China Biologic Reports Financial Results for the Fourth Quarter and Fiscal Year 2012

  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: ir@chinabiologic.com

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

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
 
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