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ShangPharma Announces Third Quarter 2011 Results
Date:11/21/2011

$6.9 million, an increase of 57.6% from $4.4 million in the third quarter of 2010, primarily due to higher share-based compensation expenses, a build-up of corporate managerial and supporting infrastructure in the second half of 2010, and rental expenses from one additional building leased since July 2011. The new building was still under renovation as of September 30, 2011 and is expected to be put into operation in the end of 2011 for one of our major customers.

Non-GAAP operating expenses were $5.8 million, an increase of 33.5% from $4.3 million in the third quarter of 2010, primarily due to a build-up of corporate managerial and supporting infrastructure in the second half of 2010 and rental expenses from the additional building leased since July 2011.

The build-up of corporate managerial and supporting infrastructure was near completion at the end of 2010.  The management team believes that the current infrastructure will be sufficient to support the future growth of the Company in the coming years.

Profit from operations was $2.1 million, a decrease of 33.5% from $3.1 million in the third quarter of 2010, primarily due to higher share-based compensation expenses, the continued appreciation of the Renminbi and rental expenses from the additional building leased since July 2011. The decline was partially offset by the increase in revenues and operational efficiency improvements.  

Non-GAAP profit from operations was $3.9 million, an increase of 14.5% from $3.4 million in the third quarter of 2010.  The rise was primarily due to higher gross profit and was partially offset by rental expenses from the additional building leased since July 2011.

Operating margin was 7.2%, compared with 13.4% in the third quarter of 2010.  The operational efficiency improvements were offset by higher share-based compensation expenses, the continued appreciation of the Renminbi and rental expenses from the additio
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SOURCE ShangPharma Corporation
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