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China Biologic Reports Financial Results for the Third Quarter and First Nine Months of 2013



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--

PR Newswire

BEIJING, Nov. 5, 2013

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

  o Total sales in the third quarter of 2013 were $53.2 million, compared to
    $53.1 million in the same quarter of 2012.
  o 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.
  o 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.
  o 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.
  o 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.

  o 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.
  o 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    For the nine months
                                                           ended                   ended 
                                                           September   September   September    September
                                                           30,         30,         30,          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        1,985,434   (86,731)    7,810,690    1,226,404
income taxes 
Comprehensive income                                       21,933,397  18,386,358  72,648,658   57,010,325
Less: Comprehensive income attributable to noncontrolling  5,586,905   4,926,035   20,469,852   16,692,803
interest 
Comprehensive income attributable to China Biologic        16,346,492  13,460,323  52,178,806   40,317,522
Products, Inc. 

 

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     22,404,534      11,206,244
doubtful accounts 
   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            2,704           2,663

         December 31, 2012, respectively
   Additional paid-in capital                    68,698,856      62,251,731
   Treasury stock, 1,479,704 and nil shares at
September 30, 2013 and                           (29,594,080)    -

   December 31, 2012, respectively, at cost
   Retained earnings                             164,916,809     119,143,000
   Accumulated other comprehensive income        20,477,319      14,072,322
   Total equity attributable to China Biologic   224,501,608     195,469,716
Products, Inc. 
   Noncontrolling interest                       70,223,371      61,949,448
         Total Stockholders' Equity              294,724,979     257,419,164
   Commitments and contingencies                 -               -
         Total Liabilities and Stockholders'     381,553,698     311,047,150
Equity 

 

 

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           (138,450)       371,544
property, plant and equipment 
              Allowance for doubtful accounts,  -               21,876
net 
              Provision for doubtful accounts   37,453          94,567
- other receivables and prepayments
              Deferred tax expense/ (benefit)   428,037         (515,960)
              Share-based compensation          4,076,817       3,074,132
              Change in fair value of           -               (1,769,140)
derivative liabilities 
              Equity in income of an equity     (1,382,524)     (2,219,279)
method investee 
       Change in operating assets and
liabilities: 
              Accounts receivable               (10,758,305)    1,872,418
              Prepayment and other current      (720,340)       (468,800)
assets
              Inventories                       (5,872,632)     3,507,968
              Accounts payable                  1,254,404       (1,103,617)
              Other payables and accrued        1,088,481       (398,905)
expenses 
              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          (17,076,459)    (7,436,719)
equipment 
       Payment for intangible assets and land   (1,141,197)     (796,707)
use rights 
       Dividend received                        560,980         1,109,115
       Purchase of short-term investment        -               (2,731,300)
       Proceeds from sale of property, plant    175,808         -
and equipment
       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      (30,000,000)    -
long-term bank loans
       Payment for share repurchase             (29,594,080)    -
       Acquisition of noncontrolling interest   (1,963,913)     -
       Dividends paid by subsidiaries to        (10,896,678)    (4,379,016)
noncontrolling interest shareholders 
Net cash (used in)/ provided by financing       (42,625,260)    210,884
activities 
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON      3,533,528       390,585
CASH 
NET INCREASE IN CASH AND CASH EQUIVALENTS       1,887,357       42,311,351
Cash and cash equivalents at beginning of       129,609,317     89,411,835
period
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    1,502,623       -
and equipment included in payables 
              Exercise of warrants that were    -               3,641,279
liability classified

 

 

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 15,549,559      14,698,324
- Non GAAP
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       27,449,081      27,018,904
computation of Non GAAP diluted EPS
                                                For the nine months ended 
                                                September 30,   September 30, 
                                                2013            2012
                                                USD             USD
Adjusted Net Income Attributable to the Company 49,351,104      40,718,219
- Non GAAP
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       27,780,005      26,741,713
computation of Non GAAP diluted EPS

SOURCE China Biologic Products, Inc.

Website: http://www.chinabiologic.com
Website: http://chinabiologic.investorroom.com
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