China Biologic Products Announces Record Second Quarter 2010 Results
-- Q2 revenue grew 23.3% to $40.9 million
-- Non-GAAP adjusted net income grew 31.2% to $10.9 million
TAI'AN, China, Aug. 16 /PRNewswire-Asia-FirstCall/ -- China Biologic Products, Inc. (Nasdaq: CBPO) ("China Biologic" or the "Company"), one of the leading plasma-based biopharmaceutical companies in the People's Republic of China ("PRC"), operating through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co. Ltd. ("Taibang") and Guiyang Dalin Biologic Technologies Co., Ltd. ("Dalin") and its equity investment in Xi'an Huitian Blood Products Co., Ltd. ("Huitian"), today reported financial results for its second quarter ended June 30, 2010.
Second Quarter 2010 Highlights
-- Revenues increased 23.3% year-over-year to $40.9 million
-- Gross profit rose 32.6% year-over-year to $31.8 million, representing a
gross margin of 77.9%, as compared to 72.4% a year ago
-- Operating income grew 37.7% to $22.8 million
-- GAAP net income attributable to controlling interest was $12.9 million,
or $0.49 per diluted share, including a $2.3 million non-cash gain from
change in the fair value of derivative liabilities
-- Excluding the non-cash gain, interest on convertible notes and non-cash
employee compensation, non-GAAP adjusted net income was $10.9 million
or $0.41 per diluted share, a 31.2% increase from $8.3 million or $0.38
per diluted share a year ago
"Our second quarter results were very strong, with 23.3% growth in revenues and 31.2% growth in adjusted net income, primarily driven by robust demand and a favorable pricing environment for our plasma-based products," said Mr. Chao Ming Zhao, Chief Executive Officer of China Biologic. "We are moving forward with establishing our two new plasma collection stations in Yishui and Ninyang counties in Shandong Province, and expect to begin trial collections at the new locations by the end of the year. We also increased our focus on marketing and educational medical conferences in the second quarter, as part of our strategy to strengthen our ties with hospitals and clinics, since we believe that direct sales to these customers can secure our market share and support our long-term growth."
Second Quarter 2010 Results
Revenue for the second quarter of 2010 increased 23.3% to $40.9 million, from $33.2 million in the same 2009 period. Revenue growth is primarily attributable to price increases ranging from 0.1% to 433.5% across the Company's plasma-based product portfolio. Rising pricing reflects continued supply shortage in China's plasma industry. The Company generally expects pricing to remain stable during the balance of the year, while management continues to monitor the impact of China's health care reform efforts on procurement and pricing for products listed within China's National Medical Insurance Catalog. Among the Company's product groups, while Human Albumin pricing remained flat relative to the second quarter of 2009, it remained the largest revenue contributor at 46.4% of total sales. Human Immunoglobulin for Intravenous Injection, the Company's most in-demand product group and second largest revenue contributor at 39.3% of total sales, experienced average year-over-year price increases of 26.9% in second quarter 2010. Human Hepatitis B Immunoglobulin experienced the sharpest average price increase among the Company's product categories, up 433.5% compared to the prior year period, and contributed 6.9% of total revenues in second quarter 2010.
Gross profit for the second quarter of 2010 was $31.8 million, up 32.6%, from $24.0 million in the second quarter of 2009. Gross profit margin expanded to 77.9% from 72.4% in the same period a year ago and 74.9% in the first quarter of 2010. The gross profit margin expansion was primarily attributable to the increase in the average selling price, as well as some volume increase, of the Company's plasma products quarter-over-quarter.
Operating expenses in the second quarter increased 21.3% to $9.1 million, from $7.5 million in the same period last year. Higher expenses primarily reflected a 258.2% increase in research and development spending, mostly related to development of two late stage pipeline projects for which the Company expects to receive SFDA approval in early 2011. Selling expenses increased 66.6% year-over-year to $1.9 million due to intensified promotion and conferences activities as the Company continues its efforts in expanding its penetration into hospital and inoculation centers. General and administrative expenses decreased 1.6% year-over-year in the second quarter of 2010 to $5.9 million, or 14.4% of total sales, versus $6.0 million, or 18.1% of total sales for the same period in 2009.
The decrease in general and administrative expenses is due mainly to reduced general payroll and employee benefits and outside services, as well as decreases in legal expenses and office supplies.
Income from operations in the 2010 second quarter was $22.8 million, a 37.7% increase from $16.5 million during the same period a year ago. Operating margin rose to 55.7% from 49.8% year-over-year.
Total other income was $1.9 million in the 2010 second quarter, as compared to net other expense of $2.3 million in the same 2009 period. The increase primarily reflected a $2.3 million gain related to change in the fair value of warrant liabilities.
Income taxes increased to $5.1 million in the 2010 second quarter, from $3.0 million in the prior year. The effective tax rate was 20.6% in the second quarter, as compared to 20.9% same quarter last year.
Net income attributable to controlling interest for the 2010 second quarter was $12.9 million, or $0.49 per diluted share, and included a $2.3 million non-cash gain related to change in the fair value of derivative liabilities. Net income during the 2009 second quarter was $7.0 million, or $0.32 per diluted share, which included a non-cash $1.3 million charge related to change in the fair value of warrants.
Excluding non-cash employee compensation expenses, change in the fair value of derivative liabilities and interest related to the convertible notes under the if-converted method, non-GAAP adjusted net income for the three months ended June 30, 2010 was $10.9 million, or $0.41 per diluted share, up 31.2% from $8.3 million, or $0.38 per diluted share, in the same 2009 period.
Six Months Results
For the first six months of 2010, total revenue was $68.0 million, up 25.2% from the first six months of 2009. Gross profit for the first six months of 2010 was $52.1 million, up 33.9% from $39.0 million in the comparable period a year ago. Gross margin for the first six months of 2010 was 76.7%, as compared to 71.7% for the same period in 2009. The increase in gross margin was due mainly to the increases in selling prices of the Company's products, which ranged from 1.3% to 375.0%. Income from operations for the period was $36.0 million, up 35.3% from $26.6 million in the first six months of 2009. Net income for the first six months of 2010 was $23.5 million, up 109.1% from $11.2 million in the first six months of 2009. Fully diluted earnings per share were $0.90 for the first six months of 2010 compared to $0.52 in the first six months of 2009. Excluding non-cash employee compensation expenses, change in the fair value of derivative liabilities and interest related to the convertible notes under the if-converted method, non-GAAP adjusted net income for the six months ended June 30, 2010 was $18.5 million, or $0.70 per diluted share, an increase of 41.8% from non-GAAP net income of $13.0 million or $0.60 per fully diluted share for the six months ended June 30, 2009.
Financial Condition
As of June 30, 2010, the Company had $56.3 million in cash and cash equivalents, approximately $63.9 million in working capital, and a current ratio of 2.4. Total stockholders' equity at the end of the quarter was $78.8 million, up 59.3% from $49.5 million at the end of 2009.
The Company generated $19.4 million in net cash from operating activities during the first half of 2010, as compared to $28.4 million in the same period of 2009. The decline in operating cash flow was primarily due to an increase in inventory, accounts receivable and income taxes paid. Higher inventory reflected increased plasma collection and timing of SFDA approval of finished plasma goods, while higher accounts receivable reflects increased end-user sales to hospitals.
Recent Events and Updates
On July 7, 2010 and July 20, 2010, Shandong Taibang established Ning Yang Taibang Plasma Company and Yi Shui Taibang Plasma Company, both 100% owned by Shandong Taibang for the purpose of constructing and operating two recently government-approved plasma stations in Shandong Province, PRC. Once the new plasma stations are operational, the Company will have 18 total plasma stations and expects the two new plasma stations will increase aggregate plasma collection capacity by up to an additional to 80 metric tons over the next few years.
2010 Guidance and Business Outlook
China Biologic maintained its guidance for 2010 revenues in the range of $142 million and $149 million and 2010 adjusted net income in the range of $34 million and $36 million. As part of its scheduled annual maintenance and inspection process, the Company shut down its facility in Qianfeng for approximately 45 days in June and July and its Taibang facility for 30 days beginning in late July. Due to careful planning of production and inventories, this is expected to have minimal impact to the company's revenue generation.
Guidance for 2010 adjusted net income excludes any non-cash gain or loss related to change in the fair value of derivative liabilities, stock-based compensation expense and any adjustments in the U.S. federal income tax provision in 2010 related to the expiration of the look-through exception for Subpart F income on December 31, 2009, and excludes any acquisitions, new product approvals or operational impact from new plasma stations. The guidance also does not assume any material price or volume increases during the year.
China Biologic's applications for Human Prothrombin Complex Concentrate and Human Coagulation Factor VIII remain under SFDA review. As a result of internal changes at the SFDA that have delayed processing of new drug applications, management expects to commercially launch these two products in early 2011. Management expects that these new products will enrich the Company's product portfolio and enhance its competitive position in the plasma-based product market.
Mr. Zhao added, "Results for the first half of 2010 confirm that China Biologic's strategy is on track and our strong balance sheet and our operating cash flow provides us with the resources to take advantage of opportunities created by rising consumer demand and tight supply conditions based on strict government regulation. We plan to expand our plasma supply through building new collection stations and increasing the capacity of our existing stations. Our investment in R&D is expected to bring additional advanced, higher margin products into our portfolio. We are also working to increase our relationships with our end customers through carefully targeted marketing activities and we continue to evaluate opportunities to acquire additional collection and production assets that can further strengthen our leading position in the industry."
Conference Call
China Biologic will host a conference call at 8:00 a.m. ET on Monday, August 16, 2010, to discuss the second quarter 2010 financial results. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 877-409-5468. International callers should dial +1-702-894-2400. The pass code for the call is 94191315. If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Monday, August 16, 2010 at 9:00 a.m. ET. To access the replay, dial 800-642-1687, international callers should dial +1-706-645-9291. The conference pass code is 94191315.
CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE THREE MONTHS ENDED JUNE 30, 2010, AND 2009
Three Months Ended Three Months Ended
June 30, 2010 June 30, 2009
Net Diluted Net Diluted
Income EPS Income EPS
Adjusted net income -
non GAAP 10,936,852 $0.41 8,335,605 $0.38
Non-cash employee
compensation (1) 45,948 $0.00 27,594 $0.00
Loss (income) in fair
value of derivative (2,270,829) $(0.09) 91,295,732 $0.06
liabilities (2)
Net income
attributable to
controlling interest
for diluted EPS (3) 13,161,733 $0.49 7,012,279 $0.32
Interest add-back on
convertible notes 284,190 41,534
Net income
attributable to
controlling interest 12,877,543 6,970,745
Weighted average
number of shares -
diluted 26,599,255 21,811,473
Six Months Ended Six Months Ended
June 30, 2010 June 30, 2009
Net Diluted Net Diluted
Income EPS Income EPS
Adjusted net income -
GAAP 18,452,929 $0.70 13,014,319 $0.60
Non-cash employee
compensation (1) 617,841 $0.02 54,967 $0.00
Loss (income) in fair
value of derivative
liabilities (2) (6,104,406) $(0.23) 1,688,755 $0.08
Net income
attributable to
controlling interest
for diluted EPS (3) 23,939,494 $0.90 11,270,597 $0.52
Interest add-back on
convertible notes 456,311 41,534
Net income
attributable to
controlling interest 23,483,183 11,229,063
Weighted average
number of shares
- diluted 26,541,685 21,527,509
(1) Non-cash compensation expenses related to options granted to employees
and directors under the Company's 2008 Equity Incentive
Plan
(2) Adoption of a new accounting rule effective January 1, 2009 requires
changes in the fair value of derivative liabilities to be recognized
in earnings each quarter.
(3) Net Income attributable to controlling interest for calculating
diluted earnings per share includes interest add-back on Convertible
Notes.
Use of Non-GAAP Financial Measures
This press release contains non-GAAP financial measures that exclude non-cash compensation expenses related to options granted to employees and directors under the Company's 2008 Equity Incentive Plan and changes in the fair value of derivative liabilities, including warrants and derivative instruments (including the conversion option) embedded in the Company's Senior Secured Convertible Notes. To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information excluding the impact of this item in this release. The Company's management believes that these non-GAAP measures provide investors with a better understanding of how the results relate to the Company's historical performance. A reconciliation of the adjustments to GAAP results appears in the table accompanying this press release. This additional non-GAAP information is not meant to be considered in isolation or as a substitute for GAAP financials. The non-GAAP financial information that the Company provides also may differ from the non-GAAP information provided by other companies.
About China Biologic Products, Inc.
China Biologic Products, Inc., through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co. Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd, and its equity investment in Xi'an Huitian Blood Products Co., Ltd., is currently the largest non-state-owned plasma-based biopharmaceutical company in China. The Company is a fully integrated biologic products company with plasma collection, production and manufacturing, research and development, and commercial operations. The Company's plasma- based biopharmaceutical products are irreplaceable during medical emergencies, and are used for the prevention and treatment of various diseases. The Company sells its products to hospitals and other healthcare facilities in China. Please see the Company's website http://www.chinabiologic.com for additional information.
Safe Harbor Statement
This release may contain certain "forward-looking statements" relating to the business of China Biologic Products, Inc. and its subsidiaries. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the ability of the Company to achieve the financial guidance provided by the management; the ability of the Company to win SFDA approval for its research and development pipeline projects, and commercially launch new products; the Company's ability to build new or expand existing plasma collection stations and increase plasma collection capacity; the Company's ability to otherwise achieve its commercial objectives, including its ability to gain market share and further strengthen the Company's leadership in the PRC plasma market; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
-FINANCIAL TABLES FOLLOW -
CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2010 and DECEMBER 31, 2009
ASSETS
June 30, December 31,
2010 2009
(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $56,263,131 $53,843,951
Accounts receivable, net
of allowance for doubtful
accounts of $1,253,975 and
$1,254,955 as of June 30,
2010 and December 31, 2009,
respectively 5,658,429 1,767,076
Accounts receivable -
related party 229,817 222,617
Other receivables 2,291,010 2,186,441
Inventories, net of
allowance for obsolete of
$742,269 and $519,333 as
of June 30, 2010 and
December 31, 2009,
respectively 41,434,786 35,132,724
Prepayments and deferred
expense 1,848,327 1,299,125
Deferred tax assets 1,119,908 1,053,771
Total current assets 108,845,408 95,505,705
PLANT AND EQUIPMENT, net 35,598,253 28,873,413
OTHER ASSETS:
Investment in unconsolidated
affiliate 7,001,553 6,627,355
Prepayments - non-current 2,637,092 3,223,960
Intangible assets, net 19,988,081 21,180,322
Goodwill 12,425,589 12,425,589
Total other assets 42,052,315 43,457,226
Total assets $186,495,976 $167,836,344
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable $3,268,413 $3,701,843
Notes payable -- 48,598
Short term loans - bank 5,965,650 4,474,350
Short term loans - holder
of noncontrolling interest -- 3,652,500
Other payables and accrued
liabilities 20,592,061 19,246,814
Other payable - related
parties 3,100,153 3,087,527
Accrued interest - holder
of noncontrolling interest -- 2,068,526
Customer deposits 4,051,003 3,868,577
Taxes payable 7,509,571 8,774,079
Investment payable 78,800 2,195,365
Current maturities of notes
payable, net of discount of
$7,112,409 as of June 30,
2010 387,591 --
Total current liabilities 44,953,242 51,118,179
OTHER LIABILITIES:
Other payable - land use right 324,265 323,687
Derivative liability -
conversion option 13,522,842 19,960,145
Fair value of derivative
instruments 8,658,837 12,701,262
Notes payable, net of
discount of $8,464,380 as
of December 31, 2009 -- 89,760
Total other liabilities 22,505,944 33,074,854
Total liabilities 67,459,186 84,193,033
COMMITMENTS AND CONTINGENCIES
EQUITY:
Common stock, $0.0001 par
value, 100,000,000 shares
authorized, 23,513,533 and
23,056,442 shares issued and
outstanding at June 30, 2010
and December 31, 2009,
respectively 2,351 2,305
Additional paid-in-capital 28,070,754 22,517,077
Statutory reserves 23,233,527 17,414,769
Retained earnings 22,967,030 5,302,605
Accumulated other comprehensive
income 4,520,744 4,227,394
Total shareholders' equity 78,794,406 49,464,150
NONCONTROLLING INTEREST 40,242,384 34,179,161
Total equity 119,036,790 83,643,311
Total liabilities
and equity $186,495,976 $167,836,344
CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2010 AND 2009
(Unaudited)
Three months ended Six months ended
June 30, June 30,
2010 2009 2010 2009
REVENUES:
Revenues $40,580,807 $33,030,868 $67,442,329 $53,936,737
Revenues -
related party 327,509 150,677 564,540 393,406
Total
revenues 40,908,316 33,181,545 68,006,869 54,330,143
COST OF REVENUES:
Cost of
revenues 9,058,906 9,161,765 15,857,760 15,376,695
GROSS PROFIT 31,849,410 24,019,780 52,149,109 38,953,448
OPERATING EXPENSES:
Selling
expenses 1,856,881 1,114,614 2,799,789 1,694,110
General and
administrative
expenses 5,905,950 6,004,802 10,868,202 9,827,709
Research and
development
expenses 1,317,483 367,856 2,486,138 835,583
Total
operating
expenses 9,080,314 7,487,272 16,154,129 12,357,402
INCOME FROM
OPERATIONS 22,769,096 16,532,508 35,994,980 26,596,046
OTHER (INCOME)
EXPENSE:
Equity in
loss (income) of
unconsolidated
affiliate (157,114) 90,390 (345,655) 50,143
Change in
fair value of
derivative
liabilities (2,270,829) 1,295,732 (6,104,406) 1,688,755
Interest
expense, net 439,005 883,914 620,058 1,254,767
Other income -
related party (449) -- (914,738) --
Other expense,
net 102,914 (16,005) 197,234 35,310
Total other
(income)
expense, net (1,886,473) 2,254,031 (6,547,507) 3,028,975
INCOME BEFORE
PROVISION FOR
INCOME TAXES AND
NONCONTROLLING
INTEREST 24,655,569 14,278,477 42,542,487 23,567,071
PROVISION FOR
INCOME TAXES 5,086,881 2,982,101 8,282,947 5,012,295
NET INCOME 19,568,688 11,296,376 34,259,540 18,554,776
Less: Net income
attributable to
noncontrolling
interest 6,691,145 4,325,631 10,776,357 7,325,713
NET INCOME
ATTRIBUTABLE TO
CONTROLLING
INTEREST 12,877,543 6,970,745 23,483,183 11,229,063
OTHER COMPREHENSIVE
INCOME:
Foreign
currency
translation
adjustments 274,049 (1,250) 293,350 17,387
Comprehensive
(income) loss
attributable to
noncontrolling
interest 162,723 (33,362) 138,768 393,940
COMPREHENSIVE
INCOME $13,314,315 $6,936,133 $23,915,301 $11,640,390
BASIC EARNINGS
PER SHARE:
Weighted average
number of
shares 23,511,435 21,442,909 23,449,508 21,438,948
Earnings per
share $0.55 $0.33 $1.00 $0.52
DILUTED EARNINGS
PER SHARE:
Weighted
average number
of shares 26,599,255 21,811,473 26,541,685 21,527,509
Earnings per
share $0.49 $0.32 $0.90 $0.52
CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2010 AND 2009
(Unaudited)
2010 2009
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income attributable to
controlling interest $23,483,183 $11,229,063
Net income attributable to
noncontrolling interest 10,776,357 7,325,713
Consolidated net income 34,259,540 18,554,776
Adjustments to reconcile net
income to cash provided by
operating activities:
Depreciation 1,670,321 1,589,625
Amortization 1,740,659 1,704,248
(Gain) Loss on disposal
of equipment 3,020 (506)
Recovery of bad debt
previously reserved (8,973) (22,311)
Allowance for bad debt -
other receivables and
prepayment 432,895 406,736
Allowance for obsolete
inventories 219,897 --
Deferred tax assets (61,571) --
Stock based compensation 617,841 54,967
Change in fair value of
derivative liabilities (6,104,406) 1,688,755
Amortization of deferred
note issuance cost 171,667 25,323
Amortization of discount
on convertible notes 312,259 20,356
Equity in (income) loss
of unconsolidated affiliate (345,655) 50,143
Change in operating assets and
liabilities:
Accounts receivable (3,861,953) (676,036)
Accounts receivable - (6,264) (375,810)
related party
Other receivables (95,231) (23,082)
Inventories (6,351,255) (4,130,960)
Prepayments and deferred
expenses (849,198) (750,937)
Accounts payable (446,713) (50,767)
Other payables and
accrued liabilities 1,252,134 4,594,379
Accrued interest -
holder of noncontrolling
interest (2,068,526) 911,084
Customer deposits 169,398 4,251,476
Taxes payable (1,294,805) 608,063
Net cash provided by operating
activities 19,355,081 28,429,522
CASH FLOWS FROM INVESTING
ACTIVITIES:
Cash acquired through
acquisition -- 11,943,673
Payments made for acquisition (4,022,288) (10,373,854)
Purchase of plant and equipment (6,154,212) (1,865,746)
Additions to intangible assets (87,769) (1,014,766)
Advances on non-current assets (471,667) (590,428)
Net cash used in
investing activities (10,735,936) (1,901,121)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from warrants
conversion 689,160 113,700
Proceeds from issuance of
convertible notes -- 8,971,337
Repayments of former shareholders
loan in acquiring company -- (2,652,737)
Proceeds from short term loans
- bank 5,867,600 13,513,754
Payments on short term loans
- bank (4,400,700) --
Payments on long term loan
- bank -- (5,862,800)
Repayments of non-controlling
shareholder loan (3,652,500) --
Payments on notes payables (48,595) --
Distribution paid to
noncontrolling interest
shareholders (4,864,240) --
Net cash (used in)
provided by financing
activities (6,409,275) 14,083,254
EFFECTS OF EXCHANGE RATE CHANGE IN
CASH 209,310 52,750
INCREASE IN CASH 2,419,180 40,664,405
CASH and CASH EQUIVALENTS,
beginning of periods 53,843,951 8,814,616
CASH and CASH EQUIVALENTS, end of
periods $56,263,131 $49,479,021
SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION
Income taxes paid $9,500,399 $4,351,056
Interest paid $161,684 $715,158
Non-cash investing and financing
activities:
Reclassification of derivative
liability to equity related to
conversion of convertible notes $2,498,957 $--
Reclassification of derivative
liability to equity related to
exercise of warrants $1,747,765 $125,009
Distribution paid in exchange
of holder of noncontrolling
interest loan $-- $3,736,773
Distribution paid by offsetting
accounts receivable - related
party $-- $3,720,649
Net assets addition with unpaid
commitment $-- $2,849,321
Intangible assets acquired with
prepayments made in prior periods $440,070 $--
Plant and equipment acquired with
prepayments made in prior periods $629,166 $14,290,227
For more information, please contact:
Company Contact:
Mr. Y. Tristan Kuo
Chief Financial Officer
China Biologic Products, Inc.
Tel: +86-538-6202206
Email: [email protected]
Web: http://www.chinabiologic.com
Investor Relations Contact:
Mr. Kalle Ahl, Account Manager
CCG Investor Relations
Tel: +1-646-833-3417
Email: [email protected]
Web: http://www.ccgirasia.com
Mr. Crocker Coulson, President
Tel: +1-646-213-1915
Email: [email protected]
SOURCE China Biologic Products, Inc.
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