This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

China Jo-Jo Drugstores Reports Third Quarter Earnings Results

Stocks in this article: CJJD

As of December 31, 2012, the Company had $3.8 million of cash, $58.0 million in current assets and $33.0 million in total liabilities.

Conference Call Information

The Company will host a conference call to discuss its third quarter fiscal year 2013 results on Tuesday, February 19, 2012, at 8 a.m. Eastern Time. To participate in the conference call, please dial 1-877-941-1427 from North America. International participants can access the call by dialing 1-480-629-9664. A live audio webcast of this conference call will be available under the Investors Relations section of the Company's website at http://www.chinajojodrugstores.com. A replay of the call will be available beginning the same day at approximately 11a.m. Eastern Time by dialing 1-877-870-5176 or 1-858-384-5517 with pin # 4601251. The replay will also be available on the company website.

 
 
CHINA JO-JO DRUGSTORES, INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
       
December 31, March 31,
2012 2012

ASSETS

 
CURRENT ASSETS
Cash $ 3,795,628 $ 3,833,216
Restricted cash 2,825,899 2,818,449
Trade accounts receivable, net 20,472,706 16,516,671
Inventories 7,636,141 6,875,574
Other receivables 1,485,760 603,294
Advances to suppliers, net 19,490,650 14,347,557
Other current assets   2,255,924     2,853,301
Total current assets   57,962,708     47,848,062
 
PROPERTY AND EQUIPMENT, net   14,132,691     15,647,120
 
OTHER ASSETS
Long term deposits 2,460,396 2,872,219
Other noncurrent assets 5,466,837 5,776,667
Intangible assets, net   1,228,260     2,816,945
Total other assets   9,155,493     11,465,831
 
Total assets $ 81,250,892   $ 74,961,013
 

LIABILITIES AND STOCKHOLDERS' EQUITY

 
CURRENT LIABILITIES
Accounts payable, trade $ 20,855,018 $ 13,906,383
Notes payable 6,739,164 4,208,928
Other payables 1,643,921 782,586
Other payables - related parties 1,066,827 1,458,441
Customer deposit 2,093,059 1,332,141
Taxes payable 329,315 469,606
Accrued liabilities   269,150     417,184
Total current liabilities   32,996,454     22,575,269
 
Purchase option derivative liability   20,767     34,419
Total liabilities   33,017,221     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 December 31, 2012 and March 30, 2012 - -
Common stock; $0.001 par value; 250,000,000 shares authorized; 13,609,002 and 13,589,621 shares issued and outstanding as of December 31, 2012 and March 31, 2012 13,609 13,589
Additional paid-in capital 16,988,127 16,853,039
Statutory reserves 1,309,109 1,309,109
Retained earnings 26,949,017 31,429,100
Accumulated other comprehensive income   2,975,743     2,747,561
Total stockholders' equity   48,235,605     52,352,398
 
Noncontrolling interests   (1,934 )   (1,073 )
Total equity   48,233,671     52,351,325
 
Total liabilities and stockholders' equity $ 81,250,892   $ 74,961,013
 
 
 
 
CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
                 
For the three months ended For the nine months ended
December 31, December 31,
2012 2011 2012 2011
REVENUES, NET $ 15,596,013 $ 25,643,949 $ 75,108,458 $ 69,296,755
 
COST OF GOODS SOLD   12,605,711     18,817,080   63,551,182     49,342,667  
 
GROSS PROFIT   2,990,302     6,826,869   11,557,276     19,954,088  
 
SELLING EXPENSES 3,179,168 2,498,892 7,140,013 6,588,686
GENERAL AND ADMINISTRATIVE EXPENSES   3,300,064     2,175,615   7,456,956     4,570,919  
TOTAL OPERATING EXPENSES   6,479,232     4,674,507   14,596,969     11,159,605  
 
INCOME (LOSS) FROM OPERATIONS (3,488,930 ) 2,152,362 (3,039,693 ) 8,794,483
 
OTHER INCOME (EXPENSE), NET (25,380 ) 16,343 (75,178 ) 222,929
GOODWILL IMPAIRMENT LOSS - - (1,473,606 ) -
CHANGE IN FAIR VALUE OF PURCHASE OPTION DERIVATIVE LIABILITY   (12,095 )   19,404   13,652     116,392  
 
INCOME BEFORE INCOME TAXES (3,526,405 ) 2,188,109 (4,574,825 ) 9,133,804
 
PROVISION FOR (BENEFITS FROM) INCOME TAXES   (39,613 )   610,910   (93,886 )   2,684,463  
 
NET (LOSS) INCOME (3,486,792 ) 1,577,199 (4,480,939 ) 6,449,341
 
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST   (271 )   3,217   (856 )   (1,083 )
 
NET (LOSS) INCOME ATTRIBUTABLE TO CHINA JO-JO DRUGSTORES, INC. (3,486,521 ) 1,573,982 (4,480,083 ) 6,450,424
 
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustments   120,634     262,923   228,181     1,346,370  
 
COMPREHENSIVE (LOSS) INCOME $ (3,365,887 ) $ 1,836,905 $ (4,251,902 ) $ 7,796,794  
 
WEIGHTED AVERAGE NUMBER OF SHARES:
Basic   13,584,172     13,557,379   13,571,479     13,546,570  
Diluted   13,584,172     13,557,379   13,571,479     13,546,570  
 
(LOSS) EARNINGS PER SHARES:
Basic $ (0.26 ) $ 0.12 $ (0.33 ) $ 0.48  
Diluted $ (0.26 ) $ 0.12 $ (0.33 ) $ 0.48  
 
 
 
 
CHINA JO-JO DRUGSTORES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
     
Nine months ended December 31,
2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income $ (4,480,939 ) $ 6,449,341
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 2,118,133 2,065,451
Stock compensation 135,107 75,616
Bad debt expense 2,165,822 543,435
Goodwill Impairment 1,482,327 -
Change in fair value of purchase option derivative liability (13,652 ) (116,392 )
Change in operating assets:
Accounts receivable, trade (5,581,444 ) (5,082,547 )
Notes receivable - -
Inventories (734,011 ) 1,497,076
Other receivables (1,035,445 ) (636,952 )
Advances to suppliers (5,404,917 ) 3,000,229
Other current assets 607,793 5,635,292
Long term deposit 422,457 (17,790 )
Other noncurrent assets 331,544 153,828
Change in operating liabilities:
Accounts payable, trade 6,891,514 5,554,243
Other payables and accrued liabilities 708,621 (862,802 )
Customer deposits 755,387 (213,660 )
Taxes payable   (141,984 )   (366,393 )
Net cash (used in) provided by operating activities   (1,773,687 )   17,677,975
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment (252,128 ) (11,727,452 )
Additions to leasehold improvements (253,515 ) -
Net payments for business acquisitions   -     (3,297,561 )
Net cash used in investing activities   (505,643 )   (15,025,013 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in restricted cash 3,244 (496,520 )
Payments on notes payable - (4,452,229 )
Increase in notes payable 2,512,678 -
Decrease in other payables- related parties   (391,664 )   -
Net cash provided by (used in) financing activities   2,124,258     (4,948,749 )
 
EFFECT OF EXCHANGE RATE ON CASH   117,484     145,548
 
DECREASE IN CASH (37,588 ) (2,150,239 )
 
CASH, beginning of Period   3,833,216     6,489,905
 
CASH, end of Period $ 3,795,628   $ 4,339,666
 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes $ 72,024   $ 3,254,843
Non-cash investing activities
Charge of property and equipment into disposal loss at store closing $ 76,368   $ -
Transfer from construction-in-progress to leasehold improvement $ 2,707,183   $ -
Non-cash financing activities
Notes payable transferred to accounts payable vendors $ -   $ 6,480,692
 
 

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 December 31, 2012, the Company has 52 retail pharmacies throughout Zhejiang Province and Shanghai.

4 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs