586 627,734
Other payables - related parties 1,458,441 880,058
Customer deposit 1,332,141 2,038,608
Taxes payable 469,606 1,624,558
Accrued liabilities   417,184   311,639
Total current liabilities   22,575,269   11,717,481
 
Purchase option derivative liability   34,419   153,226
Total liabilities   22,609,688   11,870,707
 
COMMITMENTS AND CONTINGENCIES
 
STOCKHOLDERS' EQUITY

Preferred stock; $0.001 par value; 10,000,000 shares authorized; nil issued and outstanding as of March 31, 2012 and 2011

- -

Common stock; $0.001 par value; 250,000,000 shares authorized; 13,589,621 and 13,530,477 shares issued and outstanding as of March 31, 2012 and 2011

13,589 13,530
Additional paid-in capital 16,853,039 16,333,956
Statutory reserves 1,309,109 1,309,109
Retained earnings 31,429,100 23,287,474
Accumulated other comprehensive income   2,747,561   1,119,848
Total stockholders' equity   52,352,398   42,063,917
 
Noncontrolling interests   (1,073 )   -
Total equity   52,351,325   42,063,917
 
Total liabilities and stockholders' equity $ 74,961,013 $ 53,934,624
 

CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME

FOR YEARS ENDED MARCH 31, 2012 AND 2011

       
2012 2011
REVENUES, NET $ 94,352,885 $ 69,969,479
 
COST OF GOODS SOLD   66,790,084   48,827,385
 
GROSS PROFIT   27,562,801   21,142,094
 
SELLING EXPENSES 8,498,240 4,838,745
GENERAL AND ADMINISTRATIVE EXPENSES   8,582,389   4,723,943
TOTAL OPERATING EXPENSES   17,080,629   9,562,688
 
INCOME FROM OPERATIONS 10,482,172 11,579,406
 
OTHER INCOME (EXPENSE), NET 187,865 127,172
CHANGE IN FAIR VALUE OF PURCHASE OPTION DERIVATIVE LIABILITY   118,807   249,225
 
INCOME BEFORE INCOME TAXES 10,788,844 11,955,803
 
PROVISION FOR INCOME TAXES   2,648,365   3,523,345
 
NET INCOME 8,140,479 8,432,458
 
ADD: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST   1,147   -
 
NET INCOME ATTRIBUTABLE TO CHINA JO-JO DRUGSTORES, INC. 8,141,626 8,432,458
 
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustments   1,627,728   1,482,108
 
COMPREHENSIVE INCOME $ 9,769,354 $ 9,914,566
 
WEIGHTED AVERAGE NUMBER OF SHARES:
Basic   13,568,481   13,254,792
Diluted   13,569,995   13,254,792
 
EARNINGS PER SHARES:
Basic $ 0.60 $ 0.64
Diluted $ 0.60 $ 0.64
 
CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31, 2012 AND 2011
       
2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 8,140,479 $ 8,432,458

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization 2,340,865 810,374
Stock-based compensation 119,052 153,445
Bad debt expense 1,669,864 -
Change in fair value of purchase option derivative liability (118,807 ) (249,225 )
Changes in operating assets:
Accounts receivable, trade (14,179,193 ) (201,405 )
Inventories 2,018,848 (648,785 )
Other receivables (372,660 ) (686,305 )
Advances to suppliers 2,132,100 (9,177,936 )
Other current assets 5,860,584 (6,927,371 )
Long term deposit (238,630 ) (131,302 )
Other noncurrent assets 350,885 (332,971 )
Changes in operating liabilities:
Accounts payable, trade 15,792,680 1,075,811
Other payables and accrued liabilities (1,626,827 ) 2,370,213
Customer deposit (768,651 ) -
Taxes payable   (1,153,346 )   329,251  
Net cash provided by (used in) operating activities   19,967,243     (5,183,748 )
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (4,915,241 ) (443,112 )
Payments on leasehold improvements and construction-in-progress (6,639,268 ) (4,200,180 )
Net payments for business acquisitions   (3,308,158 )   (606,800 )
Net cash used in investing activities   (14,862,667 )   (5,250,092 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in restricted cash (1,840,419 ) (141,192 )
Payments on notes payable (7,077,596 ) 1,152,597
Proceeds from equity financing - 15,708,608
Payments on short-term loans - (894,564 )
Proceeds from other payables-related parties 577,183 (54,942 )
Proceeds from shareholder contribution   406,546     -  
Net cash (used in) provided by financing activities   (7,934,286 )   15,770,507  
 
EFFECT OF EXCHANGE RATE ON CASH   173,021     351,645  
 
INCREASE IN CASH (2,656,689 ) 5,688,312
 
CASH, beginning of year   6,489,905     801,593  
 
CASH, end of year $ 3,833,216   $ 6,489,905  
 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest $ -   $ 23,872  
Cash paid for income taxes $ 4,113,553   $ 2,235,386  
Non-cash investing activities
Transfer from construction in progress to property and equipment $ 2,890,399   $ -  
Non-cash financing activities
Notes payable transferred to accounts payable vendors $ 8,468,458   $ 5,554,131  




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