Provision for income taxes increased 121.6% to $4.6 million for 2008, from $2.1 million for the same period in 2007. The effective tax rate for 2008 was 23.1%, as compared to 16.9% in 2007.
Net income for 2008 was $12.0 million, up 46.5% from $8.2 million in 2007. Fully diluted earnings per share were $0.56 for 2008, compared to $0.37 in 2007.
Non-GAAP net income in 2008 was $13.3 million or $0.62 per fully diluted share, a 62.6% increase from net income of $8.2 million, or $0.37 per fully diluted share in 2007.(*)
(*) Excludes Stock Based Compensation ("SBC"). See Table 1 for a reconciliation of Net Income and EPS to exclude SBC.
As of December 31, 2008, the Company had $8.8 million in cash, approximately $6.3 million in working capital and a current ratio of 1.3. Shareholder's equity at 2008 year-end was $37.8 million, compared to $22.4 million at the end of 2007. The Company generated $20.0 million in net cash from operating activities for the year ended December 31, 2008.
Recent Developments (1) The Company's indirect majority-owned subsidiary, Shandong Taibang Biological Products Co. Ltd. ("Shandong Taibang") was awarded the High-Technology Enterprise Certification by the provincial government in Shandong Province, which allows the Company to be taxed at the preferential income tax rate of 15% instead of at the regular 25% rate, for a period of 3 years commencing January 1, 2008. (2) One of China Biologic Products' R&D projects, "High-Purity Human Albumin," was listed in the National Torch Plan of China. (3) China Biologic Products completed the acquisition of a 35% interest in Xi'an Huitian Blood Products Co., Ltd. in March 2009.
|SOURCE China Biologic Products, Inc.|
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