This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

China Jo-Jo Drugstores, Inc. Reports Fiscal First Quarter 2013 Revenue And Schedules First Quarter FY 2013 Conference Call

As of June 30, 2012, the Company had $3.6 million of cash, $57.4 million in current assets and $30.7 million in total liabilities.

New Store Openings

During the first quarter of fiscal 2013, the Company opened 4 new stores, operating a total of 65 stores as of August 13, 2012.

About China Jo-Jo Drugstores, Inc.

China Jo-Jo Drugstores, Inc., through its subsidiaries and contractually controlled affiliates, is a retailer and wholesale distributor of pharmaceutical and other healthcare products in the People’s Republic of China. As of June 30, 2012, the Company has 65 retail pharmacies throughout Zhejiang Province and Shanghai.

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

AS OF MARCH 31, 2011 AND 2010

(UNAUDITED)
 
  JUNE 30,   MARCH 31,
2012 2012
 

ASSETS

 
CURRENT ASSETS
Cash $ 3,621,132 $ 3,833,216
Restricted cash 1,407,870 2,818,449
Notes receivable 927,947 -
Trade accounts receivable, net 23,637,397 16,516,671
Inventories 7,408,490 6,875,574
Other receivables 685,657 603,294
Advances to suppliers, net 16,882,711 14,347,557
Other current assets   2,838,094   2,853,301
Total current assets   57,409,298   47,848,062
 
PROPERTY AND EQUIPMENT, net   15,394,398   15,647,120
 
OTHER ASSETS
Long term deposits 2,518,900 2,872,219
Other noncurrent assets 5,641,298 5,776,667
Intangible assets, net   2,780,839   2,816,945
Total other assets   10,941,037   11,465,831
 
Total assets $ 83,744,733 $ 74,961,013
 

LIABILITIES AND STOCKHOLDERS' EQUITY

 
CURRENT LIABILITIES
Accounts payable, trade $ 19,129,388 $ 13,906,383
Notes payable 5,611,915 4,208,928
Other payables 1,385,657 782,586
Other payables - related parties 1,558,519 1,458,441
Customer deposit 2,029,599 1,332,141
Taxes payable 537,240 469,606
Accrued liabilities   467,116   417,184
Total current liabilities   30,719,434   22,575,269
 
Purchase option derivative liability   34,577   34,419
Total liabilities   30,754,011   22,609,688
 
COMMITMENTS AND CONTINGENCIES
 
STOCKHOLDERS' EQUITY
Preferred stock; $0.001 par value; 10,000,000 shares authorized;
nil issued and outstanding as of June 30 and March 31, 2012 - -
Common stock; $0.001 par value; 250,000,000
shares authorized; 13,628,658 and 13,589,621 shares issued
and outstanding as of June 30 and March 31, 2012 13,629 13,589
Additional paid-in capital 16,902,757 16,853,039
Statutory reserves 1,309,109 1,309,109
Retained earnings 31,963,987 31,429,100
Accumulated other comprehensive income   2,802,569   2,747,561
Total stockholders' equity   52,992,051   52,352,398
 
Noncontrolling interests   (1,329 )   (1,073 )
Total equity   52,990,722   52,351,325
 
Total liabilities and stockholders' equity $ 83,744,733 $ 74,961,013
 
 
CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
(UNAUDITED)
   
Three months ended June 30,
2012 2011
REVENUES, NET $ 32,847,330 $ 21,427,859
 
COST OF GOODS SOLD   27,702,553   14,558,536
 
GROSS PROFIT   5,144,777   6,869,323
 
SELLING EXPENSES 1,858,225 1,378,300
GENERAL AND ADMINISTRATIVE EXPENSES   2,846,578   1,074,783
TOTAL OPERATING EXPENSES   4,704,803   2,453,083
 
INCOME FROM OPERATIONS 439,974 4,416,240
 
OTHER INCOME (EXPENSE), NET 98,698 19,420
CHANGE IN FAIR VALUE OF PURCHASE OPTION DERIVATIVE LIABILITY   (158 )   62,632
 
INCOME BEFORE INCOME TAXES 538,514 4,498,292
 
PROVISION FOR INCOME TAXES   3,882   1,255,563
 
NET INCOME 534,632 3,242,729
 
ADD: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST   255   -
 
NET INCOME ATTRIBUTABLE TO CHINA JO-JO DRUGSTORES, INC. 534,887 3,242,729
 
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustments   55,270   574,565
 
COMPREHENSIVE INCOME $ 590,157 $ 3,817,294
 
WEIGHTED AVERAGE NUMBER OF SHARES:
Basic   13,557,496   13,532,240
Diluted   13,598,686   13,532,240
 
EARNINGS PER SHARES:
Basic $ 0.04 $ 0.24
Diluted $ 0.04 $ 0.24
 
 
CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
   
Three months ended June 30,
2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 534,632 $ 3,242,729
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 610,866 262,181
Stock-based compensation 49,758 28,058
Bad debt expense 1,114,673 54,691
Change in fair value of purchase option derivative liability 158 (62,632 )
Changes in operating assets:
Accounts receivable, trade (7,712,451 ) (438,521 )
Notes receivable (926,315 ) -
Inventories (526,099 ) 1,000,520
Other receivables (236,873 ) (132,648 )
Advances to suppliers (2,859,522 ) 1,947,720
Other current assets 17,561 3,879,255
Long term deposit 355,151 (153,900 )
Other noncurrent assets 140,067 84,061
Changes in operating liabilities:
Accounts payable, trade 5,201,905 2,093,048
Other payables and accrued liabilities 650,956 (409,861 )
Customer deposit 695,089 (1,490,217 )
Taxes payable   67,114   7,809
Net cash (used in) provided by operating activities   (2,823,330 )   9,912,293
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (216,454 ) (37,760 )
Payments on leasehold improvements and construction-in-progress (90,313 ) (3,489,692 )
Deposit made to secure business acquisition   -   (4,745,968 )
Net cash used in investing activities   (306,767 )   (8,273,420 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in restricted cash 1,410,499 248,687
Payments on notes payable - (2,006,702 )
Increase in notes payable 1,396,914 -
Proceeds from other payables-related parties   99,996   -
Net cash (used in) provided by financing activities   2,907,409   (1,758,015 )
 
EFFECT OF EXCHANGE RATE ON CASH   10,604   77,346
 
DECREASE IN CASH (212,084 ) (41,796 )
 
CASH, beginning of period   3,833,216   6,489,905
 
CASH, end of period $ 3,621,132 $ 6,448,109
 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes $ 14,713 $ 1,157,526
Non-cash investing activities
Transfer from construction in progress to property and equipment $ 1,985,391 $ -
Non-cash financing activities
Notes payable transferred to vendors $ - $ 1,542,619
 




4 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs