China Biologic Products Announces First Quarter 2010 Results
TAI'AN, China, May 17 /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 first quarter ended March 31, 2010.
First Quarter 2010 Highlights -- Revenues increased 28.1% year-over-year to $27.1 million -- Gross profit rose 35.9% year-over-year to $20.3 million, representing a gross margin of 74.9%, as compared to 70.6% a year ago -- Operating income grew 31.4% to $13.2 million -- GAAP net income attributable to controlling interest was $10.6 million, or $0.41 per diluted share, including a $3.8 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 $7.5 million or $0.28 per diluted share, a 60.6% increase from $4.7 million or $0.22 per diluted share a year ago
"We are pleased to report a strong start in 2010 with a robust 28% top-line and 61% adjusted bottom-line growth in the first quarter," said Mr. Chao Ming Zhao, Chief Executive Officer of China Biologic. "In addition to the strong financial performance, we have begun the exp