BEIJING, May 4, 2016 /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
financial results for the first quarter of 2016.
First Quarter 2016 Financial Highlights
- Total sales in the first quarter of 2016 increased by
29.4% in RMB terms, or 21.6% in USD terms, to $85.6 million from $70.4
million in the same quarter of 2015.
- Gross profit increased by 12.2% to $51.5 million from $45.9
million in the same quarter of 2015. Gross margin
decreased to 60.2% in the first quarter of 2016 from 65.2% in the
first quarter of 2015.
- Income from operations increased by 9.2% to $37.9 million from $34.7
million in the same quarter of 2015. Operating margin
decreased to 44.3% in the first quarter of 2016 from 49.4% in the
same quarter of 2015.
- Net income attributable to the Company increased by
12.9% to $26.2 million from
$23.2 million in the same quarter of
2015. Fully diluted net income per share increased to
$0.94 from $0.87 in the same quarter of 2015.
- Non-GAAP adjusted net income attributable to the Company
increased by 29.8% in RMB terms, or 21.6% in USD terms, to
$30.4 million from $25.0 million in the same quarter of 2015.
Non-GAAP adjusted net income per share increased to
$1.09 from $0.94 in the same quarter of 2015.
Mr. David (Xiaoying) Gao,
Chairman and Chief Executive Officer of China Biologic, commented,
"We are pleased to report stronger-than-expected results for the
first quarter , despite the negative impact of approximately eight
percentage points from foreign currency conversion. Our sales
growth was mainly attributable to greater sales volume of products
made from our purchased plasma, supplemented by modest product
price increases, improved product mix, and ongoing penetration into
tier-one markets. During the reporting quarter, our albumin growth
outperformed IVIG growth as anticipated, mainly because we sold a
relatively high volume of IVIG in the first quarter of 2015 by
utilizing pre-reserved plasma pastes for IVIG production. We also
achieved substantial growth in certain hyper-immunoglobulin
products and continued to expand our market share for our human
coagulation factor VIII and human prothrombin complex concentrate
products in the reporting quarter.
As for operational developments, the plasma collection from the
Xinjiang Deyuan stations remains on track. We are confident of
achieving the contractual volume of 120 tonnes of plasma scheduled
to be delivered to us before August
2016. The new Huitian facility, which has resumed production
following its receipt of GMP certification in February 2016, is expected to deliver its first
batch of approved products to the market in the second half of this
year. In addition, we increased our equity interest in Guizhou
Taibang to 85.3% during the reporting quarter through a series of
capital injections.
We are pleased to reiterate our full year 2016 financial
forecast and remain committed to our strategy of generating strong
growth in plasma collection volume, maximizing product pricing,
deepening IVIG penetration in tier-one markets and promoting sales
of the latest plasma products to maximize our financial performance
for shareholders," Mr. Gao concluded.
First Quarter 2016 Financial Performance
Total sales increased by 29.4% in RMB terms, or 21.6% in
USD terms, to $85.6 million from
$70.4 million in the first quarter of
2016, compared with the same quarter of 2015. The increase was
primarily attributable to the increase in sales volume of major
plasma-based products and human tetanus immunoglobulin
products.
During the first quarter of 2016, human albumin and IVIG
products remained the Company's largest two sales contributors. As
a percentage of total sales, sales from human albumin products
remained stable at 38.1% in the first quarter of 2016, compared to
38.2% in the same quarter of 2015. Revenue from IVIG decreased to
39.9% of total sales in the first quarter of 2016 from 46.7% in the
same quarter of 2015. The sales volume of human albumin and IVIG
products increased by 25.6% and 7.6%, respectively, in the first
quarter of 2016.
The average price for human albumin products, excluding foreign
exchange impact, increased by approximately 2.8% in RMB terms, or
decreased by approximately 3.4% in USD terms, in the first quarter
of 2016 compared to the same quarter of 2015. The average price for
IVIG products, excluding foreign exchange impact, increased by
approximately 2.7% in RMB terms, or decreased by approximately 3.4%
in USD terms, in the first quarter of 2016 compared to the same
quarter of 2015.
Revenue from hyper-immune products increased by 107.0% in the
first quarter of 2016 compared to the same quarter of 2015,
reaching 10.4% of total sales. Revenue from other plasma products
including human coagulation factor VIII and human prothrombin
complex concentrate also increased by 147.1% in the first quarter
of 2016 compared to the same quarter of 2015, reaching 4.9% of
total sales.
Cost of sales increased by 39.2% to $34.1 million in the first quarter of 2016 from
$24.5 million in the same quarter of
2015, mainly in line with the total sales growth. As a percentage
of total sales, cost of sales was 39.8%, compared to 34.8% in the
same quarter of 2015. The increase in cost of sales as a percentage
of total sales was mainly due to the higher cost of products made
from the purchased raw plasma.
Gross profit increased by 12.2% to $51.5 million in the first quarter of 2016 from
$45.9 million in the same quarter of
2015. Gross margin decreased to 60.2% in the first quarter
of 2016 from 65.2% in the same quarter of 2015, due to the higher
cost of products made from the purchased raw plasma.
Total operating expenses in the first quarter of 2016
increased by 22.5% to $13.6 million
from $11.1 million in the same
quarter of 2015, mainly resulting from higher share-based
compensation expense. As a percentage of total sales, total
operating expenses remained stable at 15.9% in the first quarter of
2016 compared with 15.8% in the same quarter of 2015.
Selling expenses in the first quarter of 2016 decreased
by 40% to $1.2 million from
$2.0 million in the same quarter of
2015. As a percentage of total sales, selling expenses were 1.4%,
down from 2.8% in the first quarter of 2015, primarily due to the
promotion activities on human rabies immunoglobulin products
carried out in the same quarter of 2015.
General and administrative expenses in the first quarter
of 2016 increased by 43.0% to $11.3
million from $7.9 million in
the same quarter of 2015. As a percentage of total sales, general
and administrative expenses were 13.2% and 11.2% in the first
quarter of 2016 and 2015, respectively. The increase in general and
administrative expenses was mainly due to a $2.6 million increase in share-based compensation
expense. Excluding the impact of share-based compensation expense,
general and administrative expenses were 7.9% and 8.4% as a
percentage of total sales in the first quarter of 2016 and 2015,
respectively.
Research and development expenses in the first quarter of
2016 were $1.1 million, or 1.3% of
total sales, compared to $1.3
million, or 1.9% of total sales, in the same quarter of
2015, primarily because the Company received government grants of
$0.1 million in the first quarter of
2016 and recognized them as reduction of research and development
expenses.
Income from operations for the first quarter of 2016
increased by 9.2% to $37.9 million
from $34.7 million in the same
quarter of 2015. Operating margin was 44.3% in the first
quarter of 2016, compared to 49.4% in the same quarter of 2015.
Net income attributable to the Company increased
by 12.9% to $26.2 million in the
first quarter of 2016 from $23.2
million in the same quarter of 2015. Fully diluted net
income per share was $0.94 in the
first quarter of 2016, compared to $0.87 in the first quarter of 2015.
Non-GAAP adjusted net income attributable to the Company
was $30.4 million in the first
quarter of 2016, or $1.09 per diluted
share, representing an increase of 29.8% in RMB terms, or 21.6% in
USD terms, from $25.0 million, or
$0.94 per diluted share, in the same
quarter of 2015.
Non-GAAP adjusted net income and diluted earnings per share for
the three month ended March 31, 2016
exclude $4.2 million of non-cash
employee share-based compensation expenses.
As of March 31, 2016, the Company
had $180.1 million in cash and
cash equivalents, primarily consisting of cash on hand and
demand deposits.
Net cash provided by operating activities for the first
quarter of 2016 was $24.2 million, as
compared to $16.5 million for the
same quarter of 2015. The increase in net cash provided by
operating activities was largely consistent with the improvements
in our results of operations, the speed-up of accounts receivable
collection and the increase of net non-cash operating expenses ,
partially offset by the increase in inventories in the first
quarter of 2016.
Accounts receivable increased by $5.3
million during the first quarter of 2016, as compared to
$9.2 million during the same quarter
of 2015. The accounts receivable turnover days for plasma products
decreased to 33 days during the first quarter of 2016, from 38 days
during the same period in 2015, mainly because the Company no
longer offered the long credit term policy to human rabies
immunoglobulin distributors in the first quarter of 2016 as it did
in the same quarter of 2015 to gain market share.
Inventories increased by $3.9
million in the first quarter of 2016, as compared to
$1.9 million during the same quarter
of 2015, primarily due to the increase of source plasma from the
collection stations of Xinjiang Deyuan.
Net cash used in investing activities for the first
quarter of 2016 was $19.9 million, as
compared to $8.5 million for the same
quarter of 2015. During the first quarter of 2016, the Company paid
$14.6 million for the acquisition of
property, plant and equipment, intangible assets and land use
rights and provided a loan of $6.3
million to Xinjiang Deyuan pursuant to a cooperation
agreement in August 2015. During the
first quarter of 2015, the Company paid $8.5
million for the acquisition of property, plant and
equipment.
Net cash provided by financing activities for the first
quarter of 2016 was $29.8 million, as
compared to net cash used in financing activities of $2.1 million for the same quarter of 2015. The
net cash provided by financing activities in the first quarter of
2016 mainly consisted of proceeds of $37.8
million from the maturity of deposits used as security for
bank loans, partially offset by a dividend payment of $7.9 million paid by Shandong Taibang to its
minority shareholder. Net cash used in financing activities for the
first quarter of 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.
Financial Outlook
For the full year of 2016, the Company reiterates its full year
forecast of total sales growth of 21% to 23% in RMB terms and
non-GAAP adjusted net income growth of 24% to 26% in RMB terms over
2015 financial results. This guidance does not factor in any
potential foreign currency translation impact. Having previously
adopted an exchange rate of approximately RMB6.21 = $1.00
based on weighted average quarterly exchange rates in 2015 in
translating 2015 financial results, the Company expects that the
total sales and non-GAAP adjusted net income in USD terms in 2016
will be adversely affected by the foreign currency translation
impact.
This guidance assumes only organic growth, excluding
acquisitions, and necessarily assumes no significant product price
changes during 2016. This forecast reflects the Company's current
and preliminary views, which are subject to change.
Conference Call
The Company's management will hold a conference call at
7:30 a.m. ET on Thursday, May 5, 2016, which is 7:30 p.m., Beijing Time on May 5, 2016, to discuss first quarter 2016
results. 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 call through May 12, 2016. The dial-in details are:
US:
|
1 877 344 7529
|
International:
|
1 412 317 0088
|
Passcode:
|
10084819
|
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 dosage forms of plasma 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 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 plans regarding the production and sale of plasma
products made from the purchased raw materials 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,
quality inspection of purchased source plasma, potential delay or
failure to complete construction of new collection facilities,
potential inability to pass government inspection and certification
process for existing and new facilities, potential inability to
achieve the designed collection capacities at the new collection
facilities, 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
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
March 31,
2016
|
|
March 31,
2015
|
|
|
USD
|
|
USD
|
Sales
|
|
85,587,711
|
|
70,354,331
|
Cost of
sales
|
|
34,043,435
|
|
24,461,575
|
Gross
profit
|
|
51,544,276
|
|
45,892,756
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
Selling
expenses
|
|
1,227,670
|
|
1,950,688
|
General and administrative expenses
|
|
11,328,013
|
|
7,853,195
|
Research and development expenses
|
|
1,094,723
|
|
1,342,322
|
Income from
operations
|
|
37,893,870
|
|
34,746,551
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
Equity in loss of an equity method investee
|
|
(216,315)
|
|
(95,067)
|
Interest income
|
|
1,751,140
|
|
1,376,847
|
Interest expense
|
|
(88,550)
|
|
(756,821)
|
Total other income,
net
|
|
1,446,275
|
|
524,959
|
|
|
|
|
|
Earnings before
income tax expense
|
|
39,340,145
|
|
35,271,510
|
|
|
|
|
|
Income tax
expense
|
|
6,607,103
|
|
5,616,150
|
|
|
|
|
|
Net
income
|
|
32,733,042
|
|
29,655,360
|
|
|
|
|
|
Less: Net income
attributable to noncontrolling interest
|
|
6,535,787
|
|
6,492,888
|
|
|
|
|
|
Net income
attributable to China Biologic Products, Inc.
|
|
26,197,255
|
|
23,162,472
|
|
|
|
|
|
Net income per share
of common stock:
|
|
|
|
|
Basic
|
|
0.96
|
|
0.91
|
Diluted
|
|
0.94
|
|
0.87
|
Weighted average
shares used in computation:
|
|
|
|
|
Basic
|
|
26,585,926
|
|
24,816,877
|
Diluted
|
|
27,126,838
|
|
26,066,786
|
|
|
|
|
|
Net
income
|
|
32,733,042
|
|
29,655,360
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
|
2,569,752
|
|
(854,362)
|
|
|
|
|
|
Comprehensive
income
|
|
35,302,794
|
|
28,800,998
|
|
|
|
|
|
Less: Comprehensive
income attributable to noncontrolling interest
|
|
6,978,683
|
|
6,455,112
|
|
|
|
|
|
Comprehensive income
attributable to China Biologic Products, Inc.
|
|
28,324,111
|
|
22,345,886
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
|
USD
|
|
USD
|
ASSETS
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and
cash equivalents
|
|
180,116,752
|
|
144,937,893
|
Time
deposits
|
|
-
|
|
38,032,593
|
Accounts
receivable, net of allowance for doubtful accounts
|
|
30,593,102
|
|
25,144,969
|
Inventories
|
|
130,877,257
|
|
126,395,312
|
Prepayments and other current assets, net of allowance for doubtful
accounts
|
|
21,663,389
|
|
24,545,597
|
Deposits
related to land use rights, current portion
|
|
10,307,682
|
|
10,056,200
|
Total Current Assets
|
|
373,558,182
|
|
369,112,564
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
115,500,723
|
|
105,364,251
|
Land use rights,
net
|
|
24,932,269
|
|
23,576,300
|
Equity method
investment
|
|
8,543,149
|
|
8,718,133
|
Loan
receivable
|
|
46,431,000
|
|
39,834,173
|
Other non-current
assets
|
|
3,199,391
|
|
4,861,075
|
Total Assets
|
|
572,164,714
|
|
551,466,496
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts
payable
|
|
5,994,820
|
|
9,681,835
|
Other
payables and accrued expenses
|
|
42,626,588
|
|
57,462,563
|
Income
tax payable
|
|
8,226,534
|
|
4,510,986
|
Total Current Liabilities
|
|
56,847,942
|
|
71,655,384
|
|
|
|
|
|
Deferred
income
|
|
4,420,053
|
|
4,525,867
|
Other
liabilities
|
|
6,703,382
|
|
8,323,446
|
Total
Liabilities
|
|
67,971,377
|
|
84,504,697
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Common
stock:
|
|
|
|
|
par value
$0.0001;
|
|
|
|
|
100,000,000 shares
authorized;
|
|
|
|
|
28,845,678 and 28,835,053
shares issued at March31, 2016 and December 31, 2015,
respectively;
|
|
|
|
|
26,590,974 and 26,580,349
shares outstanding at March 31, 2016 and December 31, 2015,
respectively
|
|
2,885
|
|
2,884
|
Additional paid-in capital
|
|
109,649,239
|
|
105,079,845
|
Treasury
stock: 2,254,704 shares at March31, 2016 and December31, 2015, at
cost
|
|
(56,425,094)
|
|
(56,425,094)
|
|
|
|
|
|
Retained
earnings
|
|
359,901,349
|
|
333,704,094
|
Accumulated other comprehensive income
|
|
2,108,251
|
|
(18,605)
|
Total
equity attributable to China Biologic Products,
Inc.
|
|
415,236,630
|
|
382,343,124
|
|
|
|
|
|
Noncontrolling interest
|
|
88,956,707
|
|
84,618,675
|
|
|
|
|
|
Total Stockholders'
Equity
|
|
504,193,337
|
|
466,961,799
|
|
|
|
|
|
Commitments and contingencies
|
|
-
|
|
-
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
572,164,714
|
|
551,466,496
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
March 31,
|
|
March 31,
|
|
|
2016
|
|
2015
|
|
|
USD
|
|
USD
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net
income
|
|
32,733,042
|
|
29,655,360
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
Depreciation
|
|
2,267,623
|
|
2,201,020
|
Amortization
|
|
216,971
|
|
208,237
|
Loss on sale of property, plant and equipment
|
|
90,261
|
|
60,540
|
Allowance for doubtful accounts - accounts receivable,
net
|
|
-
|
|
23,656
|
Allowance for doubtful accounts - other receivables and
prepayments
|
|
-
|
|
796
|
Write-down of obsolete inventories
|
|
59,560
|
|
4,576
|
Deferred tax (benefit) expense
|
|
(887,184)
|
|
502,563
|
Share-based compensation
|
|
4,569,395
|
|
1,969,973
|
Equity in loss of an equity method investee
|
|
216,315
|
|
95,067
|
Change
in operating assets and liabilities:
|
|
|
|
|
Accounts receivable
|
|
(5,267,385)
|
|
(9,178,096)
|
Prepayment and other current assets
|
|
2,554,632
|
|
(1,638,307)
|
Inventories
|
|
(3,869,727)
|
|
(1,889,100)
|
Accounts payable
|
|
(3,696,808)
|
|
482,077
|
Other payables and accrued expenses
|
|
(8,282,055)
|
|
(5,672,053)
|
Deferred income
|
|
(127,705)
|
|
(74,749)
|
Income tax payable
|
|
3,654,815
|
|
(209,688)
|
Net cash provided
by operating activities
|
|
24,231,750
|
|
16,541,872
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Payment
for property, plant and equipment
|
|
(13,672,613)
|
|
(8,478,369)
|
Payment
for intangible assets and land use rights
|
|
(967,636)
|
|
-
|
Refund
of deposits related to land use right
|
|
994,815
|
|
-
|
Proceeds
from sale of property, plant and equipment and land use
rights
|
|
63,397
|
|
6,219
|
Long-term loan lent to a third party
|
|
(6,331,518)
|
|
-
|
Net cash used in
investing activities
|
|
(19,913,555)
|
|
(8,472,150)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds
from stock option exercised
|
|
-
|
|
449,741
|
Repayment of short-term bank loans
|
|
-
|
|
(31,610,360)
|
Maturity
of deposit as security for bank loans
|
|
37,756,405
|
|
31,985,122
|
Dividend
paid by subsidiaries to noncontrolling interest
shareholders
|
|
(7,921,952)
|
|
-
|
Dividend
to the trial court to be held in escrow as to dispute with
Jie'an
|
|
-
|
|
(2,988,194)
|
Net cash provided
by (used in) financing activities
|
|
29,834,453
|
|
(2,163,691)
|
|
|
|
|
|
EFFECT OF FOREIGN
EXCHANGE RATE CHANGES ON CASH
|
|
1,026,211
|
|
(738,659)
|
|
|
|
|
|
NET INCREASE IN
CASH AND CASH EQUIVALENTS
|
|
35,178,859
|
|
5,167,372
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
144,937,893
|
|
80,820,224
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
180,116,752
|
|
85,987,596
|
|
|
|
|
|
Supplemental cash
flow information
|
|
|
|
|
Cash
paid for income taxes
|
|
3,867,715
|
|
5,373,179
|
Cash
paid for interest expense
|
|
-
|
|
660,018
|
Noncash
investing and financing activities:
|
|
|
|
|
Acquisition of property, plant and equipment
included in payables
|
|
3,087,289
|
|
189,074
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2016
|
|
2015
|
|
|
|
USD
|
|
USD
|
Adjusted Net Income
Attributable to the Company - Non GAAP
|
|
30,442,374
|
|
24,950,406
|
Diluted EPS - Non
GAAP
|
|
|
1.09
|
|
0.94
|
Non-cash employee
stock compensation
|
|
(4,245,119)
|
|
(1,787,934)
|
Net Income
Attributable to the Company
|
|
26,197,255
|
|
23,162,472
|
Weighted average
number of shares used in computation of Non GAAP diluted
EPS
|
|
27,126,838
|
|
26,066,786
|
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-2016-300262635.html
SOURCE China Biologic Products, Inc.