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

$79.7 million in the first half of 2014 from $74.9 million in the same period of 2013. Gross margin was 68.5% in the first half of 2014, compared to 69.6% in the same period of 2013. 

Total operating expenses in the first half of 2014 decreased by 3.0% to $22.9 million from $23.6 million in the same period of 2013. The decrease of total operating expenses was a combined effect of the decrease in the general and administrative expenses and the increase in the selling expenses and research and development expenses. As a percentage of total sales, total operating expenses decreased to 19.6% for the six months ended June 30, 2014, from 21.9% in the same period of 2013.

Income from operations for the six months ended June 30, 2014 was $56.9 million, an increase of 10.9% from $51.3 million in the same period of 2013.

Income tax expense in the first half of 2014 was $9.8 million, as compared to $8.4 million in the same period of 2013. The effective income tax rates were 16.2% and 15.7% for the six months ended June 30, 2014 and 2013, respectively. The tax rate applicable to the Company's major operating subsidiaries in the PRC for 2014 and 2013 is 15%.

Net income attributable to the Company increased by 22.2% to $38.0 million for the six months ended June 30, 2014, from $31.1 million in the same period of 2013. Net margins were 32.7% and 28.9% for the six months ended June 30, 2014 and 2013, respectively.

Non-GAAP adjusted net income attributable to the Company was $39.6 million or $1.53 per diluted share for the six months ended June 30, 2014 compared with $33.8 million or $1.21 per diluted share in the same period of 2013.

Non-GAAP adjusted net income and diluted earnings per share in the six months ended June 30, 2014 excluded $1.6 million of non-cash employee share-based compensation expenses.

As of June 30, 2014, the Company had cash and cash equivalents of $103.2 million, compared to $144.1 million as of Decemb
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SOURCE China Biologic Products, Inc.
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