BEIJING, May 6, 2015 /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 2015.
First Quarter 2015 Financial Highlights
- Total sales in the first quarter of 2015 increased by
25.0% to $70.4 million from
$56.3 million in the same quarter of
2014.
- Gross profit increased by 18.9% to $45.9 million from $38.6
million in the same quarter of 2014. Gross margin decreased
by 330 basis points to 65.2% in the first quarter of 2015 from
68.5% in the first quarter of 2014.
- Income from operations increased by 23.9% to
$34.7 million from $28.0 million in the same quarter of 2014.
Operating margin decreased slightly to 49.3% in the first quarter
of 2015 from 49.7% in the same quarter of 2014.
- Net income attributable to the Company increased by
26.8% to $23.2 million from
$18.3 million in the same quarter of
2014. Fully diluted net income per share was $0.87 in the first quarter of 2015 as compared to
$0.69 in the same quarter of
2014.
- Non-GAAP adjusted net income attributable to the Company
was $25.0 million, representing a
30.9% increase from $19.1 million in
the same quarter of 2014. Non-GAAP adjusted net income per
share was $0.94, compared to
$0.73 in the same quarter of
2014.
Mr. David (Xiaoying) Gao,
Chairman and Chief Executive Officer of China Biologic, commented,
"We are pleased to report strong financial results for the first
quarter of 2015, with sales, net income and plasma collection all
achieving double-digit growth. Incremental revenue growth and net
margin improvement were largely attributable to increased sales of
IVIG and placenta polypeptide products. We continue to succeed in
increasing the sales of IVIG products in tier-one cities by
utilizing pre-reserved plasma pastes for IVIG production. During
the reporting quarter, our Guizhou
facility experienced a greater than 50% sales increase over the
prior year now that our GMP upgrade is complete and production has
fully resumed. Additionally, the remodeled, expanded production
capacity for our placenta polypeptide products resulted in
increased sales volume and reduced selling expenses through the
utilization of internal resources for promotional efforts. Also
during the reporting quarter, we significantly improved plasma
utilization efficiency, demonstrated by a 63% increase in sales
revenue from our human coagulation factor VIII and initiated
commercial sales of first batches of human prothrombin complex
concentrate."
Mr. Gao continued, "Operationally, we continue to make good
strides to strengthen our long-term growth potential. We were
excited to announce that our Guizhou Taibang facility recently
received a special approval from CFDA to purchase up to
approximately 143 tonnes of source plasma and plasma pastes from a
local plasma manufacturer. With the CFDA's special approval, this
plasma purchase presents a unique growth opportunity for China
Biologic over the next two years. The additional supply of source
plasma and plasma pastes, which represents over 20% of our overall
current annual collection volume, will enable us to significantly
improve the production utilization rate of our Guizhou production facility and better meet
the growing demand for plasma products, including IVIG in tier-one
cities in China. To comply with
government regulations and better ensure quality control, we'll
prioritize usage of such purchased raw materials during the
remainder of 2015 and reserve certain amount of plasma collected
from our own plasma stations for future production. Given the long
production cycle, we currently expect that the finished products
made from such purchased raw materials will begin to be delivered to the market later
this year, contributing to our top line performance in the relevant
period. Going forward, we expect that our earnings in 2016 and 2017
will also benefit as more pre-reserved raw materials collected at a
lower cost in 2015 are put into production."
"Finally, we are pleased that earlier
this week the Chinese National Development and Reform Commission
announced removing the retail price ceilings for all drug products
except for anesthetics and category I antipsychotics. The
long-awaited deregulation move will come into effect on
June 1, 2015. Although it is still
early to speculate implementation details and timeline for
different regions or to assess the impact of the price ceiling
removal on our plasma products, we believe this deregulation move
should be a favorable policy development for our industry and
business in the long term." Mr. Gao concluded.
First Quarter 2015 Financial Performance
Total sales in the first quarter of 2015 were
$70.4 million, an increase of 25.0%
from $56.3 million in the same
quarter of 2014. The increase was primarily attributable to the
sales increases in major plasma-based products and placenta
polypeptide.
During the first quarter of 2015, human albumin products and
IVIG products remained the largest two sales contributors. The
average price for both products increased slightly during the
reporting quarter, as a result of the combined effect of the
reduced value added tax and the Company's sales effort to increase
market share in tier-one cities and new markets.
- As a percentage of total sales, human albumin product revenue
was 38.2% in the first quarter of 2015 as compared to 42.3% in the
same quarter of 2014. The sales volume of human albumin products
increased by 13.0% in the reporting quarter.
- As a percentage of total sales, IVIG revenue was 46.7% in the
first quarter of 2015 as compared to 36.5% in the same quarter of
2014. The sales volume of IVIG products increased by 57.0% in the
reporting quarter, mainly due to increased sales through
distributors in tier-one cities and new markets supported by the
increased production volumes by utilizing pre-reserved plasma paste
for IVIG raw materials.
Cost of sales increased by 38.4% to $24.5 million in the first quarter of 2015 from
$17.7 million in the same quarter of
2014. As a percentage of total sales, cost of sales was 34.8%, as
compared to 31.5% in the same quarter of 2014. The increase in cost
of sales was mainly due to increased sales activities and increased
plasma collection costs.
Gross profit increased by 18.9% to $45.9 million in the first quarter of 2015 from
$38.6 million in the same quarter of
2014. Gross margin was 65.2% and 68.5% for the three months
ended March 31, 2015 and 2014,
respectively.
Total operating expenses in the first quarter of 2015
increased by 4.7% to $11.1 million
from $10.6 million in the same
quarter of 2014, due to a combined effect of decreased selling
expenses and an increase in research and development expenses and
general and administrative expenses. As a percentage of total
sales, total operating expenses decreased to 15.8% in the first
quarter of 2015 from 18.8% in the same quarter of 2014.
Selling expenses in the first quarter of 2015 decreased
by 13.0% to $2.0 million from
$2.3 million in the same quarter of
2014. As a percentage of total sales, selling expenses were 2.8%,
down from 4.1% in the same quarter of 2014. The decrease was
primarily due to the decreased per-unit selling expense of placenta
polypeptide during the quarter.
General and administrative expenses in the first quarter
of 2015 increased by 9.7% to $7.9
million from $7.2 million in
the same quarter of 2014. As a percentage of total sales, general
and administrative expenses were 11.2% and 12.8% in the first
quarter of 2015 and 2014, respectively. The increase in general and
administrative expenses was mainly due to the increase in
share-based compensation expenses.
Research and development expenses in the first quarter of
2015 were $1.3 million, representing
an increase of 18.2% from $1.1
million in the same quarter of 2014. As a percentage of
total sales, research and development expenses for the three months
ended March 31, 2015 and 2014 were
1.9% and 1.9%, respectively. The increase in research and
development expenses was primarily due to the expenditure paid for
certain clinical trial programs and raw materials consumption for
certain pipeline products.
Income from operations for the three months ended
March 31, 2015 was $34.7 million, an increase of 23.9% from
$28.0 million in the same period of
2014. Operating margin was 49.3% in the reporting quarter as
compared to 49.7% in the same quarter of 2014.
Income tax expense in the first quarter of 2015 was
$5.6 million, as compared to
$5.3 million in the same quarter of
2014, representing an increase of 5.7%. The effective income tax
rates were 15.9% and 18.2% for the three months ended March 31, 2015 and 2014, respectively.
Net income attributable to the Company increased
by 26.8% to $23.2 million in the
first quarter of 2015, from $18.3
million in the same quarter of 2014. Net margins were 33.0%
and 32.5% for the three months ended March
31, 2015 and 2014, respectively. Fully diluted net income
per share was $0.87 in the first
quarter of 2015, as compared to $0.69
in the first quarter of 2014.
Non-GAAP adjusted net income attributable to the Company
increased by 30.9% to $25.0 million
in the first quarter of 2015, from $19.1
million in the same quarter of 2014. Net margins were 35.5%
and 33.9% for the three months ended March
31, 2015 and 2014, respectively. Non-GAAP adjusted net
income per share was $0.94 per
diluted share in the first quarter of 2015, as compared to
$0.73 in the first quarter of
2014.
Non-GAAP adjusted net income and diluted earnings per share for
the three months ended March 31, 2015
excluded $1.8 million of non-cash
employee share-based compensation expenses.
As of March 31, 2015, the Company
had cash and cash equivalents of $86.0 million, compared to $80.8 million as of December 31, 2014.
Net cash provided by operating activities for the three
months ended March 31, 2015 was
$16.5 million, as compared to
$11.5 million for the three months
ended March 31, 2014. The increase in
net cash provided by operating activities was primarily due to the
increase in net income for the three months ended March 31, 2015 as compared to the same period in
2014. Accounts receivable increased by $9.2
million during the three months ended March 31 2015, as compared to $6.4 million during the same period in 2014,
primarily due to a change in sales strategy to collaborate more
closely with specialized distributors in their bidding efforts with
provincial centers for disease control and prevention to facilitate
the sales of human rabies immunoglobulin products. As a result, the
Company granted credit terms ranging from two to three months to
these specialized distributors rather than requiring full
prepayments prior to deliveries.
Net cash used in investing activities for the three
months ended March 31, 2015 was
$8.5
million, as compared to net cash provided by investing
activities of $0.9 million for the
same period in 2014. During the three months ended March 31, 2015 and 2014, the Company paid
$8.5 million and $7.5 million, respectively, for the acquisition
of property, plant and equipment, intangible assets and land use
right for Shandong Taibang and Guizhou Taibang. During the three
months ended March 31, 2014, the
Company received a refund of deposit of $1.6
million from the local government due to a decrease in the
size of a land parcel that was granted to the Company in
Guizhou, and received $6.6 million upon the maturity of a time
deposit.
Net cash used in financing activities for the three
months ended March 31, 2015 was $2.1 million, as
compared to $78.2 million used for
the same period in 2014. The net cash used in financing activities
for the three months ended March 31,
2015 mainly consisted of a repayment of $31.6 million on a short-term bank loan and a
dividend of $3.0 million to be held
in escrow by a trial court in connection with disputes with a
minority shareholder of Guizhou Taibang, partially offset by the
maturity of a $32.0 million deposit
as security for the same short-term bank loan. The net cash used in
financing activities for the three months ended March 31, 2014 mainly consisted of a payment of
$70.0 million for share repurchase, a
deposit of $72.1 million as cash
collateral for certain long-term bank loans, a repayment of
$4.9 million on a short-term bank
loan, and a dividend of $1.4 million
paid by our subsidiaries to the non-controlling interest
shareholders, partially offset by proceeds of $70.0 million from certain long-term bank
loans.
Financial Outlook
For the full year of 2015, the Company is raising its full year
sales forecast. Total sales are expected to be in the range of
$290 million to $295 million, which
represents growth of 19% to 21% over 2014. Full year non-GAAP
adjusted net income is expected to remain in the range of
$95 million to $97 million, excluding
the potential adverse impact of foreign currency, which represents
growth of 26% to 28% over 2014.
Taking into account the potential impact of foreign currency,
the Company expects sales and non-GAAP adjusted net income to be
negatively impacted by approximately 4% to 5% by applying a current
twelve-month forward exchange rate projection of RMB6.41 = $1.00.
This guidance assumes only organic growth and excludes
acquisitions and necessarily assumes no significant product price changes during
2015. 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 Thursday, May 7, 2015, which is 7:30 pm, Beijing Time on May 7, 2015, to discuss first quarter 2015
results and answer questions from investors. Listeners may access
the call by dialing:
US:
|
1 888 346 8982
|
International:
|
1 412 902 4272
|
Hong Kong:
|
800 905 945
|
China:
|
400 120 1203
|
A telephone replay will be available one hour after the
conclusion of the conference all through May
14, 2015. The dial-in details are:
US:
|
1 877 344 7529
|
International:
|
1 412 317 0088
|
Passcode:
|
10065150
|
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,
distributors 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. 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 "intend," "believe," "expect,"
"are expected to," "will," or similar expressions, and involve
known and unknown risks and uncertainties. Among other things, the
Company's plan regarding the construction of the collection
stations, the time required for the collection stations to reach
their designed capacities, and the management's quotations and
forecast of the Company's financial performance in this news
release contain forward-looking statements. 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, without limitation,
actual volume of outsourced source plasma and plasma pastes and
timely delivery and quality inspection of these raw materials,
potential delay or failure in acquiring land use rights, obtaining
construction permits, completing the design or construction, or
passing the government inspection and certification process for the
new collection stations in Hebei
province, potential inability to achieve the designed collection
capacities at the new collection stations, potential inability to
achieve the expected operating and financial performance, 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
Senior 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,
|
|
|
|
2015
|
|
2014
|
|
|
|
USD
|
|
USD
|
|
Sales
|
|
70,354,331
|
|
56,266,577
|
|
Cost of
sales
|
|
24,461,575
|
|
17,715,166
|
|
Gross
profit
|
|
45,892,756
|
|
38,551,411
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
Selling
expenses
|
|
1,950,688
|
|
2,282,486
|
|
General and
administrative expenses
|
|
7,853,195
|
|
7,216,626
|
|
Research and
development expenses
|
|
1,342,322
|
|
1,073,566
|
|
Income from
operations
|
|
34,746,551
|
|
27,978,733
|
|
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
|
Equity in (loss)
income of an equity method investee
|
|
(95,067)
|
|
337,363
|
|
Interest
expense
|
|
(756,821)
|
|
(621,207)
|
|
Interest
income
|
|
1,376,847
|
|
1,595,878
|
|
Total other income,
net
|
|
524,959
|
|
1,312,034
|
|
|
|
|
|
|
|
Earnings before income
tax expense
|
|
35,271,510
|
|
29,290,767
|
|
|
|
|
|
|
|
Income tax
expense
|
|
5,616,150
|
|
5,338,218
|
|
|
|
|
|
|
|
Net income
|
|
29,655,360
|
|
23,952,549
|
|
|
|
|
|
|
|
Less: Net income
attributable to noncontrolling interest
|
|
6,492,888
|
|
5,678,878
|
|
|
|
|
|
|
|
Net income
attributable to China Biologic Products, Inc.
|
|
23,162,472
|
|
18,273,671
|
|
|
|
|
|
|
|
Net income per share
of common stock:
|
|
|
|
|
|
Basic
|
|
0.91
|
|
0.72
|
|
Diluted
|
|
0.87
|
|
0.69
|
|
Weighted average
shares used in computation:
|
|
|
|
|
|
Basic
|
|
24,816,877
|
|
24,950,549
|
|
Diluted
|
|
26,066,786
|
|
26,132,929
|
|
|
|
|
|
|
|
Net income
|
|
29,655,360
|
|
23,952,549
|
|
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
|
(854,362)
|
|
(3,116,643)
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
28,800,998
|
|
20,835,906
|
|
|
|
|
|
|
|
Less: Comprehensive
income attributable to noncontrolling interest
|
|
6,455,112
|
|
5,105,401
|
|
|
|
|
|
|
|
Comprehensive income
attributable to China Biologic Products, Inc.
|
|
22,345,886
|
|
15,730,505
|
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
March 31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
USD
|
|
USD
|
ASSETS
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and cash
equivalents
|
|
85,987,596
|
|
80,820,224
|
Restricted cash
deposits
|
|
71,890,930
|
|
63,677,610
|
Accounts receivable,
net of allowance for doubtful accounts
|
|
28,539,236
|
|
19,402,820
|
Inventories
|
|
103,131,983
|
|
101,304,932
|
Prepayments and other
current assets, net of allowance for doubtful accounts
|
|
18,866,422
|
|
14,781,658
|
Total
Current Assets
|
|
308,416,167
|
|
279,987,244
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
85,550,767
|
|
80,230,888
|
Land use rights,
net
|
|
11,790,940
|
|
11,909,136
|
Deposits related to
land use rights
|
|
12,785,287
|
|
12,792,355
|
Restricted cash and
cash deposits, excluding current portion
|
|
-
|
|
40,230,250
|
Equity method
investment
|
|
18,116,718
|
|
18,221,777
|
Other non-current
assets
|
|
3,336,976
|
|
3,475,442
|
Total
Assets
|
|
439,996,855
|
|
446,847,092
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Short-term bank loans,
including current portion of long-term bank loans
|
|
66,300,000
|
|
57,902,600
|
Accounts
payable
|
|
5,308,375
|
|
4,829,350
|
Other payables and
accrued expenses
|
|
43,063,466
|
|
49,692,757
|
Income tax
payable
|
|
8,043,051
|
|
8,257,133
|
Total
Current Liabilities
|
|
122,714,892
|
|
120,681,840
|
|
|
|
|
|
Long-term bank loans,
excluding current portion
|
|
-
|
|
40,000,000
|
Deferred
income
|
|
2,688,807
|
|
2,765,024
|
Other
liabilities
|
|
8,110,714
|
|
8,138,498
|
Total
Liabilities
|
|
133,514,413
|
|
171,585,362
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Common
stock:
|
|
|
|
|
par value
$0.0001;
|
|
|
|
|
100,000,000 shares
authorized;
|
|
|
|
|
27,917,505 and
27,865,871 shares issued at March 31, 2015 and December 31, 2014,
respectively;
|
|
|
|
|
24,857,801 and
24,806,167 shares outstanding at March 31, 2015 and December 31,
2014, respectively
|
|
2,792
|
|
2,787
|
Additional paid-in
capital
|
|
26,427,990
|
|
24,008,281
|
Treasury stock:
3,059,704 and 3,059,704 shares at March 31, 2015 and December 31,
2014, respectively, at cost
|
|
(76,570,621)
|
|
(76,570,621)
|
|
|
|
|
|
Retained
earnings
|
|
267,823,863
|
|
244,661,391
|
Accumulated other
comprehensive income
|
|
19,168,603
|
|
19,985,189
|
Total equity
attributable to China Biologic Products, Inc.
|
|
236,852,627
|
|
212,087,027
|
|
|
|
|
|
Noncontrolling
interest
|
|
69,629,815
|
|
63,174,703
|
|
|
|
|
|
Total
Stockholders' Equity
|
|
306,482,442
|
|
275,261,730
|
|
|
|
|
|
Commitments and
contingencies
|
|
-
|
|
-
|
|
|
|
|
|
Total
Liabilities and Stockholders' Equity
|
|
439,996,855
|
|
446,847,092
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
For the three months
ended
|
|
|
March 31,
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
|
USD
|
|
|
USD
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income
|
|
29,655,360
|
|
|
23,952,549
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation
|
|
2,201,020
|
|
|
1,472,397
|
Amortization
|
|
208,237
|
|
|
177,001
|
Loss on sale of
property, plant and equipment
|
|
60,540
|
|
|
35,795
|
Provision (reversal)
of allowance for doubtful accounts - accounts receivable
|
|
23,656
|
|
|
(18,286)
|
Allowance for doubtful
accounts - other receivables and prepayments
|
|
796
|
|
|
-
|
Write-down of obsolete
inventories
|
|
4,576
|
|
|
9,092
|
Deferred tax
expense
|
|
502,563
|
|
|
920,004
|
Share-based
compensation
|
|
1,969,973
|
|
|
980,965
|
Equity in loss
(income) of an equity method investee
|
|
95,067
|
|
|
(337,363)
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
(9,178,096)
|
|
|
(6,391,825)
|
Prepayment and other
current assets
|
|
(1,638,307)
|
|
|
(1,566,829)
|
Inventories
|
|
(1,889,100)
|
|
|
(2,865,378)
|
Accounts
payable
|
|
482,077
|
|
|
(1,385,934)
|
Other payables and
accrued expenses
|
|
(5,672,053)
|
|
|
(4,570,364)
|
Deferred
income
|
|
(74,749)
|
|
|
-
|
Income tax
payable
|
|
(209,688)
|
|
|
1,103,529
|
Net cash provided
by operating activities
|
|
16,541,872
|
|
|
11,515,353
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
Payment for property,
plant and equipment
|
|
(8,478,369)
|
|
|
(6,385,851)
|
Payment for intangible
assets and land use right
|
|
-
|
|
|
(1,083,278)
|
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
|
|
6,219
|
|
|
174,896
|
Net cash (used in)
provided by investing activities
|
|
(8,472,150)
|
|
|
949,579
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
Proceeds from stock
option exercised
|
|
449,741
|
|
|
205,712
|
Repayment of short
term bank loans
|
|
(31,610,360)
|
|
|
(4,905,600)
|
Proceeds from
long-term bank loans
|
|
-
|
|
|
70,000,000
|
Maturity of deposit as
security for short-term bank loan
|
|
31,985,122
|
|
|
-
|
Payment for deposit as
security for long-term bank loans
|
|
-
|
|
|
(72,128,672)
|
Payment for share
repurchase
|
|
-
|
|
|
(70,000,000)
|
Dividend paid by
subsidiaries to noncontrolling interest shareholders
|
|
-
|
|
|
(1,409,542)
|
Dividend to the trial
court to be held in escrow as to dispute with Jie'an
|
|
(2,988,194)
|
|
|
-
|
Net cash used in
financing activities
|
|
(2,163,691)
|
|
|
(78,238,102)
|
|
|
|
|
|
|
EFFECTS OF FOREIGN
EXCHANGE RATE CHANGE ON CASH
|
|
(738,659)
|
|
|
(817,070)
|
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
5,167,372
|
|
|
(66,590,240)
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
80,820,224
|
|
|
144,138,487
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
85,987,596
|
|
|
77,548,247
|
|
|
|
|
|
|
Supplemental cash flow
information
|
|
|
|
|
|
Cash paid for income
taxes
|
|
5,373,179
|
|
|
3,276,548
|
Cash paid for interest
expense
|
|
660,018
|
|
|
331,605
|
Noncash investing and
financing activities:
|
|
|
|
|
|
Acquisition of
property, plant and equipment included in payables
|
|
189,074
|
|
|
2,574,119
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
|
|
|
|
|
For the three months
ended
|
|
March 31,
|
|
March 31,
|
|
2015
|
|
2014
|
|
USD
|
|
USD
|
Adjusted Net Income
Attributable to the Company - Non GAAP
|
24,950,406
|
|
19,071,546
|
Diluted EPS - Non
GAAP
|
0.94
|
|
0.73
|
Non-cash employee
stock compensation
|
(1,787,934)
|
|
(797,875)
|
Net Income
Attributable to the Company
|
23,162,472
|
|
18,273,671
|
Weighted average
number of shares used in computation of Non GAAP diluted
EPS
|
26,066,786
|
|
26,132,929
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-biologic-reports-financial-results-for-the-first-quarter-of-2015-300078497.html
SOURCE China Biologic Products, Inc.