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China Biologic Reports Financial Results for the Fourth Quarter and Fiscal Year 2012
Date:3/13/2013

lasma collection costs resulting from higher compensation paid to plasma donors. Gross profit increased by 17.7% to $126.0 million in 2012 from $107.1 million in 2011. Gross margin decreased slightly to 68.2% in 2012 from 69.9% in 2011.

Total operating expenses in 2012 decreased by 31.2% to $51.5 million from $74.9 million in 2011, primarily due to decreased impairment loss. The Company incurred an impairment loss of $24.8 million in 2011, for both goodwill and abandonment of long-lived assets as a result of the closure of several plasma collection stations in Guizhou. There was no impairment loss in 2012. As a percentage of total sales, total operating expenses decreased to 27.9% in 2012 from 48.9% in 2011.

Selling expenses in 2012 decreased to $14.4 million from $14.6 million in 2011. As a percentage of total sales, selling expenses was 7.8%, down from 9.5% in 2011. The decrease in selling expenses as a percentage of sales was primarily due to favorable product pricing and less reliance on distributors as a result of the Company's lengthy efforts at expanding its sales force as well as the Company's sales strategy of focusing on direct sales to hospitals and inoculation centers. The Company has taken additional steps to further control selling expenses since the second half 2012.

General and administrative expenses in 2012 increased by 8.0% to $34.0 million from $31.5 million in 2011. As a percentage of total sales, general and administrative expenses was 18.4% in 2012, down from 20.6% in 2011. The increase in G&A expenses was mainly due to higher payroll expenses and employee benefits, as well as legal expenses related to the disputes among Guizhou Taibang shareholders over the additional capital.

Research and development expenses in 2012 were $3.0 million, as compared to $4.0 million in 2011, representing a decrease of 23.8%. As a percentage of total sales, research and development expenses for the years ended December 31,
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SOURCE China Biologic Products, Inc.
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