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China Biologic Reports Financial Results for the First Quarter of 2013
Date:5/8/2013

p>Income tax expense in the first quarter of 2013 was $4.6 million, as compared to $3.2 million in the same quarter of 2012, representing an increase of 45.0%. The effective income tax rates were 17.4% and 15.2% for the three months ended March 31, 2013 and 2012, respectively.

Net income attributable to the Company increased by 15.1% to $14.9 million in the first quarter of 2013, from $13.0 million in the same quarter of 2012. Net margins were 27.6% and 27.4% for the three months ended March 31, 2013 and 2012, respectively. Fully diluted net income per share was $0.53, as compared to $0.44 in the first quarter of 2012.

Non-GAAP adjusted net income attributable to the Company was $16.4 million or $0.59 per diluted share in the first quarter of 2013, compared to $12.7 million or $0.48 per diluted share in the same quarter of 2012.

Non-GAAP adjusted net income and diluted earnings per share for the three months ended March 31, 2013 excluded $1.5 million of non-cash employee share-based compensation expenses.

As of March 31, 2013, the Company had cash and cash equivalents of $138.7 million, compared to $129.6 million as of December 31, 2012.

Net cash provided by operating activities for the three months ended March 31, 2013 was $22.0 million, as compared to $8.2 million for the three months ended March 31, 2012.

OutlookFor the full year of 2013, the Company reiterates comfort with its full year financial forecast of total sales in the range of $195 million to $205 million and full year non-GAAP adjusted net income in the range of $50 million to $53 million. This guidance assumes the anticipated production suspension at the Company's Guizhou facility, only organic growth and excludes acquisitions and necessarily assumes no significant adverse product price changes during 2013.

This forecast reflects the Company's current and preliminary views, which are subject to change.

Conference CallThe Compan
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SOURCE China Biologic Products, Inc.
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