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ShangPharma Announces First Quarter 2012 Results
Date:5/17/2012

ompared with 10.0% in the first quarter of 2011.  This decrease was primarily due to facility expansion costs, the continued appreciation of the RMB and higher listed company-related professional fees. These were partially offset by lower material costs as a percentage of total net revenues resulting from a change in service mix and cost savings resulting from the aforementioned VAT reform.

Non-GAAP operating margin was 9.7%, compared with 15.5% in the first quarter of 2011. This decrease was primarily due to the reasons mentioned in the above discussion of GAAP operating margin.

Net income decreased 42.5% year over year to $1.7 million, primarily due to lower profit from operations and lower other income, including lower government subsidies. These items were partially offset by higher gains recognized on foreign exchange forward contracts.

Non-GAAP net income was $3.1 million, a decrease of 29.3% from $4.4 million in the first quarter of 2011. This was primarily due to the reasons mentioned in the above discussion of GAAP net income. 

Diluted earnings per ADS were $0.09, which compares with $0.16 in the first quarter of 2011.

Non-GAAP diluted earnings per ADS were $0.17, which compares with $0.23 in the first quarter of 2011.

Financial Position  As of March 31, 2012, the Company had cash and cash equivalents of $34.0 million and no debt outstanding.  During the quarter, capital expenditures totaled $6.3 million, primarily from the investment in leasehold improvements of a new building dedicated to one of our major customers, the equipment acquired from Charles River, as well as payments related to the build-out of our Fengxian manufacturing facility.

Full Year 2012 GuidanceThe Company reconfirms its guidance for the full year 2012.  The Company expects:

  • Net revenues to be approximately $131.7 – $136.2 million, which represents growth of app
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  • SOURCE ShangPharma Corporation
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