China Biologic Reports Financial Results for the Third Quarter and First Nine Months of 2013 --3Q13 Total Sales of $53.2 Million / 9M Total Sales Up 6.6%--

--3Q13 Operating Income Up 13.4% / 9M Operating Income Up 23.0%--

--3Q13 Operating Margin Up 520 bp to 43.6% / 9M Operating Margin Up to 46.3% --

--3Q13 Non-GAAP Net Income Up 5.8% / 9M Non-GAAP Net Income Up 21.2%--

--Raises FY13 Adjusted Net Income Forecast--

BEIJING, Nov. 5, 2013 /PRNewswire-FirstCall/ -- China Biologic Products, Inc. (NASDAQ: CBPO, "China Biologic" or the "Company"), a leading fully integrated plasma-based biopharmaceutical company in China, today announced its unaudited financial results for the third quarter of 2013.

Third Quarter 2013 Financial Highlights

  • Total sales in the third quarter of 2013 were $53.2 million, compared to $53.1 million in the same quarter of 2012.
  • Gross profit decreased slightly to $36.0 million from $36.2 million in the same quarter of 2012. Gross margin was 67.7% in the third quarter of 2013, compared to 68.1% in the third quarter of 2012.
  • Income from operations increased by 13.4% to $23.2 million from $20.4 million in the same quarter of 2012. Operating margin increased to 43.6% in the third quarter of 2013 from 38.4% in the same quarter of 2012.
  • Net income attributable to the Company increased by 7.9% to $14.7 million from $13.6 million in the same quarter of 2012. Fully diluted net income per share was $0.53 in the third quarter of 2013 as compared to $0.50 in the same quarter of 2012.
  • Non-GAAP adjusted net income attributable to the Company was $15.5 million, representing a 5.8% increase from $14.7 million in the same quarter of 2012. Non-GAAP adjusted net income per share was $0.56, compared to $0.54 in the same quarter of 2012.

Mr. David (Xiaoying) Gao, Chairman and Chief Executive Officer of China Biologic, commented, "We are pleased with our solid financial performance and sound operational execution in the third quarter, particularly in comparison with the third quarter in the prior year, which was also a strong quarter. Our Shandong facility experienced a double-digit sales increase in the third quarter and, as anticipated, our Guizhou facility suspended production since June 1, 2013. The financial impact associated with our Guizhou facility remains in-line with our internal forecast and our total sales for the first nine months of this year continue to grow as planned."

"As we stated last quarter, market demand for plasma-based products in China remained strong. This contributed to an increase in albumin import volume and had a slightly negative impact on product pricing. We continue to closely monitor market trends to adjust our pricing and product shipments accordingly. During the reporting quarter, we maintained strong operating margin, thanks to a more profitable product mix, efficient cost control measures due to reduced selling and G&A expenses, as well as improved plasma utilization efficiency following the launch of our Factor VIII products."

"During the third quarter, in Shandong, our new plasma station in Cao County continued to ramp up. After receiving SFDA approval in 2012, we have identified sufficient patients in recent months to initiate phase III clinical trials for Human Fibrinogen, a product used to treat congenital fibrinogen deficiency and acquired fibrinogen deficiency. In July, Shandong Taibang received SFDA manufacturing approval for a new 300 IU vial dosage of Factor VIII. This addition to our product portfolio reflects our ongoing commitment of improving product offering in general and advancing hemophilia therapy treatment in particular. We expect to commence commercial production in the following months. In Guizhou, we received SFDA manufacturing approval for Human Prothrombin Complex Concentrate ("PCC") at the end of July and expect to obtain GMP certification and start commercial production when our Guizhou facility resumes production in 2014."

"Finally, we closed our share repurchase transaction in the third quarter, under which we repurchased approximately 1.48 million shares of our common stock, representing approximately 5.49% of the total common stock outstanding as of August 2, 2013, from one of our individual shareholders. We believe this share repurchase has improved our Company's shareholder structure, enhances shareholder value and may also improve our EPS performance."

Third Quarter 2013 Financial Performance

Total sales in the third quarter of 2013 were $53.2 million, compared to $53.1 million in the same quarter of 2012. Excluding the foreign currency impact, sales in RMB term decreased slightly by 2.5%. Third quarter sales results were primarily attributable to a 38% sales decline at the Company's Guizhou facility, due to the planned production suspension at this facility, which was in line with management's projection, partially offset by a 21% sales increase in the Company's Shandong facility. During the three months ended September 30, 2013, the average price for Company's human albumin products increased by approximately 11.0% and the average price for human immunoglobulin for intravenous injection ("IVIG") remained stable. The price increase for the human albumin products was primarily attributable to the increase of the retail price ceiling announced by the NDRC in January 2013.

During the third quarter of 2013, human albumin products and IVIG products remained the largest two sales contributors.

  • As a percentage of total sales, revenue from human albumin products was 49.7% in the third quarter of 2013 as compared to 43.3% in the same quarter of 2012. Sales volume of human albumin products increased slightly by 2.7% in the reporting quarter, primarily driven by increased sales at Shandong Taibang partially due to the delayed shipments.
  • As a percentage of total sales, revenue from IVIG products was 32.3% in the third quarter of 2013 as compared to 44.1% in the same quarter of 2012. Sales volume of IVIG products decreased by 27.2% in the quarter, mainly due to the reduced production volume as a result of the planned production suspension at Guizhou Taibang.

Cost of sales increased slightly to $17.2 million in the third quarter of 2013 from $16.9 million in the same quarter of 2012. Cost of sales as a percentage of total sales was 32.3%, as compared to 31.9% in the same quarter of 2012.

Gross profit decreased slightly to $36.0 million in the third quarter of 2013 from $36.2 million in the same quarter of 2012. Gross margin was 67.7% and 68.1% for the three months ended September 30, 2013 and 2012, respectively. The decrease in gross margin was mainly due to the increase in cost of plasma paid to donors in 2013 as compared to 2012. 

Total operating expenses in the third quarter of 2013 decreased by 18.7% to $12.8 million from $15.8 million in the same quarter of 2012. As a percentage of total sales, total operating expenses decreased to 24.1% from 29.7% in the same quarter of 2012.

Selling expenses in the third quarter of 2013 decreased by 28.0% to $2.6 million from $3.5 million in the same quarter of 2012. As a percentage of total sales, selling expenses were 4.8%, down from 6.7% in the same quarter of 2012. The decrease was primarily due to increasingly stringent control on selling expenses since the second half of 2012.

General and administrative expenses in the third quarter of 2013 decreased by 20.5% to $9.2 million from $11.6 million in the same quarter of 2012. As a percentage of total sales, general and administrative expenses were 17.3% and 21.8% in the third quarter of 2013 and 2012, respectively. The decrease in G&A expenses was mainly due to the decrease of payroll expenses in Guizhou Taibang as a result of the production suspension in the third quarter of 2013. In addition, China Biologic incurred amortization expenses related to the Guizhou Taibang acquisition in the third quarter of 2012 that had been fully amortized by the end of 2012, and consequently did not result in any similar expenses in the third quarter of 2013.

Research and development expenses in the third quarter of 2013 were $1.1 million, representing an increase of 65.3% from $637 thousand in the same quarter of 2012. As a percentage of total sales, research and development expenses for the three months ended September 30, 2013 and 2012 were 2.0% and 1.2%, respectively. The increase in R&D expenses was mainly due to certain technical support services the Company engaged to improve production yields on certain hyper-immune products for the three months ended September 30, 2013. In addition, during the third quarter of 2013, the Company started the phase III clinical trials for Human Fibrinogen, a product to be used to treat congenital fibrinogen deficiency and acquired fibrinogen deficiency.

Income from operations for the three months ended September 30, 2013 was $23.2 million, representing an increase of 13.4% from $20.4 million in the same period of 2012. Operating margin increased to 43.6% in the reporting quarter from 38.4% in the same quarter of 2012.

Income tax expense in the third quarter of 2013 was $4.9 million, as compared to $3.5 million in the same quarter of 2012, representing an increase of 40.0%. The effective income tax rates were 19.6% and 15.9% for the three months ended September 30, 2013 and 2012, respectively.

Net income attributable to the Company increased by 7.9% to $14.7 million in the third quarter of 2013, from $13.6 million in the same quarter of 2012. Net margins were 27.6% and 25.6% for the three months ended September 30, 2013 and 2012, respectively. Fully diluted net income per share was $0.53, as compared to $0.50 in the third quarter of 2012.

Non-GAAP adjusted net income attributable to the Company was $15.5 million or $0.56 per diluted share in the third quarter of 2013, compared to $14.7 million or $0.54 per diluted share in the same quarter of 2012.

Non-GAAP adjusted net income and diluted earnings per share for the three months ended September 30, 2013 excluded $0.9 million of non-cash employee share-based compensation expenses.

First Nine Months 2013 Financial Performances

Total sales in the first nine months of 2013 were $160.8 million, representing an increase of 6.6% from $150.8 million in the same period of 2012. The increase in sales was primarily attributable to a combined effect of price and volume increases in certain plasma-based products.

As a percentage of total sales, sales from human albumin products and IVIG products were 43.3% and 39.8%, respectively, for the nine months ended September 30, 2013.

Cost of sales increased slightly to $49.9 million in the first nine months of 2013, from $48.8 million in the same period of 2012. Cost of sales as a percentage of total sales was 31.0%, as compared to 32.3% in the same period of 2012.

Gross profit increased by 8.6% to $110.9 million in the first nine months of 2013 from $102.0 million in the same period of 2012. Gross margin increased to 69.0% in the first nine months of 2013 from 67.7% in the same period of 2012. The improvement of the Company's overall gross margin was mainly due to the improved gross margin of human albumin products as a result of price increases and the improved utilization efficiency of plasma following the launch of Factor VIII products. 

Total operating expenses in the first nine months of 2013 decreased by 12.3% to $36.4 million from $41.5 million in the same period of 2012. The decrease of total operating expenses was mainly due to the decrease in the selling expenses. As a percentage of total sales, total operating expenses decreased to 22.6% for the nine months ended September 30, 2013, from 27.5% in the same period of 2012.

Income from operations for the nine months ended September 30, 2013 was $74.5 million, an increase of 23.0% from $60.6 million in the same period of 2012.

Income tax expense in the first nine months of 2013 was $13.2 million, an increase of 32.4% from $10.0 million in the same period of 2012. The effective income tax rates were 16.9% and 15.2% for the nine months ended September 30, 2013 and 2012, respectively. The tax rate applicable to the Company's major operating subsidiaries in the PRC for 2012 and 2013 is 15%.

Net income attributable to the Company increased by 16.1% to $45.8 million for the nine months ended September 30, 2013, from $39.4 million in the same period of 2012. Net margins were 28.5% and 26.1% for the nine months ended September 30, 2013 and 2012, respectively.

Non-GAAP adjusted net income attributable to the Company was $49.4 million or $1.77 per diluted share for the nine months ended September 30, 2013 compared with $40.7 million or $1.52 per diluted share in the same period of 2012.

Non-GAAP adjusted net income and diluted earnings per share in the nine months ended September 30, 2013 excluded $3.6 million of non-cash employee share-based compensation expenses.

As of September 30, 2013, the Company had cash and cash equivalents of $131.5 million, compared to $129.6 million as of December 31, 2012.

Net cash provided by operating activities for the nine months ended September 30, 2013 was $58.5 million, as compared to $64.8 million for the same period of 2012. The decrease in net cash provided by operating activities was mainly due to an increase in inventory and accounts receivable. The increase in inventories was mainly due to the planned production suspension of Guizhou Taibang. The increase in accounts receivable was largely due to hospital clients increasing their inventory levels toward the end of September in anticipation of the long national holiday in October.

Net cash used in investing activities for the nine months ended September 30, 2013 was $17.5 million compared to $23.1 million in the prior year nine month period.

Net cash used in financing activities for the nine months ended September 30, 2013 was $42.6 million compared to net cash provided by financing activities of $0.2 million in the prior year nine month period. Net cash used in financing activities for the nine months ended September 30, 2013 mainly consisted of a payment of $29.6 million for share repurchase and a dividend of $10.9 million paid by the Company's subsidiaries to the non-controlling interest shareholders.

Outlook

For the full year of 2013, the Company expects to meet the high end of its total sales forecast range of $195 million to $205 million. Based on the Company's strong margin performance in the third quarter and favorable outlook for the remainder of the year, it is raising its full year non-GAAP adjusted net income estimate to the range of $58 million to $60 million, a 13-16% increase from the estimate provided last quarter.

This forecast reflects the Company's current and preliminary views, which are subject to change.

Conference Call

The Company will host a conference call at 7:30 am, Eastern Time on Wednesday, November 6, 2013, which is 8:30 pm, Beijing Time on November 6, 2013, to discuss third quarter 2013 results and answer questions from investors. Listeners may access the call by dialing:  

US:

+1 866 652 5200

International:

+1 412 317 6060

Hong Kong:

06 800 20175

China:

400 120 1203

Passcode:

10036364

A telephone replay of the call will be available after the conclusion of the conference all through 9:00 am, Eastern Time on November 14, 2013. The dial-in details are:         

US:

+1 877 344 7529

International:

+1 412 317 0088

Passcode:

10036364

A live and archived webcast of the conference call will be available through the Company's investor relations website at http://chinabiologic.investorroom.com.

About China Biologic Products, Inc.

China Biologic Products, Inc. (Nasdaq: CBPO), is a leading fully integrated plasma-based biopharmaceutical company in China. The Company's products are used as critical therapies during medical emergencies and for the prevention and treatment of life-threatening diseases and immune-deficiency related diseases. China Biologic is headquartered in Beijing and manufactures over 20 plasma-based products through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co., Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd. The Company also has an equity investment in Xi'an Huitian Blood Products Co., Ltd. The Company sells its products to hospitals and other healthcare facilities in China. For additional information, please see the Company's website www.chinabiologic.com.

Non-GAAP Disclosure

This news release contains non-GAAP financial measures that exclude non-cash compensation expenses related to options and restricted shares granted to employees and directors under the Company's 2008 Equity Incentive Plan and changes in the fair value of warrants. To supplement the Company's unaudited condensed consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information excluding the impact of these items in this release. The Company's management believes that these non-GAAP measures provide investors with a better understanding of how the results relate to the Company's historical performance. A reconciliation of the adjustments to GAAP results appears in the table accompanying this news release. This additional non-GAAP information is not meant to be considered in isolation or as a substitute for GAAP financials. The non-GAAP financial information that the Company provides also may differ from the non-GAAP information provided by other companies.

Safe Harbor Statement

This news release may contain certain "forward-looking statements" relating to the business of China Biologic Products, Inc. and its subsidiaries. All statements, other than statements of historical fact included herein, are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect.

Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including its potential inability to achieve the expected operating and financial performance in 2013, potential inability to find alternative sources of plasma, potential inability to increase production at permitted sites, potential inability to mitigate the financial consequences of a temporarily reduced raw plasma supply through cost cutting or other efficiencies, and potential additional regulatory restrictions on its operations and those additional risks and uncertainties discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contact:    

China Biologic Products, Inc.
Mr. Ming Yin
Vice President 
Phone: +86-10-6598-3099
Email: ir@chinabiologic.com

ICR Inc.
Mr. Bill Zima
Phone: +86-10-6583-7511 or +1-646-405-5191
E-mail: bill.zima@icrinc.com

Financial statements follow.

 

CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES

 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME












For the three months ended 


For the nine months ended 



September 30, 


September 30,


September 30,


September 30,



2013


2012


2013


2012



USD


USD


USD


USD

Sales


53,152,141


53,124,050


160,764,396


150,817,850

Cost of sales


17,165,897


16,921,284


49,904,917


48,767,900

Gross profit 


35,986,244


36,202,766


110,859,479


102,049,950










Operating expenses 









       Selling expenses


2,551,245


3,545,378


6,829,365


12,536,727

       General and administrative expenses 


9,218,798


11,599,779


26,771,966


26,677,945

       Research and development expenses 


1,053,383


637,397


2,801,625


2,277,474

Income from operations 


23,162,818


20,420,212


74,456,523


60,557,804










Other income/ (expenses)









       Equity in income of an equity method investee 


642,579


744,976


1,382,524


2,219,279

       Change in fair value of derivative liabilities 


-


-


-


1,769,140

       Interest expense 


(306,656)


(223,992)


(741,569)


(990,190)

       Interest income


1,320,263


561,761


2,964,082


1,870,873

       Other income, net 


-


449,815


-


347,029

Total other income, net 


1,656,186


1,532,560


3,605,037


5,216,131










Earnings before income tax expense 


24,819,004


21,952,772


78,061,560


65,773,935










Income tax expense 


4,871,041


3,479,683


13,223,592


9,990,014










Net income 


19,947,963


18,473,089


64,837,968


55,783,921










Less: Net income attributable to noncontrolling interest 


5,251,940


4,855,939


19,064,159


16,370,694










Net income attributable to China Biologic Products, Inc. 


14,696,023


13,617,150


45,773,809


39,413,227










Net income per share of common stock: 









       Basic 


0.55


0.51


1.71


1.51

       Diluted 


0.53


0.50


1.64


1.41

Weighted average shares used in computation: 









       Basic 


26,288,154


26,546,929


26,649,563


26,009,707

       Diluted 


27,449,081


27,018,904


27,780,005


26,741,713










Net income 


19,947,963


18,473,089


64,837,968


55,783,921










Other comprehensive income :









Foreign currency translation adjustment, net of nil income taxes 


1,985,434


(86,731)


7,810,690


1,226,404










Comprehensive income 


21,933,397


18,386,358


72,648,658


57,010,325










Less: Comprehensive income attributable to noncontrolling interest 


5,586,905


4,926,035


20,469,852


16,692,803










Comprehensive income attributable to China Biologic Products, Inc. 


16,346,492


13,460,323


52,178,806


40,317,522

 

CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS








September 30, 


December 31, 



2013


2012



USD


USD

ASSETS 





Current Assets 





   Cash and cash equivalents


131,496,674


129,609,317

   Accounts receivable, net of allowance for doubtful accounts 


22,404,534


11,206,244

   Inventories 


83,676,773


75,679,173

   Prepayments and other current assets


6,480,946


5,664,919

         Total Current Assets 


244,058,927


222,159,653






Property, plant and equipment, net 


67,126,063


51,325,177

Intangible assets, net 


2,840,550


3,541,582

Land use rights, net 


7,038,767


5,818,709

Deposits related to land use rights


16,772,063


14,752,574

Restricted cash and deposit


32,064,962


2,912,145

Equity method investment 


11,652,366


10,537,310

         Total Assets 


381,553,698


311,047,150






LIABILITIES AND STOCKHOLDERS' EQUITY 





Current Liabilities





   Short-term bank loans 


4,890,000


7,935,000

   Accounts payable 


4,060,550


2,908,624

   Due to related parties 


4,208,582


4,081,624

   Other payables and accrued expenses 


29,625,322


25,423,349

   Advance from customers 


2,100,906


2,857,420

   Income tax payable 


5,483,734


4,513,075

         Total Current Liabilities 


50,369,094


47,719,092






Long-term bank loans


30,000,000


-

Deferred income


2,991,050


2,912,145

Other liabilities 


3,468,575


2,996,749

         Total Liabilities 


86,828,719


53,627,986






Stockholders' Equity 





   Common stock: 





         par value $0.0001; 





         100,000,000 shares authorized; 





         27,046,556 and 26,629,615 shares issued at September 30, 2013 and

         December 31, 2012, respectively; 





         25,566,852 and 26,629,615 shares outstanding at September 30, 2013 and

         December 31, 2012, respectively


2,704


2,663

   Additional paid-in capital 


68,698,856


62,251,731

   Treasury stock, 1,479,704 and nil shares at September 30, 2013 and

   December 31, 2012, respectively, at cost


(29,594,080)


-






   Retained earnings 


164,916,809


119,143,000

   Accumulated other comprehensive income 


20,477,319


14,072,322

   Total equity attributable to China Biologic Products, Inc. 


224,501,608


195,469,716






   Noncontrolling interest 


70,223,371


61,949,448






         Total Stockholders' Equity 


294,724,979


257,419,164






   Commitments and contingencies 


-


-






         Total Liabilities and Stockholders' Equity 


381,553,698


311,047,150

 

 

CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS








For the nine months ended 



September 30, 


September 30, 



2013


2012



USD


USD

CASH FLOWS FROM OPERATING ACTIVITIES: 





       Net income 


64,837,968


55,783,921





       Adjustments to reconcile net income to net cash provided by operating activities: 




              Depreciation


4,550,598


4,326,425

              Amortization 


1,027,650


2,293,839

              (Gain)/ loss on sale of property, plant and equipment 


(138,450)


371,544

              Allowance for doubtful accounts, net 


-


21,876

              Provision for doubtful accounts - other receivables and prepayments


37,453


94,567

              Deferred tax expense/ (benefit)


428,037


(515,960)

              Share-based compensation 


4,076,817


3,074,132

              Change in fair value of derivative liabilities 


-


(1,769,140)

              Equity in income of an equity method investee 


(1,382,524)


(2,219,279)

       Change in operating assets and liabilities: 





              Accounts receivable 


(10,758,305)


1,872,418

              Prepayment and other current assets


(720,340)


(468,800)

              Inventories 


(5,872,632)


3,507,968

              Accounts payable 


1,254,404


(1,103,617)

              Other payables and accrued expenses 


1,088,481


(398,905)

              Advance from customers 


(823,499)


(939,904)

              Due to related parties


16,539


337,536

              Income tax payable 


837,760


517,440

Net cash provided by operating activities 


58,459,957


64,786,061






CASH FLOWS FROM INVESTING ACTIVITIES:





       Payment for property, plant and equipment 


(17,076,459)


(7,436,719)

       Payment for intangible assets and land use rights 


(1,141,197)


(796,707)

       Dividend received


560,980


1,109,115

       Purchase of short-term investment


-


(2,731,300)

       Proceeds from sale of property, plant and equipment


175,808


-

       Payment related to land use right


-


(13,220,568)

Net cash used in investing activities 


(17,480,868)


(23,076,179)






CASH FLOWS FROM FINANCING ACTIVITIES: 





       Proceeds from stock option exercised 


3,035,011


120,000

       Proceeds from warrants exercised


-


4,500,000

       Proceeds from short-term bank loans


4,808,400


11,076,100

       Repayment of short-term bank loans 


(8,014,000)


(11,106,200)

       Proceeds from long-term bank loans


30,000,000


-

       Payment for deposit as security for long-term bank loans


(30,000,000)


-

       Payment for share repurchase


(29,594,080)


-

       Acquisition of noncontrolling interest


(1,963,913)


-

       Dividends paid by subsidiaries to noncontrolling interest shareholders 


(10,896,678)


(4,379,016)

Net cash (used in)/ provided by financing activities 


(42,625,260)


210,884






EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 


3,533,528


390,585






NET INCREASE IN CASH AND CASH EQUIVALENTS


1,887,357


42,311,351






Cash and cash equivalents at beginning of period


129,609,317


89,411,835






Cash and cash equivalents at end of period


131,496,674


131,723,186






Supplemental cash flow information 





       Cash paid for income taxes 


11,957,795


9,988,536

       Cash paid for interest expense 


273,095


296,901

       Noncash investing and financing activities: 





              Acquisition of property, plant and equipment included in payables 


1,502,623


-

              Exercise of warrants that were liability classified


-


3,641,279

 

 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 and 2012






For the three months ended 


September 30, 


September 30, 


2013


2012


USD


USD

Adjusted Net Income Attributable to the Company - Non GAAP

15,549,559


14,698,324

Diluted EPS - Non GAAP

0.56


0.54

Non-cash employee stock compensation

(853,536)


(1,081,174)

Net Income Attributable to the Company

14,696,023


13,617,150

Weighted average number of shares used in computation of Non GAAP diluted EPS

27,449,081


27,018,904










For the nine months ended 


September 30, 


September 30, 


2013


2012


USD


USD

Adjusted Net Income Attributable to the Company - Non GAAP

49,351,104


40,718,219

Diluted EPS - Non GAAP

1.77


1.52

Non-cash employee stock compensation

(3,577,295)


(3,074,132)

Gain from change in fair value of warrants

-


1,769,140

Net Income Attributable to the Company

45,773,809


39,413,227

Weighted average number of shares used in computation of Non GAAP diluted EPS

27,780,005


26,741,713

SOURCE China Biologic Products, Inc.



RELATED LINKS
http://www.chinabiologic.com
http://chinabiologic.investorroom.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.