BEIJING, May 6, 2014 /PRNewswire/ -- 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 first quarter of 2014.
First Quarter 2014 Financial Highlights
- Total sales in the first quarter of 2014 increased by
4.1% to $56.3 million from
$54.0 million in the same quarter of
2013.
- Gross profit increased by 3.0% to $38.6 million from $37.4
million in the same quarter of 2013. Gross margin decreased
slightly to 68.5% in the first quarter of 2014 from 69.2% in the
first quarter of 2013.
- Income from operations increased by 7.7% to $28.0 million from $26.0
million in the same quarter of 2013. Operating margin
increased to 49.7% in the first quarter of 2014 from 48.1% in the
same quarter of 2013.
- Net income attributable to the Company increased by
22.5% to $18.3 million from
$14.9 million in the same quarter of
2013. Fully diluted net income per share was $0.69 in the first quarter of 2014 as compared to
$0.53 in the same quarter of
2013.
- Non-GAAP adjusted net income attributable to the Company
was $19.1 million, representing a
16.3% increase from $16.4 million in
the same quarter of 2013. Non-GAAP adjusted net income per
share was $0.73, compared to
$0.59 in the same quarter of
2013.
Mr. David (Xiaoying) Gao,
Chairman and Chief Executive Officer of China Biologic, commented,
"We are pleased to have further increased our revenue in the first
quarter, in spite of strong financial performance in the prior year
period, as well as a temporary production suspension of
Guizhou Taibang's plasma production during this period. During the
reporting quarter, our Shandong
facility maintained strong sales growth momentum, and our
Guizhou facility experienced a 37%
sales decrease due to the production suspension, which was in line
with our internal forecast. Our plasma collection volume continued
to grow as planned. Our operating margin and net margin of the
first quarter of 2014 reached 49.7% and 32.5%, respectively,
representing a year-on-year improvement. This solid growth was
primarily attributable to strong market demand, especially for our
human albumin products, stable product pricing, a more profitable
product mix, improved plasma utilization efficiency, as well as
effective cost control measures."
"During the reporting quarter, human albumin products and IVIG
products remained our two largest sales contributors, while other
products also experienced positive developments. We experienced
modest growth in both price and sales volume of albumin products.
For our higher-margin hyper-immune products, in particular, human
rabies immunoglobulin products, our overall market share continues
to grow and we experienced strong growth in sales volume during the
reporting quarter. The overall revenue contribution from rabies
immunoglobulin products increased to 12% of total sales from 2% in
the same quarter of 2013. We attribute this success to our R&D
efforts in the last year, which improved vaccination practices on
specialty plasma collection and production yields. As a result, we
increased the supply of rabies vaccinated plasma and expanded their
production in our Shandong
subsidiaries since the second half of 2013. Additionally, sales of
human coagulation factor VIII continued to ramp up, which further
improved the Company's plasma utilization efficiency. For our
non-plasma products, thanks to the recent remodeling of our
placenta polypeptide production line, sales volume of placenta
polypeptide increased by 21% year-over-year in the first quarter
and we expect its production volume to continue to rise in the
coming quarters. "
Mr. Gao continued, "As for our operational developments, Guizhou
Taibang received GMP certification for its placenta polypeptide
production facility in January and GMP certification for its plasma
production in March. Our Guizhou Taibang facility has since resumed
production with increased production capacity. We also began
commercial production of human prothrombin complex concentrate at
Guizhou Taibang. With these updates, we expect more products
available for sales in the second half of 2014. We are confident
that we can enhance our total sales and operating efficiency to
meet growing market demand. We expect the growth momentum we saw in
the first quarter to accelerate in the following quarters."
"Finally, at the non-operational level, we repurchased 2.5
million shares of common stock from Ms. Siu
Ling Chan, an individual shareholder of our Company, at a
total consideration of $70 million in
February 2014. Through this
transaction, we continue to enhance our shareholding structure and
increase shareholder value," concluded Mr. Gao.
First Quarter 2014 Financial Performance
Total sales in the first quarter of 2014 were
$56.3 million, an increase of 4.1%
from $54.0 million in the same
quarter of 2013. Excluding foreign exchange translation effect, the
increase in sales was primarily due to the increased sales at
Shandong Taibang, partially offset by the reduced sales as a result
of the planned production suspension at Guizhou Taibang during such
period.
During the first quarter of 2014, human albumin products and
IVIG products remained the largest two sales contributors.
- As a percentage of total sales, human albumin product revenue
was 42.3% in the first quarter of 2014 as compared to 37.9% in the
same quarter of 2013. The sales volume of human albumin products
increased by 10.3% in the reporting quarter, primarily due to
increased sales volumes at Shandong Taibang, partially offset by
reduced sales volume at Guizhou Taibang. The increase in sales
volume was response to the increase in market demand for domestic
human albumin. The reduced sales volume at Guizhou Taibang was
primarily due to the planned production suspension at Guizhou
Taibang during such period.
- As a percentage of total sales, IVIG revenue was 36.5% in the
first quarter of 2014 as compared to 47.5% in the same quarter of
2013. The sales volume of IVIG products decreased by 20.7% in the
reporting quarter, mainly due to reduced production volume as a
result of the planned production suspension of Guizhou Taibang
during this period. In addition, Shandong Taibang allocated a
portion of its regular IVIG production capacity to human rabies
immunoglobulin products, which have higher margins, and thus
reduced the production of IVIG products for the first quarter of
2014.
Cost of sales was $17.7
million in the first quarter of 2014 compared to
$16.6 million in the same quarter of
2013. As a percentage of total sales, cost of sales was 31.5%, as
compared to 30.8% in the same quarter of 2013. The increase in cost
of sales was mainly due to increased sales activities and increased
plasma collection costs, partially offset by increased sales of
higher-margin products.
Gross profit increased by 3.0% to $38.6 million in the first quarter of 2014 from
$37.4 million in the same quarter of
2013. Gross margin was 68.5% and 69.2% for the three months
ended March 31, 2014 and 2013,
respectively.
Total operating expenses in the first quarter of 2014
decreased by 7.6% to $10.6 million
from $11.4 million in the same
quarter of 2013. As a percentage of total sales, total operating
expenses decreased to 18.8% in the first quarter of 2014 from 21.2%
in the same quarter of 2013.
Selling expenses in the first quarter of 2014 increased
by 24.3% to $2.3 million from
$1.8 million in the same quarter of
2013. As a percentage of total sales, selling expenses were 4.1%,
up from 3.4% in the same quarter of 2013. The increase in
selling expenses was primarily due to increased sales of placenta
polypeptide products, which have higher selling expenses.
General and administrative expenses in the first quarter
of 2014 decreased by 16.9% to $7.2
million from $8.7 million in
the same quarter of 2013. As a percentage of total sales, general
and administrative expenses were 12.8% and 16.1% in the first
quarter of 2014 and 2013, respectively. The decrease in general and
administrative expenses was mainly due to a decrease in expenses
associated with share-based compensation for the three months ended
March 31, 2014 as compared to the
same period of 2013. In addition, in the first quarter of 2013, the
Company incurred amortization expenses in relation to the GMP
certificates with respect to the acquisition of Guizhou Taibang in
2008. Given that such intangible asset had been fully amortized by
the end of 2013, the Company did not incur a corresponding expense
in the first quarter of 2014.
Research and development expenses in the first quarter of
2014 were $1.1 million, representing
an increase of 17.6% from $0.9
million in the same quarter of 2013. As a percentage of
total sales, research and development expenses for the three months
ended March 31, 2014 and 2013 were
1.9% and 1.7%, respectively. The increase in research and
development expenses was primarily due to the expenditure paid for
certain clinical trial programs and the engagement of external
experts for certain pipeline products.
Income from operations for the three months ended
March 31, 2014 was $28.0 million, an increase of 7.7% from
$26.0 million in the same period of
2013. Operating margin increased to 49.7% in the reporting quarter
from 48.1% in the same quarter of 2013.
Income tax expense in the first quarter of 2014 was
$5.3 million, as compared to
$4.6 million in the same quarter of
2013, representing an increase of 15.9%. The effective income tax
rates were 18.2% and 17.4% for the three months ended March 31, 2014 and 2013, respectively.
Net income attributable to the Company increased
by 22.5% to $18.3 million in the
first quarter of 2014, from $14.9
million in the same quarter of 2013. Net margins were 32.5%
and 27.6% for the three months ended March
31, 2014 and 2013, respectively. Fully diluted net income
per share was $0.69 in the first
quarter of 2014, as compared to $0.53
in the first quarter of 2013.
Non-GAAP adjusted net income attributable to the Company
was $19.1 million or $0.73 per diluted share in the first quarter of
2014, compared to $16.4 million or
$0.59 per diluted share in the same
quarter of 2013.
Non-GAAP adjusted net income and diluted earnings per share for
the three months ended March 31, 2014
excluded $0.8 million of non-cash
employee share-based compensation expenses.
As of March 31, 2014, the Company
had cash and cash equivalents of $77.5 million, compared to $144.1 million as of December 31, 2013, which was primarily due to the
$70 million used for share repurchase
that occurred in February 2014.
Net cash provided by operating activities for the three
months ended March 31, 2014 was
$11.5 million, as compared to
$22.0 million for the three months
ended March 31, 2013. The decrease
was mainly due to the increase of accounts receivable and
inventories and the decrease of advances from customers for the
first quarter of 2014. The increase in accounts receivable was
$6.4 million, as compared to
$3.3 million in the same period of
2013. This increases was primarily due to the delay in our shipment
of, and hence customers' payments for, certain batches of products
during the first quarter of 2014. This delay was the result of
delayed inspection and approval by National Institutes for Food and
Drug Control on such products. Additionally, we incurred an
approximately $2.9 million increase
in inventories for the reporting quarter, as compared to
$0.6 million in the same period of
2013, mainly attributable to an increase of raw materials. The
decrease of advances from customers was $1.4
million for the three months ended March 31, 2014, as compared to the increase of
$1.5 million in the same period of
2013. This decrease was primarily due to a lump sum prepayment made
by certain distributors in the fourth quarter of 2013 for certain
immunoglobulin products. A portion of these products were delivered
during the three months ended March 31,
2014, upon which the corresponding prepayment was recognized
as sales.
Outlook
For the full year of 2014, the Company reiterates its full year
financial forecast of total sales in the range of $230 million to $240 million and full year
non-GAAP adjusted net income in the range of $67 million to $69 million. This guidance assumes
only organic growth and excludes acquisitions and necessarily
assumes no significant adverse product price changes during
2014.
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 Wednesday, May 7, 2014, which is 8:00 pm, Beijing Time on May 7, 2014, to discuss first quarter 2014
results and answer questions from investors. Listeners may access
the call by dialing:
US:
|
+1 877 870
4263
|
International:
|
+1 412 317
0790
|
Hong Kong:
|
800 905
945
|
Mainland
China:
|
400 120
1203
|
Passcode:
|
10045496
|
A telephone replay will be available one hour after the
conclusion of the conference all through 9:00 am, Eastern Time on May 14, 2014. The dial-in details are:
US:
|
+1 877 344
7529
|
International:
|
+1 412 317
0088
|
Passcode:
|
10045496
|
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 different dosages of plasma-based products through its indirect
majority-owned subsidiaries, Shandong Taibang Biological Products
Co., Ltd. and Guizhou Taibang Biological Products 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. 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
2014, potential inability to find alternative sources of plasma,
potential inability to increase production at permitted sites,
potential inability to mitigate the financial consequences of a
temporarily reduced raw plasma supply through cost cutting or other
efficiencies, and potential additional regulatory restrictions on
its operations and those additional risks and uncertainties
discussed in the Company's periodic reports that are filed with the
Securities and Exchange Commission and available on its website
(http://www.sec.gov ). All forward-looking statements attributable
to the Company or persons acting on its behalf are expressly
qualified in their entirety by these factors. Other than as
required under the securities laws, the Company does not assume a
duty to update these forward-looking statements.
Contact:
China Biologic Products, Inc.
Mr. Ming Yin
Vice President
Phone: +86-10-6598-3099
Email: ir@chinabiologic.com
ICR Inc.
Mr. Bill Zima
Phone: +86-10-6583-7511 or +1-646-405-5191
E-mail: bill.zima@icrinc.com
Financial statements follow.
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
For the three months
ended
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
2014
|
|
2013
|
|
|
|
USD
|
|
USD
|
Sales
|
|
|
56,266,577
|
|
54,031,732
|
Cost of
sales
|
|
|
17,715,166
|
|
16,616,758
|
Gross profit
|
|
|
38,551,411
|
|
37,414,974
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
Selling
expenses
|
|
|
2,282,486
|
|
1,836,393
|
General and
administrative expenses
|
|
|
7,216,626
|
|
8,687,097
|
Research and
development expenses
|
|
|
1,073,566
|
|
913,092
|
Income from
operations
|
|
|
27,978,733
|
|
25,978,392
|
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
|
Equity in income
of an equity method investee
|
|
|
337,363
|
|
128,948
|
Interest expense
|
|
|
(621,207)
|
|
(236,174)
|
Interest
income
|
|
|
1,595,878
|
|
648,062
|
Total other income,
net
|
|
|
1,312,034
|
|
540,836
|
|
|
|
|
|
|
Earnings before
income tax expense
|
|
|
29,290,767
|
|
26,519,228
|
|
|
|
|
|
|
Income tax expense
|
|
|
5,338,218
|
|
4,606,902
|
|
|
|
|
|
|
Net income
|
|
|
23,952,549
|
|
21,912,326
|
|
|
|
|
|
|
Less: Net income
attributable to noncontrolling interest
|
|
|
5,678,878
|
|
6,996,466
|
|
|
|
|
|
|
Net income
attributable to China Biologic Products, Inc.
|
|
|
18,273,671
|
|
14,915,860
|
|
|
|
|
|
|
Net income per share
of common stock:
|
|
|
|
|
|
Basic
|
|
|
0.72
|
|
0.55
|
Diluted
|
|
|
0.69
|
|
0.53
|
Weighted average
shares used in computation:
|
|
|
|
|
|
Basic
|
|
|
24,950,549
|
|
26,785,541
|
Diluted
|
|
|
26,132,929
|
|
27,915,506
|
|
|
|
|
|
|
Net income
|
|
|
23,952,549
|
|
21,912,326
|
|
|
|
|
|
|
Other comprehensive
income :
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
|
|
(3,116,643)
|
|
1,396,541
|
|
|
|
|
|
|
Comprehensive income
|
|
|
20,835,906
|
|
23,308,867
|
|
|
|
|
|
|
Less: Comprehensive
income attributable to noncontrolling interest
|
|
|
5,105,401
|
|
7,159,157
|
|
|
|
|
|
|
Comprehensive income
attributable to China Biologic Products, Inc.
|
|
|
15,730,505
|
|
16,149,710
|
|
|
|
|
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
|
|
|
|
|
|
March 31,
|
|
March 31,
|
|
|
2014
|
|
2013
|
|
|
USD
|
|
USD
|
ASSETS
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and
cash equivalents
|
|
77,548,247
|
|
144,138,487
|
Time
deposit
|
|
-
|
|
6,608,612
|
Restricted deposit
|
|
30,187,800
|
|
-
|
Accounts
receivable, net of allowance for doubtful accounts
|
|
23,484,720
|
|
17,270,132
|
Inventories
|
|
90,711,805
|
|
88,634,855
|
Prepayments and other current
assets
|
|
8,595,815
|
|
7,641,061
|
Total Current Assets
|
|
230,528,387
|
|
264,293,147
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
75,319,270
|
|
73,149,072
|
Land use rights,
net
|
|
9,131,483
|
|
8,213,145
|
Deposits related to
land use rights
|
|
11,927,245
|
|
13,667,130
|
Restricted cash and
deposit, excluding current portion
|
|
71,665,430
|
|
30,523,674
|
Equity method
investment
|
|
11,587,587
|
|
11,349,807
|
Other non-current
assets
|
|
3,792,776
|
|
2,585,232
|
Total Assets
|
|
413,952,178
|
|
403,781,207
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Short-term bank loans, including current portion of long-term
bank loans
|
|
34,869,000
|
|
9,822,000
|
Accounts
payable
|
|
3,032,118
|
|
4,445,732
|
Due to
related parties
|
|
7,152,356
|
|
7,206,970
|
Other
payables and accrued expenses
|
|
29,414,313
|
|
34,852,740
|
Advance
from customers
|
|
1,534,479
|
|
2,908,853
|
Income
tax payable
|
|
5,261,761
|
|
4,202,405
|
Total Current Liabilities
|
|
81,264,027
|
|
63,438,700
|
|
|
|
|
|
Long-term bank loans,
excluding current portion
|
|
70,000,000
|
|
30,000,000
|
Deferred
income
|
|
2,978,205
|
|
3,003,895
|
Other
liabilities
|
|
3,717,754
|
|
3,369,003
|
Total Liabilities
|
|
157,959,986
|
|
99,811,598
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Common stock:
|
|
|
|
|
par value
$0.0001;
|
|
|
|
|
100,000,000 shares
authorized;
|
|
|
|
|
27,398,797 and
27,341,744 shares issued at March 31, 2014 and December 31, 2013,
respectively;
|
|
|
|
|
23,419,093 and 25,862,040 shares outstanding at March 31, 2014 and
December 31, 2013,
respectively
|
|
2,740
|
|
2,734
|
Additional paid-in capital
|
|
73,218,535
|
|
72,031,864
|
Treasury stock:
3,979,704 and 1,479,704 shares at March 31, 2014 and December 31,
2013, respectively, at cost
|
|
(99,594,080)
|
|
(29,594,080)
|
|
|
|
|
|
Retained
earnings
|
|
192,018,222
|
|
173,744,551
|
Accumulated other comprehensive income
|
|
18,963,328
|
|
21,506,494
|
Total
equity attributable to China Biologic Products, Inc.
|
|
184,608,745
|
|
237,691,563
|
|
|
|
|
|
Noncontrolling interest
|
|
71,383,447
|
|
66,278,046
|
|
|
|
|
|
Total Stockholders' Equity
|
|
255,992,192
|
|
303,969,609
|
|
|
|
|
|
Commitments and contingencies
|
|
-
|
|
-
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity
|
|
413,952,178
|
|
403,781,207
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
For the three months
ended
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
USD
|
|
|
USD
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income
|
|
|
23,952,549
|
|
|
21,912,326
|
Adjustments to
reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
Depreciation
|
|
|
1,472,397
|
|
|
1,534,507
|
Amortization
|
|
|
177,001
|
|
|
282,605
|
Loss on sale of
property, plant and equipment
|
|
|
35,795
|
|
|
1,238
|
Reversal of allowance
for doubtful accounts, net
|
|
|
(18,286)
|
|
|
-
|
Reversal of doubtful
accounts - other receivables and prepayments
|
|
|
-
|
|
|
(169)
|
Write-down of
obsolete inventories
|
|
|
9,092
|
|
|
-
|
Deferred tax
expense
|
|
|
920,004
|
|
|
534,678
|
Share-based
compensation
|
|
|
980,965
|
|
|
1,634,735
|
Equity in income of
an equity method investee
|
|
|
(337,363)
|
|
|
(128,948)
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(6,391,825)
|
|
|
(3,294,140)
|
Prepayment and other
current assets
|
|
|
(1,566,829)
|
|
|
(569,804)
|
Inventories
|
|
|
(2,865,378)
|
|
|
(647,310)
|
Accounts payable
|
|
|
(1,385,934)
|
|
|
25,644
|
Other payables and
accrued expenses
|
|
|
(3,217,798)
|
|
|
(2,068,529)
|
Advance from
customers
|
|
|
(1,359,641)
|
|
|
1,451,180
|
Due to related
parties
|
|
|
7,075
|
|
|
94,346
|
Income tax payable
|
|
|
1,103,529
|
|
|
1,267,826
|
Net cash provided
by operating activities
|
|
|
11,515,353
|
|
|
22,030,185
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Payment for property,
plant and equipment
|
|
|
(6,385,851)
|
|
|
(4,977,306)
|
Payment for
intangible assets and land use right
|
|
|
(1,083,278)
|
|
|
(802,136)
|
Refund of deposits
related to land use right
|
|
|
1,635,200
|
|
|
-
|
Proceeds upon
maturity of time deposit
|
|
|
6,608,612
|
|
|
-
|
Proceeds from sale of
property, plant and equipment
|
|
|
174,896
|
|
|
2,416
|
Net cash provided
by (used in) investing activities
|
|
|
949,579
|
|
|
(5,777,026)
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Proceeds from stock
option exercised
|
|
|
205,712
|
|
|
1,815,858
|
Repayment of
short-term bank loans
|
|
|
(4,905,600)
|
|
|
(3,186,400)
|
Proceeds from
long-term bank loans
|
|
|
70,000,000
|
|
|
-
|
Payment for deposit
as security for long-term bank loans
|
|
|
(72,128,672)
|
|
|
-
|
Payment for share
repurchase
|
|
|
(70,000,000)
|
|
|
-
|
Acquisition of
noncontrolling interest
|
|
|
-
|
|
|
(1,963,913)
|
Dividend paid by
subsidiaries to noncontrolling interest shareholders
|
|
|
(1,409,542)
|
|
|
(4,397,232)
|
Net cash used in
financing activities
|
|
|
(78,238,102)
|
|
|
(7,731,687)
|
|
|
|
|
|
|
|
EFFECT OF FOREIGN
EXCHANGE RATE CHANGE ON CASH
|
|
|
(817,070)
|
|
|
579,112
|
|
|
|
|
|
|
|
NET (DECREASE)
INCREASE IN CASH AND CASH EQUIVALENTS
|
|
|
(66,590,240)
|
|
|
9,100,584
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
|
144,138,487
|
|
|
129,609,317
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
|
77,548,247
|
|
|
138,709,901
|
|
|
|
|
|
|
|
Supplemental cash
flow information
|
|
|
|
|
|
|
Cash paid for income
taxes
|
|
|
3,276,548
|
|
|
2,804,399
|
Cash paid for
interest expense
|
|
|
331,605
|
|
|
119,490
|
Noncash investing and
financing activities:
|
|
|
|
|
|
|
Acquisition of
property, plant and equipment included in payables
|
|
|
2,574,119
|
|
|
100,086
|
Transfer from
prepayments and deposits to property, plant and
equipment
|
|
|
184,279
|
|
|
447,963
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
March 31,
|
|
March 31,
|
|
|
2014
|
|
2013
|
|
|
USD
|
|
USD
|
Adjusted Net Income
Attributable to the Company - Non GAAP
|
|
19,071,546
|
|
16,394,620
|
Diluted EPS - Non
GAAP
|
|
0.73
|
|
0.59
|
Non-cash employee
stock compensation
|
|
(797,875)
|
|
(1,478,760)
|
Net Income
Attributable to the Company
|
|
18,273,671
|
|
14,915,860
|
Weighted average number of shares used in computation of Non GAAP diluted EPS
|
|
26,132,929
|
|
27,915,506
|
SOURCE China Biologic Products, Inc.