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China Biologic Reports Financial Results for the Second Quarter and First Half of 2013
Date:8/6/2013

nge and a direct competitor of the Company in China.

Research and development expenses in the second quarter of 2013 were $835 thousand, representing a decrease of 10.1% from $929 thousand in the same quarter of 2012. As a percentage of total sales, research and development expenses for the three months ended June 30, 2013 and 2012 were 1.6% and 1.8%, respectively.

Income from operations for the three months ended June 30, 2013 was $25.3 million, an increase of 18.8% from $21.3 million in the same period of 2012. Operating margin increased to 47.2% in the reporting quarter from 42.2% in the same quarter of 2012.

Income tax expense in the second quarter of 2013 was $3.7 million, as compared to $3.3 million in the same quarter of 2012, representing an increase of 12.4%. The effective income tax rates were 14.0% and 14.5% for the three months ended June 30, 2013 and 2012, respectively.

Net income attributable to the Company increased by 25.9% to $16.2 million in the second quarter of 2013, from $12.8 million in the same quarter of 2012. Net margins were 30.2% and 25.4% for the three months ended June 30, 2013 and 2012, respectively. Fully diluted net income per share was $0.57, as compared to $0.46 in the second quarter of 2012.

Non-GAAP adjusted net income attributable to the Company was $17.4 million or $0.62 per diluted share in the second quarter of 2013, compared to $13.3 million or $0.50 per diluted share in the same quarter of 2012.

Non-GAAP adjusted net income and diluted earnings per share for the three months ended June 30, 2013 excluded $1.2 million of non-cash employee share-based compensation expenses.

First Half 2013 Financial PerformancesTotal sales in the first half of 2013 were $107.6 million, an increase of 10.2% from $97.7 million in the same period of 2012. The increase in sales was primarily attributable to a mix of price and volume increases in certain plasma-based products.

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SOURCE China Biologic Products, Inc.
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