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China Biologic Products Reports Higher Results for the First Quarter 2012
Date:5/8/2012

able income tax rate of Shandong Taibang and Guizhou Taibang to 15% for the first quarter 2012 from 25% for the first quarter 2011.

Net income

GAAP net income attributable to China Biologic increased by $6.6 million or 105.4% to $13.0 million or $0.44 per diluted share in the first quarter 2012 compared with the net income attributable to China Biologic of $6.3 million or $0.23 per diluted share in the first quarter 2011. 

Non-GAAP adjusted net income was $12.7 million or $0.48 per diluted share in the first quarter 2012 compared with $8.0 million or $0.31 per diluted share in the first quarter 2011.

Non-GAAP adjusted net income and diluted earnings per share in the first quarter 2012 excluded an aggregate $1.2 million of gains, which are related to the change in the fair value of derivative liabilities, and $1.0 million of non-cash employee stock compensation expenses. Please see the table at the end of this release for the reconciliation of our non-GAAP measures to the nearest comparable GAAP measures.

Financial Condition

To date, China Biologic has financed its operations primarily through cash flows from operations, augmented by short-term bank borrowings and equity contributions by its stockholders. As of March 31, 2012, China Biologic had $85.0 million in cash, primarily consisting of cash on hand and demand deposits.

The following table shows a summary of our cash flows.

Cash FlowIn U.S. dollarsFirst quarter ended
March 31,20122011Net cash provided by operating activities

$

8,208,202

$

2,878,223Net cash used in investing activities(2,644,492)(1,897,980)Net cash used in financing activities(10,734,880)(10,181,320)Effects of exchange rate change on cash733,956567,480Net decrease in cash(4,437,214)(8,633,597)Cash at beginning of the period 89,411,83564,941,368Cash at end of the period

$

84,974,621

$

56,307,771Net cash prov
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SOURCE China Biologic Products, Inc.
Copyright©2010 PR Newswire.
All rights reserved

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