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China Biologic Reports Financial Results for the Third Quarter and First Nine Months of 2013
Date:11/5/2013

spectively. The tax rate applicable to the Company's major operating subsidiaries in the PRC for 2012 and 2013 is 15%.

Net income attributable to the Company increased by 16.1% to $45.8 million for the nine months ended September 30, 2013, from $39.4 million in the same period of 2012. Net margins were 28.5% and 26.1% for the nine months ended September 30, 2013 and 2012, respectively.

Non-GAAP adjusted net income attributable to the Company was $49.4 million or $1.77 per diluted share for the nine months ended September 30, 2013 compared with $40.7 million or $1.52 per diluted share in the same period of 2012.

Non-GAAP adjusted net income and diluted earnings per share in the nine months ended September 30, 2013 excluded $3.6 million of non-cash employee share-based compensation expenses.

As of September 30, 2013, the Company had cash and cash equivalents of $131.5 million, compared to $129.6 million as of December 31, 2012.

Net cash provided by operating activities for the nine months ended September 30, 2013 was $58.5 million, as compared to $64.8 million for the same period of 2012. The decrease in net cash provided by operating activities was mainly due to an increase in inventory and accounts receivable. The increase in inventories was mainly due to the planned production suspension of Guizhou Taibang. The increase in accounts receivable was largely due to hospital clients increasing their inventory levels toward the end of September in anticipation of the long national holiday in October.

Net cash used in investing activities for the nine months ended September 30, 2013 was $17.5 million compared to $23.1 million in the prior year nine month period.

Net cash used in financing activities for the nine months ended September 30, 2013 was $42.6 million compared to net cash provided by financing activities of $0.2 million in the prior year nine month period. Net cash used in financing activities for the nine month
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SOURCE China Biologic Products, Inc.
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