--1Q17 Total Sales Up 6.9% YoY to $91.5Million and Net Income Up 14.5% YoY to
$30.0 Million in USD terms,
or Total Sales Up 12.7% YoY and Non-GAAP Adjusted Net
Income Up 29.7% YoY in RMB terms--
--Reiterates Full Year Financial Forecast--
BEIJING, May 3, 2017 /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 2017.
First Quarter 2017 Financial Highlights
- Total sales in the first quarter of 2017 increased by
12.7% in RMB terms, or increased by 6.9% in USD terms to
$91.5 million from $85.6 million in the same quarter of 2016.
- Gross profit increased by 15.0% to $59.2 million from $51.5
million in the same quarter of 2016. Gross margin
increased to 64.8% from 60.2% in the same quarter of 2016.
- Income from operations increased by 2.4% to $38.8 million from $37.9
million in the same quarter of 2016. Operating margin
decreased to 42.4% from 44.3% in the same quarter of 2016.
- Net income attributable to the Company increased by
14.5% to $30.0 million from
$26.2 million in the same quarter of
2016. Diluted earnings per share increased to $1.06 from $0.94 in
the same quarter of 2016.
- Non-GAAP adjusted net income attributable to the Company
increased by 29.7% in RMB terms, or 23.0% in USD terms, to
$37.4 million from $30.4 million in the same quarter of 2016.
Non-GAAP adjusted earnings per share increased to
$1.32 from $1.09 in the same quarter of 2016.
Mr. David (Xiaoying) Gao,
Chairman and Chief Executive Officer of China Biologic, commented,
"We are pleased to report another quarter of revenue and profit
growth. This growth comes at a time when we experienced a negative
impact of approximately six percentage point from foreign currency
conversion in the first quarter as well as the buildup of our
plasma inventory in anticipation of a planned temporary shutdown of
our current Shandong facility for
several weeks in the second quarter to reallocate personnel to our
new location to conduct plant validation procedures. During the
reporting quarter, our Shandong
facility experienced a low single digit sales growth due to this
inventory control, while our Guizhou facility maintained strong sales
growth momentum. We continued to concentrate our sales on large
hospital customers and large distributors, resulting in accelerated
growth among our important regional hospital customers and tier-1
city distributors. We also experienced year-over-year improvement
in gross margin and non-GAAP net margin in the first quarter of
2017, attributable to higher sales concentration in products made
from company-collected plasma, strong sales volume growth from our
higher margin placenta polypeptide products, greater financial
contribution from our increased equity interest in Guizhou Taibang
and from enhanced non-controlling interest contribution from our
Xi'an Huitian facility."
Mr. Gao continued, "We continue to move forward with our
operational initiatives as both our internally collected plasma and
outsourced third party plasma volumes continue to grow. The
construction of our new Shandong
facility also remains on track. During the course of 2017, we
anticipate a cumulative three month production suspension between
our existing and new Shandong
facilities and continue to expect completion of the GMP certificate
inspection process and commence operation at the new site by the
end of this year. On the R&D front, we have initiated the
clinical trial for the Human Coagulation Factor IX, while awaiting
the onsite clinical data inspection of Fibrinogen by the CFDA to
obtain final approval. We reiterate our full year financial
forecast and believe we can enhance our total sales and operating
efficiency to meet growing market demand in the quarters
ahead."
"For the remainder of 2017, we will continue to focus on several
key areas including exploring new regions to expand our plasma
collection coverage, introducing new products to the market as
planned, managing public tenders in various local markets to secure
business with optimized pricing, and further investing in our
medical marketing platform to accelerate volume for newly launched
products," concluded Mr. Gao.
First Quarter 2017 Financial Performance
Total sales in the first quarter of 2017 increased by
12.7% in RMB terms, or increased by 6.9% in USD terms to
$91.5 million from $85.6 million in the same quarter of 2016. The
increase was primarily attributable to the sales volume increase in
human albumin products and placenta polypeptide products.
During the first quarter of 2017, human albumin and IVIG
products remained the Company's two largest sales contributors. As
a percentage of total sales, sales from human albumin products
increased to 40.3% in the first quarter of 2017, compared to 38.1%
in the same quarter of 2016. Revenue from IVIG decreased to 34.8%
of total sales in the first quarter of 2017 from 39.9% in the same
quarter of 2016.
The sales volume of human albumin products increased by 20.6% in
the first quarter of 2017 primarily due to enhanced production and
sales volume at Guizhou Taibang as a result of increased plasma
supply volume. The sales volume of IVIG products decreased by 5%
primarily due to a high comparison base in the first quarter of
2016 when the Company sold higher-than-normal amounts of products
processed from its 143 tonnes of source plasma and plasma pastes
outsourced from a third party in 2015.
The average price for human albumin products, excluding foreign
exchange impact, decreased by 1.2% in RMB terms, or decreased by
6.3% in USD terms, in the first quarter of 2017 compared to the
same quarter of 2016, mainly due to lower sales concentration from
the higher-unit-price dosages. The average price for IVIG products,
excluding foreign exchange impact, increased by 3.2% in RMB terms,
or decreased by 2.1% in USD terms, in the first quarter of 2017
compared to the same quarter of 2016, mainly due to an increase in
price to the company's major distributors.
Revenue from hyper-immune products decreased by 1.7% in RMB
terms, or decreased by 6.7% in USD terms, for the first quarter of
2017 compared to the same quarter of 2016, accounting for 9.1% and
10.4% of total sales in the first quarter of 2017 and 2016,
respectively. Revenue from other plasma products including human
coagulation factor VIII and human prothrombin complex concentrate
increased by 8.2% in RMB terms, or 2.4% in USD terms, in the first
quarter of 2017 compared to the same quarter of 2016.
Revenue from placenta polypeptide product increased by 89.3% in
RMB terms, or 78.9% in USD terms in the first quarter of 2017
compared to the same quarter of 2016, attributable to
higher-than-normal product sales volume in the first quarter
possibly in anticipation of the nationwide implementation of a
two-invoice policy system which could potentially result in higher
billing prices for distributors in the future.
Cost of sales was $32.3
million in the first quarter of 2017, compared to
$34.1 million in the same quarter of
2016. As a percentage of total sales, the cost of sales was 35.2%,
compared to 39.8% in the same quarter of 2016. The decrease in cost
of sales was mainly due to the lower concentration of high-cost
outsourced raw plasma, as well as greater sales concentration of
higher-margin placenta polypeptide products.
Gross profit increased by 15.0% to $59.2 million in the first quarter of 2017 from
$51.5 million in the first quarter of
2016. Gross margin was 64.8% and 60.2% in the first quarter
of 2017 and 2016, respectively.
Total operating expenses in the first quarter of 2017
increased by $6.8 million, or 50.0%,
to $20.4 million from $13.6 million in the first quarter of 2016,
mainly due to the increase in selling expenses and general and
administrative expenses. As a percentage of total sales, total
operating expenses increased to 22.4% in the first quarter of 2017
from 15.9% in the same quarter of 2016.
Selling expenses in the first quarter of 2017 increased
to $3.8 million from $1.2 million in the same quarter of 2016. As a
percentage of total sales, selling expenses were 4.2% in the first
quarter of 2017, up from 1.4% in the first quarter of 2016,
primarily due to higher marketing and promotion costs related to
certain hyper-immune products and placenta polypeptide product.
General and administrative expenses in the first quarter
of 2017 increased to $15.2 million
from $11.3 million in the same
quarter of 2016. As a percentage of total sales, general and
administrative expenses were 16.7% and 13.2% in the first quarter
of 2017 and 2016, respectively. The increase in general and
administrative expenses was mainly due to a $3.5 million increase in non-cash share-based
compensation expense. Excluding the impact of non-cash share-based
compensation expense, non-GAAP general and administrative expenses
would have remained stable at 7.9% of total sales in the first
quarter of 2017 as compared with the same quarter of 2016.
Research and development expenses in the first quarter of
2017 were $1.4 million, or 1.5% of
total sales, compared to $1.1
million, or 1.3% of total sales, in the same quarter of
2016.
Income from operations for the first quarter of 2017
increased by 2.4% to $38.8 million
from $37.9 million in the same period
of 2016. Operating margin decreased to 42.4% in the first
quarter of 2017 from 44.3% in the same quarter of 2016.
Income tax expense for the first quarter of 2017 was
$7.0 million, as compared to
$6.6 million in the same period of
2016. The effective income tax rate was 16.8% for the first quarter
of 2017 and 2016, respectively.
Net income attributable to the Company increased
by 14.5% to $30.0 million in the
first quarter of 2017 from $26.2
million in the same period of 2016. Net margin
increased to 32.8% from 30.6% in the first quarter of 2016.
Diluted earnings per share increased to $1.06 in the first quarter of 2017 from
$0.94 in the same quarter of
2016.
Non-GAAP adjusted net income attributable to the Company
increased by 29.7% in RMB terms, or 23.0% in USD terms, to
$37.4 million in the first quarter of
2017 from $30.4 million in the same
quarter of 2016. Non-GAAP net margin increased to 40.9% in
the first quarter of 2017 from 35.5% in the same quarter of 2016.
Non-GAAP adjusted earnings per diluted share increased to
$1.32 in the first quarter of 2017
from $1.09 in the same quarter of
2016.
Non-GAAP adjusted net income and
diluted earnings per share exclude non-cash employee share-based
compensation expense of $7.4 million
and $4.2 million for the three months
ended March 31, 2017 and 2016,
respectively.
As of March 31, 2017, the Company
had $197.4 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 2017 was $13.1 million, as
compared to $24.2 million for the
same quarter of 2016. The decrease in net cash provided by
operating activities was primarily due to the increases in accounts
receivable and inventories.
Accounts receivable increased by $17.6
million during the first quarter of 2017, as compared to
$5.3 million in the same quarter of
2016. The accounts receivable turnover days for plasma products
increased to 46 days during the first quarter of 2017 from 33 days
in the same quarter of 2016. The increased turnover days reflect a
combination of higher percentage of direct sales, higher
concentration of large hospital and distributor customers that
typically request longer credit terms.
Inventories increased by $9.1
million in the first quarter of 2017, mainly comprised of
third party and company-collected raw material plasma increase.
This increase was higher than the inventory increase of
$3.9 million in the same quarter of
2016, mainly because the Company stockpiled sufficient inventories
for the planned temporary production suspension at its Shandong facility.
Net cash used in investing activities for in the first
quarter of 2017 was $9.1 million, as
compared to $19.9 million in the same
quarter of 2016. During the first quarter of 2017 and 2016, the
Company paid $9.1 million and
$14.6 million, respectively, for the
acquisition of property, plant and equipment, and land use rights
for Shandong Taibang and Guizhou Taibang. In addition, during the
first quarter of 2016, the Company granted a loan of $6.3 million to our plasma outsourcing
partner.
Net cash provided by financing activities for the first
quarter of 2017 was $8.8 million, as
compared to $29.8 million for the
same quarter of 2016. The net cash provided by financing activities
in the first quarter of 2017 mainly consisted of an $8.7 million short-term loan. 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
non-controlling shareholder.
Financial Outlook
For the full year of 2017, the Company reiterates its full year
forecast of total sales growth of 13% to 15% in RMB terms and
non-GAAP adjusted net income growth of 18% to 20% in RMB terms over
2016 financial results. This forecast factors into a cumulative
three month production suspension at the Company's Shandong facility in connection with plant
transition.
This guidance does not factor in any potential foreign currency
translation impact. Having previously adopted an exchange rate of
approximately RMB6.63 = $1.00 based on weighted average quarterly
exchange rates in 2016 in translating 2016 financial results, the
Company expects that the total sales and non-GAAP adjusted net
income in USD terms in 2017 will be adversely affected by the
foreign currency translation impact.
This guidance assumes only organic growth, excluding potential
acquisitions, and necessarily assumes no significant adverse
product price changes during 2017. 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 4, 2017, which is 7:30 pm Beijing Time on May 4, 2017, to discuss its results for the first
quarter of 2017 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 call through May 11, 2017. The dial-in details are:
US:
|
1 877 344
7529
|
International:
|
1 412 317
0088
|
Passcode:
|
10106035
|
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 majority
owned subsidiary, Shandong Taibang Biological Products Co., Ltd.,
and its wholly owned subsidiary, 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
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.
In addition, as the Company evaluates certain key items of its
financial results on a local currency basis (i.e., in RMB) in
addition to the reporting currency (i.e., in USD), this news
release contains local currency information that eliminates the
impact of fluctuations in foreign currency exchange rates. The
Company believes that, given its operations primarily based in
China, providing local currency
information on such key items enhances the understanding of its
financial results and evaluation of performance in comparison to
prior periods. Changes in local currency percentages are calculated
by comparing financial results denominated in RMB from period to
period.
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
positive impact on the Company's earnings results driven by the
acquisition of full ownership in Guizhou Taibang 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
potential delay or failure to complete the clinical trials for new
products, potential delay or failure to complete construction of
new collection facilities, potential inability to pass government
inspection and certification process for new collection 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
Financial statements follow.
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
March 31,
2017
|
|
March 31,
2016
|
|
|
USD
|
|
USD
|
Sales
|
|
91,453,112
|
|
85,587,711
|
Cost of
sales
|
|
32,215,473
|
|
34,043,435
|
Gross
profit
|
|
59,237,639
|
|
51,544,276
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
Selling
expenses
|
|
3,807,552
|
|
1,227,670
|
General and administrative expenses
|
|
15,256,766
|
|
11,328,013
|
Research and development expenses
|
|
1,357,363
|
|
1,094,723
|
Income from
operations
|
|
38,815,958
|
|
37,893,870
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
Equity in income (loss) of an equity method
investee
|
|
911,743
|
|
(216,315)
|
Interest income
|
|
1,623,839
|
|
1,751,140
|
Interest expense
|
|
(62,510)
|
|
(88,550)
|
Total other income,
net
|
|
2,473,072
|
|
1,446,275
|
|
|
|
|
|
Income before income
tax expense
|
|
41,289,030
|
|
39,340,145
|
|
|
|
|
|
Income tax
expense
|
|
6,950,539
|
|
6,607,103
|
|
|
|
|
|
Net
income
|
|
34,338,491
|
|
32,733,042
|
|
|
|
|
|
Less: Net income
attributable to noncontrolling interest
|
|
4,346,642
|
|
6,535,787
|
|
|
|
|
|
Net income
attributable to China Biologic Products, Inc.
|
|
29,991,849
|
|
26,197,255
|
|
|
|
|
|
Earnings per share of
common stock:
|
|
|
|
|
Basic
|
|
1.07
|
|
0.96
|
Diluted
|
|
1.06
|
|
0.94
|
Weighted average
shares used in computation:
|
|
|
|
|
Basic
|
|
27,183,733
|
|
26,585,926
|
Diluted
|
|
27,465,414
|
|
27,126,838
|
|
|
|
|
|
Net
income
|
|
34,338,491
|
|
32,733,042
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
|
2,720,968
|
|
2,569,752
|
|
|
|
|
|
Comprehensive
income
|
|
37,059,459
|
|
35,302,794
|
|
|
|
|
|
Less: Comprehensive
income attributable to noncontrolling interest
|
|
4,650,562
|
|
6,978,683
|
|
|
|
|
|
Comprehensive income
attributable to China Biologic Products, Inc.
|
|
32,408,897
|
|
28,324,111
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2017
|
|
December 31,
2016
|
|
|
USD
|
|
USD
|
ASSETS
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and
cash equivalents
|
|
197,357,368
|
|
183,765,533
|
Accounts
receivable, net of allowance for doubtful accounts
|
|
51,647,936
|
|
33,918,796
|
Inventories
|
|
166,380,493
|
|
156,412,674
|
Prepayments and other current assets, net of allowance for
doubtful accounts
|
|
17,732,312
|
|
15,320,913
|
Total Current Assets
|
|
433,118,109
|
|
389,417,916
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
138,037,731
|
|
132,091,923
|
Land use rights,
net
|
|
23,362,992
|
|
23,389,384
|
Equity method
investment
|
|
11,582,725
|
|
10,614,755
|
Loan
receivable
|
|
43,482,000
|
|
43,245,000
|
Other non-current
assets
|
|
5,838,184
|
|
6,198,531
|
Total Assets
|
|
655,421,741
|
|
604,957,509
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Short-term bank loan
|
|
8,696,400
|
|
-
|
Accounts
payable
|
|
6,570,475
|
|
6,158,601
|
Income
tax payable
|
|
9,391,380
|
|
7,484,366
|
Other
payables and accrued expenses
|
|
59,648,041
|
|
59,798,145
|
Total Current Liabilities
|
|
84,306,296
|
|
73,441,112
|
|
|
|
|
|
Deferred
income
|
|
3,655,387
|
|
3,755,648
|
Other
liabilities
|
|
6,602,255
|
|
6,623,926
|
Total Liabilities
|
|
94,563,938
|
|
83,820,686
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Common
stock:
|
|
|
|
|
par value $0.0001;
|
|
|
|
|
100,000,000 shares authorized;
|
|
|
|
|
29,456,181 and 29,427,609 shares issued at March31, 2017 and
December 31, 2016, respectively;
|
|
|
|
|
27,201,477 and 27,172,905 shares outstanding at March 31, 2017 and
December 31, 2016, respectively
|
|
2,946
|
|
2,943
|
Additional paid-in capital
|
|
113,630,172
|
|
105,459,610
|
Treasury
stock: 2,254,704 shares at March31, 2017 and December31, 2016, at
cost
|
|
(56,425,094)
|
|
(56,425,094)
|
Retained
earnings
|
|
468,475,250
|
|
438,483,401
|
Accumulated other comprehensive loss
|
|
(22,903,225)
|
|
(25,320,271)
|
Total equity attributable to China
Biologic Products, Inc.
|
|
502,780,049
|
|
462,200,589
|
|
|
|
|
|
Noncontrolling interest
|
|
58,077,754
|
|
58,936,234
|
|
|
|
|
|
Total Stockholders'
Equity
|
|
560,857,803
|
|
521,136,823
|
|
|
|
|
|
Commitments and contingencies
|
|
-
|
|
-
|
|
|
|
|
|
Total Liabilities and Stockholders'
Equity
|
|
655,421,741
|
|
604,957,509
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
March 31,
|
|
March 31,
|
|
|
2017
|
|
2016
|
|
|
USD
|
|
USD
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net
income
|
|
34,338,491
|
|
32,733,042
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation
|
|
3,052,133
|
|
2,267,623
|
Amortization
|
|
428,028
|
|
216,971
|
Loss on sale of
property, plant and equipment
|
|
63,425
|
|
90,261
|
Allowance (reversal)
for doubtful accounts - accounts receivable, net
|
|
(10,168)
|
|
-
|
Write-down of
obsolete inventories
|
|
-
|
|
59,560
|
Deferred tax expense
(benefit)
|
|
266,804
|
|
(887,184)
|
Share-based
compensation
|
|
8,072,065
|
|
4,569,395
|
Equity in (income)
loss of an equity method investee
|
|
(911,743)
|
|
216,315
|
Change in operating
assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
|
(17,570,606)
|
|
(5,267,385)
|
Inventories
|
|
(9,130,101)
|
|
(3,869,727)
|
Prepayments and other
current assets
|
|
(2,281,491)
|
|
2,554,632
|
Accounts
payable
|
|
378,931
|
|
(3,696,808)
|
Income tax
payable
|
|
1,869,988
|
|
3,654,815
|
Other payables and
accrued expenses
|
|
(5,411,627)
|
|
(8,282,055)
|
Deferred
income
|
|
(121,102)
|
|
(127,705)
|
Net cash provided
by operating activities
|
|
13,033,027
|
|
24,231,750
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Payment for
property, plant and equipment
|
|
(8,936,981)
|
|
(13,672,613)
|
Payment for
land use rights
|
|
(151,326)
|
|
(967,636)
|
Refund of
deposits related to land use right
|
|
-
|
|
994,815
|
Proceeds from
sale of property, plant and equipment
|
|
3,626
|
|
63,397
|
Long-term loan
lent to a third party
|
|
-
|
|
(6,331,518)
|
Net cash used in
investing activities
|
|
(9,084,681)
|
|
(19,913,555)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds from
stock option exercised
|
|
98,500
|
|
-
|
Proceeds from
short-term bank loan
|
|
8,715,000
|
|
-
|
Maturity of
deposit as security for bank loans
|
|
-
|
|
37,756,405
|
Dividend paid
by subsidiaries to noncontrolling interest shareholders
|
|
-
|
|
(7,921,952)
|
Net cash provided
by financing activities
|
|
8,813,500
|
|
29,834,453
|
|
|
|
|
|
EFFECT OF FOREIGN
EXCHANGE RATE CHANGES ON CASH
|
|
829,989
|
|
1,026,211
|
|
|
|
|
|
NET INCREASE IN
CASH AND CASH EQUIVALENTS
|
|
13,591,835
|
|
35,178,859
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
183,765,533
|
|
144,937,893
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
197,357,368
|
|
180,116,752
|
|
|
|
|
|
Supplemental cash
flow information
|
|
|
|
|
Cash paid for
income taxes
|
|
4,969,712
|
|
3,867,715
|
Noncash
investing and financing activities:
|
|
|
|
|
Acquisition of
property, plant and equipment included in payables
|
|
1,863,464
|
|
3,087,289
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2017
|
|
2016
|
|
|
|
USD
|
|
USD
|
Adjusted Net Income
Attributable to the Company - Non GAAP
|
|
37,430,088
|
|
30,442,374
|
Diluted EPS - Non
GAAP
|
|
|
1.32
|
|
1.09
|
Non-cash employee
stock compensation
|
|
(7,438,239)
|
|
(4,245,119)
|
Net Income
Attributable to the Company
|
|
29,991,849
|
|
26,197,255
|
Weighted average
number of shares used in computation of Non GAAP diluted
EPS
|
|
27,465,414
|
|
27,126,838
|
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-2017-300450315.html
SOURCE China Biologic Products, Inc.