China Biologic Reports Financial Results for the Fourth Quarter and Fiscal Year 2012 FY12 Total Sales Up 20.7% to $184.8 Million FY12 Operating Margin Reaching 40.3% FY12 Non-GAAP Net Income Up 31.5% to $48.0 Million PR Newswire BEIJING, March 13, 2013 BEIJING, March 13, 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 financial results for the fourth quarter and fiscal year 2012. Fourth Quarter 2012 Financial Highlights oTotal sales in the fourth quarter of 2012 decreased by 4.6% to $34.0 million from $35.7 million in the same quarter of 2011. oGross profit decreased by 5.2% to $23.9 million from $25.2 million in the same quarter of 2011. Gross margin decreased to 70.4% in the fourth quarter of 2012 from 70.8% in the fourth quarter of 2011. oIncome from operations increased by 41.5% to $13.9 million from $9.8 million in the same quarter of 2011. Operating margin increased to 41.0% in the fourth quarter of 2012 from 27.6% in the same quarter of 2011. oNet income attributable to the Company increased by 25.3% to $5.8 million from $4.6 million in the same quarter of 2011. Fully diluted net income per share was $0.21 in the fourth quarter of 2012 as compared to $0.18 in the same quarter of 2011. oNon-GAAP adjusted net income attributable to the Company was $7.3 million, representing a 15.6% decrease from $8.6 million in the same quarter of 2011. Non-GAAP adjusted net income per share was $0.27, compared to $0.33 in the same quarter of 2011. Fiscal Year 2012 Financial Highlights oTotal sales in 2012 increased by 20.7% to $184.8 million from $153.1 million in 2011. oGross profit in 2012 increased by 17.7% to $126.0 million from $107.1 million in 2011. Gross margin decreased to 68.2% in 2012 from 69.9% in 2011. oIncome from operations in 2012 increased by 131.2% to $74.5 million from $32.2 million in 2011. Operating margin increased to 40.3% in 2012 from 21.0% in 2011. oNet income attributable to the Company increased by 148.7% to $45.2 million from $18.2 million in 2011. Fully diluted net income per share was $1.62 in 2012 as compared to $0.37 in 2011. oNon-GAAP adjusted net income attributable to the Company was $48.0 million, representing a 31.5% increase from $36.5 million in 2011. Non-GAAP adjusted net income per share was $1.79, compared to $1.37 in 2011. Mr. David (Xiaoying) Gao, Chairman and Chief Executive Officer of China Biologic, commented, "We're pleased to see consistently strong demand for our products throughout 2012, which allowed us to enjoy steady top-line annual growth. Our effort over recent years in expanding our sales force and focusing on direct sales to hospitals and inoculation centers has bolstered aspects of our pricing power and reduced our reliance on distributors. We also implemented additional cost control measures since the second half of 2012, resulting in lower selling expenses as a percentage of total sales. Additionally, thanks to enhanced corporate management initiatives, accounts receivable decreased 33.1% year-over-year. Inventories increased 6.1%, in line with production expansion. "In response to the previously announced delay in construction of our new production facility in Guizhou due to slower-than-expected government approval of land use rights, we implemented an alternative strategy to commence upgrading our current production facility at Guizhou Taibang in June or July 2013 to meet the more stringent Good Manufacturing Practice ("GMP") standards that take effect by year end. We expect the comprehensive upgrading to our Guizhou Taibang facility to take six to nine months, during which time we will suspend production at this facility. We expect the upgrade of the production facility will be complete in the first half of 2014. To mitigate the negative impact on sales and ensure supply continuity, we have beenincreasing inventory levels in the past few quarters, adjusting product shipment plans for 2013, and have been and will continue to increase production volume during the first half of 2013." Mr. Gao continued, "We are also pleased to announce that in January 2013, Shandong Taibang obtained approval from local authorities to establish a new plasma collection station in Cao County, Shandong Province. We expect to obtain operating permits and commence plasma collection operations by the end of June 2013. Cao County is home to a population of 1.6 million and we expect our new plasma station there to ramp up in the next three years, potentially enlarging our collection base in Shandong by 10 to 15 percent." Fourth Quarter 2012 Financial Performance Total sales in the fourth quarter of 2012 were $34.0 million, representing a decrease of 4.6% from $35.7 million in the same quarter of 2011. The decrease was mainly due to a human immunoglobulin for intravenous injection ("IVIG") products shipment delay in October when the Company appealed to various regional governments for favorable pricing policies following a price adjustment announcement by the Chinese National Development and Reform Commission ("NDRC") in September 2012. Guizhou and Shandong provincial governments accepted our appeals and approved to lift the tender price ceilings for IVIG products in late October. Income from operations increased by 41.5% to $13.9 million from $9.8 million in the same quarter of 2011, mainly due to $3.5 million decrease in selling expenses. Operating margin increased to 41.0% in the fourth quarter of 2012 from 27.6% in the same quarter of 2011. Net income attributable to the Company increased by 25.3% to $5.8 million from $4.6 million in the same quarter of 2011. Fully diluted net income per share was $0.21 in the fourth quarter of 2012 compared to $0.18 in the same quarter of 2011. Non-GAAP adjusted net income attributable to the Company was $7.3 million, or $0.27 per diluted share, in the fourth quarter of 2012, representing a 15.6% decrease from $8.6 million, or $0.33 per diluted share, in the fourth quarter of 2011. In the fourth quarter of 2011, the Company recorded a loss from change in fair value of warrants of $3.1 million, while no such loss was recorded in the same quarter of 2012. Fiscal Year 2012 Financial Performances Total sales in 2012 were $184.8 million, an increase of 20.7% from $153.1 million in 2011. Excluding foreign exchange influence, the increase in sales was primarily attributable to a mix of price and volume increases in plasma-based products, as well as a substantial increase in sales of placenta polypeptide products. During 2012, most of the Company's approved products recorded price increases. The general price increases for the human albumin products and immunoglobulin product group (other than human hepatitis B immunoglobulin products) were primarily attributable to strong market demand and a shortage of supply following the closure of several plasma collection stations in Guizhou in 2011. During 2012, human albumin products and human immunoglobulin for intravenous injection ("IVIG") products remained the largest two sales contributors. oAs a percentage of total sales, human albumin product revenue was 44.6% in 2012 as compared to 54.5% in 2011. Sales volume of human albumin products declined 9.2% over the year. oAs a percentage of total sales, IVIG revenue was 39.0% in 2012 as compared to 32.3% in 2011. Sales volume of IVIG products increased by 33.6% over the year, mainly due to increased market demand and the Company's ability to ship more product as a result of increased inventory levels built up in the later part of 2011 in anticipation of the demand increase. Cost of sales increased by 27.9% to $58.8 million in 2012 from $46.0 million in 2011. Cost of sales as a percentage of total sales was 31.8%, as compared to 30.1% in 2011. Volume and percentage increases in cost of sales were mainly due to increased sales activities and increased raw plasma collection costs resulting from higher compensation paid to plasma donors. Gross profit increased by 17.7% to $126.0 million in 2012 from $107.1 million in 2011. Gross margin decreased slightly to 68.2% in 2012 from 69.9% in 2011. Total operating expenses in 2012 decreased by 31.2% to $51.5 million from $74.9 million in 2011, primarily due to decreased impairment loss. The Company incurred an impairment loss of $24.8 million in 2011, forboth goodwill and abandonment of long-lived assets as a result of the closure of several plasma collection stations in Guizhou. There was no impairment loss in 2012. As a percentage of total sales, total operating expenses decreased to 27.9% in 2012 from 48.9% in 2011. Selling expenses in 2012 decreased to $14.4 million from $14.6 million in 2011. As a percentage of total sales, selling expenses was 7.8%, down from 9.5% in 2011. The decrease in selling expenses as a percentage of sales was primarily due to favorable product pricing and less reliance on distributors as a result of the Company's lengthy efforts at expanding its sales force as well as the Company's sales strategy of focusing on direct sales to hospitals and inoculation centers. The Company has taken additional steps to further control selling expenses since the second half 2012. General and administrative expenses in 2012 increased by 8.0% to $34.0 million from $31.5 million in 2011. As a percentage of total sales, general and administrative expenses was 18.4% in 2012, down from 20.6% in 2011. The increase in G&A expenses was mainly due to higher payroll expenses and employee benefits, as well as legal expenses related to the disputes among Guizhou Taibang shareholders over the additional capital. Research and development expenses in 2012 were $3.0 million, as compared to $4.0 million in 2011, representing a decrease of 23.8%. As a percentage of total sales, research and development expenses for the years ended December 31, 2012 and 2011 were 1.6% and 2.6%, respectively. The decrease in R&D expenses was primarily due to the completion of the R&D tests on human coagulation factor VIII ("FVIII") in early 2012. Income from operations for the year ended December 31, 2012 was $74.5 million, an increase of 131.2% from $32.2 million in the same period of 2011. Operating margin increased to 40.3% in 2012 from 21.0% in 2011. Income tax expense in 2012 was $15.2 million, as compared to $10.9 million in 2011. The effective income tax rates were 18.7% and 25.8% for the twelve months ended December, 2012 and 2011, respectively. Net income attributable to the Company increased by 148.7% to $45.2 million in 2012, from $18.2 million in 2011. Net margins were 24.5% and 11.9% for the year ended December 31, 2012 and 2011, respectively. Fully diluted net income per share was $1.62 for the year ended December 31, 2012, as compared to $0.37 for the year ended December 31, 2011. Non-GAAP adjusted net income attributable to the Company was $48.0 million or $1.79 per diluted share for the year ended December 31, 2012, representing a 31.5% increase from $36.5 million or $1.37 per diluted share in 2011. Non-GAAP adjusted net income and diluted earnings per share in 2012 excluded an aggregate $1.8 million gain related to the change in the fair value of derivative liabilities, and $4.5 million of non-cash employee share-based compensation expenses. As of December 31, 2012, the Company had cash and cash equivalents of $129.6 million, compared to $89.4 million as of December 31, 2011. Net cash provided by operating activities for the year ended December 31, 2012 was $71.1 million, as compared to $38.5 million for the year 2011. Outlook For the full year of 2013, the Company expects total sales to be in the range of $195 million to $205 million. This guidance assumes, the production suspension at the Company's Guizhou facility, only organic growth and excludes acquisitions and necessarily assumes no significant adverse price changes during 2013. The Company estimates full year non-GAAP adjusted net income to be in the range of $50 million to $53 million. 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 8:00 am, Eastern Time on Thursday, March 14, 2013, which is 8:00 pm, Beijing Time on March 14, 2013, to discuss fourth quarter and fiscal year 2012 results and answer questions from investors. Listeners may access the call by dialing: US: +1 866 978 9970 International: +852 3027 5500 Hong Kong: 3027 5500 China Domestic: 800 803 6103 China Domestic Mobile: 400 681 6405 Passcode: 674 477# A telephone replay of the call will be available after the conclusion of the conference all through 11:59 pm, Eastern Time on March 20, 2012. The dial-in details are: US: +1 866 753 0743 International: +852 3027 5520 Hong Kong: 3027 5520 China Domestic: 800 876 5016 Passcode: 138 012# 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 granted to employees and directors under the Company's 2008 Equity Incentive Plan and changes in the fair value of derivative liabilities, including warrants and derivative instruments (including the conversion option) embedded in the Company's Senior Secured Convertible Notes (after adding back interest related to the convertible notes under the if-converted method). To supplement the Company's 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: email@example.com ICR Inc. Mr. Bill Zima/Rob Koepp Phone: +86-10-6583-7511 or +1-646-405-5191 E-mail: firstname.lastname@example.org Financial statements follow CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES AUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Years Ended December31, December31, December31, 2012 2011 2010 Sales $ 184,813,495 $ 153,092,289 $ 139,695,417 Cost of sales 58,835,998 46,017,661 36,951,149 Gross profit 125,977,497 107,074,628 102,744,268 Operating expenses Selling expenses 14,421,258 14,595,794 7,372,348 General and 34,034,360 31,519,824 24,467,495 administrative expenses Research and 3,032,719 3,978,233 2,336,126 development expenses Impairment loss of - 18,160,281 - goodwill Loss on abandonment and - 6,603,028 - write-off of long-lived assets Income from operations 74,489,160 32,217,468 68,568,299 Other income (expenses) Equity in income of an 2,665,881 1,858,171 1,070,241 equity method investee Change in fair value of 1,769,140 11,974,834 (3,233,288) derivative liabilities Interest income 2,910,297 1,356,950 752,317 Interest expense (1,269,850) (4,670,606) (2,682,482) Other income (expense), 570,511 (453,949) 1,125,972 net Total other income (expenses), 6,645,979 10,065,400 (2,967,240) net Earnings before income tax 81,135,139 42,282,868 65,601,059 expense Income tax expense 15,163,147 10,899,513 13,608,755 Net income 65,971,992 31,383,355 51,992,304 Less: Net income attributable 20,749,803 13,201,645 20,449,421 to noncontrolling interest Net income attributable to $ 45,222,189 $ 18,181,710 $ 31,542,883 China Biologic Products, Inc. Net income per share of common stock: Basic $ 1.73 $ 0.73 $ 1.34 Diluted $ 1.62 $ 0.37 $ 1.30 Weighted average shares used in computation: Basic 26,153,540 25,028,796 23,586,506 Diluted 26,839,723 26,654,662 24,176,432 Net income $ 65,971,992 $ 31,383,355 $ 51,992,304 Other comprehensive income : Foreign currency translation adjustment, net of nil income 1,735,492 6,846,721 5,177,515 taxes Comprehensive income 67,707,484 38,230,076 57,169,819 Less: Comprehensive income attributable to noncontrolling 21,163,655 15,320,805 21,831,352 interest Comprehensive income attributable to China Biologic $ 46,543,829 $ 22,909,271 $ 35,338,467 Products, Inc. CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES AUDITED CONDENSED CONSOLIDATED BALANCE SHEETS December 31, December31, 2012 2011 ASSETS Current Assets Cash and cash equivalents $ 129,609,317 $ 89,411,835 Accounts receivable, net of allowance for 11,206,244 16,757,368 doubtful accounts Inventories 75,679,173 71,338,590 Prepayments and other current assets 5,664,919 6,185,720 Total Current Assets 222,159,653 183,693,513 Property, plant and equipment, net 51,325,177 43,329,463 Intangible assets, net 3,541,582 6,520,671 Land use rights, net 5,818,709 5,487,343 Deposits related to land use rights 14,752,574 1,504,568 Restricted cash 2,912,145 - Equity method investment 10,537,310 8,357,017 Total Assets $ 311,047,150 $ 248,892,575 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term bank loans $ 7,935,000 $ 11,018,000 Accounts payable 2,908,624 4,996,463 Due to related parties 4,081,624 3,319,938 Other payables and accrued expenses 25,423,349 32,851,707 Advance from customers 2,857,420 4,852,125 Income tax payable 4,513,075 5,373,633 Derivative liabilities - warrants - 5,410,419 Total Current Liabilities 47,719,092 67,822,285 Deferred income 2,912,145 - Other liabilities 2,996,749 2,029,249 Total Liabilities 53,627,986 69,851,534 Stockholders' Equity Common stock: par value $0.0001; 100,000,000 shares authorized; 26,629,615 and 25,601,125 2,663 2,560 shares issued and outstanding at December 31, 2012 and 2011, respectively Additional paid-in capital 62,251,731 48,838,311 Retained earnings 119,143,000 73,920,811 Accumulated other comprehensive income 14,072,322 12,750,682 Total equity attributable to China Biologic 195,469,716 135,512,364 Products, Inc. Noncontrolling interest 61,949,448 43,528,677 Total Stockholders' Equity 257,419,164 179,041,041 Commitments and contingencies - - Total Liabilities and Stockholders' $ 311,047,150 $ 248,892,575 Equity CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES AUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended December31, December31, December31, 2012 2011 2010 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 65,971,992 $ 31,383,355 $ 51,992,304 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 5,792,418 4,253,661 3,607,184 Impairment loss of goodwill - 18,160,281 - Loss on abandonment and write-off of long-lived assets - 6,603,028 - Amortization 3,088,320 3,394,808 3,566,269 Loss on sale of property, plant and equipment 828,296 166,934 120,224 Reversal of allowance for doubtful accounts, net (1,904) (19,611) (57,624) Provision for (reversal of) doubtful accounts - other 110,123 (10,254) 475,346 receivables and prepayments Write-down of obsolete inventories - 270,929 451,761 Deferred tax expense (benefit) 1,127,433 (2,595,103) (1,101,171) Share-based compensation 4,544,927 4,896,232 2,341,783 Change in fair value of derivative liabilities (1,769,140) (11,974,834) 3,233,288 Amortization of deferred note issuance cost - 91,945 258,753 Amortization of discount on convertible notes - 3,503,767 1,590,740 Equity in income of an equity method investee (2,665,881) (1,858,171) (1,070,241) Change in operating assets and liabilities: Accounts receivable 5,689,638 (6,126,742) (7,820,523) Prepayment and other current assets (268,498) (711,740) 91,379 Inventories (3,750,200) (17,079,263) (16,026,215) Accounts payable (2,184,674) 431,836 505,407 Otherpayablesandaccruedexpenses (3,210,777) 6,061,066 190,975 Accrued interest - noncontrolling interest shareholders - - (2,086,010) Advance from customers (2,034,138) 1,140,386 (429,497) Due to related parties 734,037 - - Income tax payable (904,655) (1,512,591) (1,046,906) Net cash provided by operating activities 71,097,317 38,469,919 38,787,226 CASH FLOWS FROM INVESTING ACTIVITIES: Dividends received 1,109,115 1,209,880 - Acquisition of a subsidiary, net of cash acquired - - (4,063,325) Payment for property, plant and equipment (13,886,045) (7,968,870) (10,313,432) Payment for intangible assets and land use rights (14,059,397) (424,971) (1,474,718) Proceeds from sale of property, plant and equipment 83,134 56,709 - Net cash used in investing activities (26,753,193) (7,127,252) (15,851,475) For the Years Ended December 31, December 31, December 31, 2012 2011 2010 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from warrants exercised 4,500,000 - 1,232,486 Proceeds from stock option exercised 727,317 300,000 97,600 Acquisition of noncontrolling interest - (7,635,000) - Proceeds from short term bank loans 11,076,100 18,595,200 5,917,600 Repayment of short term bank loans (14,286,800) (10,847,200) (7,397,000) Repayment of noncontrolling interest shareholder loan - - (3,683,377) Dividends paid by subsidiaries to noncontrolling interest (7,120,693) (10,489,504) (10,446,179) shareholders Net cash used in financing activities (5,104,076) (10,076,504) (14,278,870) EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 957,434 3,204,304 2,440,536 NET INCREASE IN CASH 40,197,482 24,470,467 11,097,417 Cash and cash equivalents at beginning of year 89,411,835 64,941,368 53,843,951 Cash and cash equivalents at end of year $ 129,609,317 $ 89,411,835 $ 64,941,368 Supplemental cash flow information Cash paid for income taxes $ 14,940,369 $ 15,007,206 $ 15,756,832 Cash paid for interest expense $ 446,381 $ 890,312 $ 810,643 Noncash investing and financing activities: Convertible notes conversion $ - $ 12,972,000 $ 7,447,095 Transfer from prepayments and deposits to property, plant $ 38,452 $ 959,660 $ 1,078,348 and equipment Land use right acquired with prepayments made in prior $ - $ 312,060 $ - periods Acquisition of property, plant and equipment included in $ 104,300 $ 83,226 $ 2,164,449 payables Exercise of warrants that were liability classified $ 3,641,279 $ - $ 3,045,704 Restricted cash from government grants for property, plant $ 2,912,145 $ - $ - and equipment RECONCILIATION OF NON-GAAP FINANCIAL MEASURES FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2012 and 2011 For the three months For the three months ended ended 12/31/2012 12/31/2011 Net Income Net Income Adjusted Net Income Attributable to $ 7,279,757 $ 8,623,265 the Company - Non GAAP Diluted EPS - Non GAAP $ 0.27 $ 0.33 Non-cash employee stock $ (1,470,795) $ (1,247,977) compensation Lossfrom change in fair value of $ - $ (3,086,285) warrants Impairment loss of goodwill $ - $ - Loss on abandonment of long-lived assets attributable to controlling $ - $ - interest Written-off of raw material attributable to controlling $ - $ 345,704 interest due to closure of plasma stations Net Income Attributable to the $ 5,808,962 $ 4,634,707 Company Weighted average number of shares used in computation of Non GAAP 27,147,351 26,425,216 diluted EPS For the year ended For the year ended 12/31/2012 12/31/2011 Net Income Net Income Adjusted Net Income Attributable to $ 47,997,976 $ 36,502,178 the Company - Non GAAP Diluted EPS - Non GAAP $ 1.79 $ 1.37 Non-cash employee stock $ (4,544,927) $ (4,896,232) compensation Impairment loss of goodwill $ - $ (18,160,281) Loss on abandonment of long-lived assets attributable to controlling $ - $ (3,565,635) interest Written-off of raw material attributable to controlling $ - $ (90,506) interest due to closure of plasma stations Interest on the Notes $ - $ (3,582,648) Gain from change in fair value of embedded conversion option in the $ - $ 6,289,661 Notes Gain from change in fair value of $ 1,769,140 $ 5,685,173 warrants Net Income Attributable to the $ 45,222,189 $ 18,181,710 Company Weighted average number of shares used in computation of Non GAAP 26,839,723 26,654,662 diluted EPS SOURCE China Biologic Products, Inc. Website: http://www.chinabiologic.com
China Biologic Reports Financial Results for the Fourth Quarter and Fiscal Year 2012
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