Biostar Pharmaceuticals, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016
November 21, 2016 at 09:30 pm
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Biostar Pharmaceuticals, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported net sales of $644,933 compared to $4,206,550 a year ago. Loss from operations was $1,961,999 compared to $1,701,019 a year ago. Loss before income taxes was $1,563,671 compared to $1,244,694 a year ago. Net loss was $1,563,671 or $0.71 per diluted share compared to $1,254,753 or $0.57 per diluted share a year ago.
For nine months, the company reported net sales of $2,066,698 compared to $25,291,531 a year ago. Loss from operations was $9,490,821 compared to $3,664,201 a year ago. Loss before income taxes was $9,086,460 compared to $2,545,168 a year ago. Net loss was $9,086,460 or $4.11 per diluted share compared to $1,907,284 or $0.86 per diluted share a year ago. Net cash provided by operating activities was $911,057 compared to net cash used in operating activities were of $206,821 a year ago.
Biostar Pharmaceuticals, Inc. (Biostar) is a holding company. The Company, through its subsidiary, Shaanxi Biostar Biotech, Ltd. (Shaanxi Biostar), and its variable interest entities (VIEs), Shaanxi Aoxing Pharmaceutical Co., Ltd. (Aoxing Pharmaceutical) and Shaanxi Weinan Huaren Pharmaceuticals Ltd. (Shaanxi Weinan), develops, manufactures and markets pharmaceutical products for various diseases and conditions in the People's Republic of China (PRC or China). The Company offers over-the-counter (OTC) products and prescription-based pharmaceuticals. The Company's products are sold in approximately 30 provinces in the PRC through a network of over 60 distributors and through approximately 230 sales people. The Company's products include XinAoxing Oleanolic Acid Capsule, Ganwang Compound Paracetamol Capsule, Tianqi Dysmenorrhea Capsule, Compound Paracetamol and Amantadine Hydrochloride Tablets, Deafness Tongqiao pills and Huangyangning Tablets.