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

2012 and 2011 were 1.6% and 2.6%, respectively. The decrease in R&D expenses was primarily due to the completion of the R&D tests on human coagulation factor VIII ("FVIII") in early 2012.

Income from operations for the year ended December 31, 2012 was $74.5 million, an increase of 131.2% from $32.2 million in the same period of 2011. Operating margin increased to 40.3% in 2012 from 21.0% in 2011.

Income tax expense in 2012 was $15.2 million, as compared to $10.9 million in 2011. The effective income tax rates were 18.7% and 25.8% for the twelve months ended December, 2012 and 2011, respectively.

Net income attributable to the Company increased by 148.7% to $45.2 million in 2012, from $18.2 million in 2011. Net margins were 24.5% and 11.9% for the year ended December 31, 2012 and 2011, respectively. Fully diluted net income per share was $1.62 for the year ended December 31, 2012, as compared to $0.37 for the year ended December 31, 2011.

Non-GAAP adjusted net income attributable to the Company was $48.0 million or $1.79 per diluted share for the year ended December 31, 2012, representing a 31.5% increase from $36.5 million or $1.37 per diluted share in 2011.

Non-GAAP adjusted net income and diluted earnings per share in 2012 excluded an aggregate $1.8 million gain related to the change in the fair value of derivative liabilities, and $4.5 million of non-cash employee share-based compensation expenses.

As of December 31, 2012, the Company had cash and cash equivalents of $129.6 million, compared to $89.4 million as of December 31, 2011.

Net cash provided by operating activities for the year ended December 31, 2012 was $71.1 million, as compared to $38.5 million for the year 2011.

OutlookFor the full year of 2013, the Company expects total sales to be in the range of $195 million to $205 million. This guidance assumes, the production suspension at the Company's Guizhou facility, only organic g
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SOURCE China Biologic Products, Inc.
Copyright©2012 PR Newswire.
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