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ShangPharma Announces Third Quarter 2012 Results
Date:11/20/2012

ion of GAAP operating margin, excluding the impact of share-based compensation expenses.

Net income decreased by 39.5% year over year to $1.6 million, primarily due to lower profit from operations and lower other income, including a smaller foreign exchange gain, an increased foreign exchange forward contract gain and lower interest income.

Non-GAAP net income was $2.8 million, a decrease of 36.3% from $4.4 million in the third quarter of 2011. This was primarily due to the reasons mentioned in the above discussion of GAAP net income. 

Diluted earnings per ADS were $0.08, which compares with $0.14 in the third quarter of 2011.

Non-GAAP diluted earnings per ADS were $0.15, which compares with $0.24 in the third quarter of 2011.

Financial Position  As of September 30, 2012, the Company had cash and cash equivalents of $34.3 million and no debt outstanding.  During the quarter, capital expenditures totalled $5.0 million, primarily from purchase of equipment and investment in leasehold improvements of various facilities.

Full Year 2012 GuidanceThe Company revises its previously announced guidance for net revenues and capital expenditures for the full year 2012, and reconfirms its guidance for non-GAAP gross margin for the full year 2012. The Company expects:

  • Net revenues to be approximately $125.0 – $128.0 million, which represents growth of approximately 11.1% – 13.8% compared with the full year of 2011. 
  • Non-GAAP gross margin to be in the range of 30.0% – 31.5%.
  • Capital expenditures to be approximately $19.0 - $21.0 million.
  • This reflects the Company's current view and is subject to change.

    Conference CallShangPharma will host a conference call and live webcast at 8:00AM U.S. Eastern Time on November 20, 2012 (9:00PM Beijing Time on November 20, 2012). 

    The dial-in details for the live conference call are as follows: - Internation
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    SOURCE ShangPharma Corporation
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