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

mpany is still awaiting China's State Food and Drug Administration's approval of our two new products. We expect to receive the approval for these two new products in later part of 2012 or early part of 2013 due to the delay of the SFDA approval process. 

Income from operations

Income from operations increased 29.6% to $18.8 million in the first quarter 2012 from $14.5 million in the first quarter 2011. The operating profit margin (income from operations as a percent of total sales) decreased by 2.3 % to 39.9% in the first quarter 2012 from 42.2% in the first quarter 2011.

Change in fair value

The embedded derivatives (including the conversion option) in our senior secured convertible notes and warrants issued in June 2009 are classified as derivative liabilities carried at fair value. In the first quarter 2012 and the first quarter 2011, we recognized a gain from the change in fair value of derivative liabilities in the amounts of $1.2 million and $1.0 million, respectively. The recognized gain from the change in the fair value of derivative liabilities in the first quarter 2012 is mainly due to a decrease in the price of our common stock from $10.46 as of December 31, 2011 to $9.28 as of March 31, 2012.

Interest expense (income)

Interest expense decreased to $0.6 million in the first quarter 2012 from $1.7 million in the first quarter 2011 primarily because the Company's convertible notes were fully converted prior to the first quarter of 2012. Interest income increased to $0.5 million in the first quarter 2012 from $0.2 million in the first quarter 2011 due to higher amounts deposited at higher average interest rates.

Provision for income taxes

The provision for income taxes decreased to $3.2 million in the first quarter 2012 from $4.3 million in the first quarter 2011. The effective tax rate was 15.2% in the first quarter 2012 and 30.3% in the first quarter 2011 due mainly to a decrease in the applic
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SOURCE China Biologic Products, Inc.
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