China Biologic Products, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Reiterates Earnings Guidance for the Year 2016
For the six months period, the company reported sales of $177,008,866 compared to $149,422,783 a year ago. Income from operations was $80,928,924 compared to $74,987,342 a year ago. Earnings before income tax expense were $83,838,590 compared to $75,637,343 a year ago. Net income attributable to the company was $70,224,723 or $2.05 per diluted share compared to $63,897,532 or $1.86 per diluted share a year ago. Net cash provided by operating activities was $57,012,818 compared to $34,561,277 a year ago. Payment for property, plant and equipment was $25,222,545 compared to $16,486,212 a year ago. Payment for intangible assets and land use rights was $1,351,789 compared to $4,205,678 a year ago. Adjusted net income attributable to the company - non GAAP was $65,609,897 or $2.36 per diluted share compared to $53,533,033 or $1.99 per diluted share a year ago. The increase in net cash provided by operating activities was largely consistent with the improvements in the results of operations, the speed-up of accounts receivable collection, the shortened inventory cycle and the increase of net non-cash operating expenses for the first half of 2016 as compared to the same period in 2015.
For the full year of 2016, the company reiterates its full year forecast of total sales growth of 21% to 23% in RMB terms and non-GAAP adjusted net income growth of 24% to 26% in RMB terms over 2015 financial results.