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China Biologic Reports Financial Results for the Second Quarter of 2014
Date:8/5/2014

nse in the second quarter of 2014 was $4.5 million, as compared to $3.7 million in the same quarter of 2013, representing an increase of 21.6%. The effective income tax rates were 14.4% and 14.0% for the three months ended June 30, 2014 and 2013, respectively.

Net income attributable to the Company increased by 21.6% to $19.7 million in the second quarter of 2014, from $16.2 million in the same quarter of 2013. Net margins were 32.8% and 30.2% for the three months ended June 30, 2014 and 2013, respectively. Fully diluted net income per share was $0.79 in the second quarter of 2014, as compared to $0.57 in the second quarter of 2013.

Non-GAAP adjusted net income attributable to the Company was $20.5 million or $0.82 per diluted share in the second quarter of 2014, compared to $17.4 million or $0.62 per diluted share in the same quarter of 2013.

Non-GAAP adjusted net income and diluted earnings per share for the three months ended June 30, 2014 excluded $0.8 million of non-cash employee share-based compensation expenses.

First Half 2014 Financial PerformancesTotal sales in the first half of 2014 were $116.3 million, an increase of 8.1% from $107.6 million in the same period of 2013. The increase in sales was primarily driven by increased sales at Shandong Taibang during the first half of 2014, partially offset by reduced sales volume at Guizhou Taibang in the period due to production suspension. The increased sales volume of placenta polypeptide products also contributed to the sales increase.

As a percentage of total sales, sales from human albumin products and IVIG products were 38.1% and 40.4%, respectively, for the six months ended June 30, 2014.

Cost of sales increased by 11.9% to $36.6 million in the first half of 2014, from $32.7 million in the same period of 2013. Cost of sales as a percentage of total sales was 31.5%, as compared to 30.4% in the same period of 2013.

Gross profit increased by 6.4% to
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SOURCE China Biologic Products, Inc.
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