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China Biologic Products Reports First Quarter 2008 Results

e during the fiscal year 2007. The Company is in the process of applying for status as a new or high technology company in order to qualify for the favorable tax rate of 15%.

Net income for the first quarter of 2008 increased 19.4% year-over-year, to $2.3 million, or $0.11 per basic share and $0.10 per diluted share.

Financial Condition

As of March 31, 2008, CBP had $5.2 million in cash, approximately $10.5 million in working capital and a current ratio of 2.2. Shareholders' equity at the end of the first quarter of 2008 stood at $25.8 million, compared to $22.4 million at the end of 2007.

Recent Development

(1) Management change

On May 9, 2008, Mr. Stanley Wong resigned as President and Chief Executive Officer of the Company, effective as of June 1, 2008. He will continue to serve as a consultant to the Company until the end of 2008 in order to ensure a smooth transition for the management. At the same time, Mr. Chao Ming Zhao resigned from his position as Chief Financial Officer in order to take over Mr. Wong's role as President and Chief Executive Officer, and Mr. Y. Tristan Kuo, the Company's Vice President-Finance, has been appointed to as the Company's new Chief Financial Officer, effective June 1, 2008.
(2) The Company announced its receipt of SFDA approval to Supply

Cryoprecipitate in the second quarter of 2008.

(3) The Company received approval SFDA for Clinical Trial of Human

Prothrombin Complex.

Business Outlook

In recent years, the biopharmaceutical industry and the plasma-based product market have outperformed the pharmaceutical industry. The market for plasma-based products in China remains underserved with limited availability of products, offering substantial opportunities for China Biologic to grow its business.

The PRC government is limiting the number of companies in this industry and is not expected to issue new licenses in the foreseeable future. F

SOURCE China Biologic Products, Inc.
Copyright©2008 PR Newswire.
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