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Biostar Pharmaceuticals, Inc. (BSPM) Announces 2012 Second Quarter Financial Results


8/15/2012 11:19:28 AM

XIANYANG, China, Aug. 14, 2012 /PRNewswire-Asia/ -- Biostar Pharmaceuticals, Inc. (NASDAQ GM: BSPM) ("Biostar" or "the Company"), a PRC-based manufacturer and marketer of pharmaceutical and health supplement products in China for a variety of diseases and conditions, today announced its financial results for the second quarter and six months ended June 30, 2012, which were severely affected by the temporary PRC government imposed suspension of gel capsule sales.

Second Quarter 2012 vs. Second Quarter 2011*

  • Net sales decreased to $8.2 million from $25.9 million;
  • Gross margin decreased to 56.0% as compared to 71.9%;
  • Loss from operations was $12.2 million, as compared to income from operations of $6.0 million. Loss from operations for the current period included a charge to operations of $7.9 million shown on the following tables as "credits for negative publicity" relating to a write-down of accounts receivables. Excluding this write-down, loss from operations for the current period was $4.3 million;
  • The net loss was $9.5 million, or $1.01 per diluted share, as compared to net income of $4.2 million, or $0.45 per diluted share. Excluding the aforementioned credits to negative publicity, the net loss for the current period would have been $3.6 million or $0.38 per diluted share.

First Half 2012 vs. First Half 2011*

  • Net sales decreased to $24.1 million from $41.2 million;
  • Gross margin decreased to 64.0% as compared to 71.1%;
  • Loss from operations was $9.1 million, as compared to income from operations of $9.7 million. As noted above, loss from operations for the current period included the aforementioned $7.9 million credits for negative publicity (write-down to accounts receivables). Excluding this write-down, loss from operations for the current period was $1.1 million;
  • The net loss was $7.3 million, or $0.78 per diluted share, as compared to net income of $6.9 million, or $0.75 per diluted share. Excluding the aforementioned credits to negative publicity, the net loss for the current period would have been $1.4 million or $0.15 per diluted share.


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