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China Biologic Products Reports First Quarter 2008 Results
Date:5/15/2008

7. The increase in revenues during the first quarter of 2008 is primarily attributable to a general increase in prices of plasma-based products together with foreign exchange translation benefits. During the first quarter of 2008, the Company's plasma- based products increased in price by approximately 78.4%, weighted average, period to period, which was offset by a decrease of in the volume of sales for three of the Company's products, including human albumin. The Company's temporary suspension of production for 70 days during fourth quarter 2007, for maintenance and for the building of the new production line, had a temporary effect on the supply of finished products available for sale in the first quarter of 2008.

Gross profits increased 33.6% to $5.9 million with gross margins of 75.2% for the first quarter of 2008, compared with approximately $4.4 million and 57.5% in the first quarter of 2007, respectively. The increase in gross margin was mainly due to the increased sales of higher margin products.

Total operating expenses for the first quarter of 2008 were $2.3 million, up 42.6% from the same period in 2007. Selling expenses increased 2.7% to $0.49 million. General and administrative expenses increased 68.8%, which was mainly attributable to the increase in personnel costs and auditing and legal fees. There were also increased activities related to investor relations and raising the profile of the Company in the US capital market. Research and development expenses increased 22.6% to $0.18 million.

Income from operations grew 28.5% to $3.6 million in the first quarter of 2008, representing operating margins of 46.3%, as compared to $2.8 million and 36.9% during the same period of 2007.

Provision for income taxes increased 64.5% year-over-year, to over $0.7 million. The Company provisioned its income tax for the first quarter of 2008 at the new PRC corporate unified income tax rate of 25%, as compared to the 15% preferential tax rat
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SOURCE China Biologic Products, Inc.
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