Biostar Pharmaceuticals, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016
August 22, 2016 at 04:00 pm EDT
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Biostar Pharmaceuticals, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported sales of $620,138 against $14,176,234 a year ago. Loss from operations was $6,860,303 against $1,073,184 a year ago. Loss before income taxes was $6,844,223 against $661,499 a year ago. Net loss was $6,902,448 or $3.12 per basic and diluted share against $492,427 or $0.22 per basic and diluted share a year ago.
For the six months, the company reported sales of $1,421,765 against $21,084,981 a year ago. Loss from operations was $7,528,822 against $1,963,182 a year ago. Loss before income taxes was $7,522,789 against $1,300,474 a year ago. Net loss was $7,522,789 or $3.40 per basic and diluted share against $652,531 or $0.30 per basic and diluted share a year ago. Net cash provided by operating activities was $353,633 against $439,558 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.