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China Cord Blood Corporation Reports Financial Results for the Second Quarter and First Half of Fiscal 2013


11/20/2012 8:02:28 AM

HONG KONG, Nov. 19, 2012 /PRNewswire-FirstCall/ -- China Cord Blood Corporation (NYSE: CO) ("CCBC" or the "Company"), China's leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services, today announced its preliminary unaudited financial results for the second quarter and first half of fiscal year 2013, which ended September 30, 2012.

Second Quarter of Fiscal 2013 Highlights

  • Revenues for the second quarter of fiscal 2013 increased by 30.5% to RMB128.5 million ($20.4 million) from RMB98.4 million in the prior year period.
  • New subscriber sign-ups and accumulated subscriber base were 18,491 and 274,705, respectively.
  • Gross profit increased by 32.3% to RMB101.4 million ($16.1 million) from RMB76.7 million in the prior year period.
  • Gross margin was 78.9%, compared to 77.9% in the prior year period.
  • Operating income increased by 24.7% to RMB47.0 million ($7.5 million) from RMB37.7 million in the prior year period, after taking into account the increased management and staff related costs.
  • Interest expense amounted to RMB14.1 million ($2.2 million), which was largely attributable to the convertible note issued to KKR China Healthcare Investment Limited ("KKR"), compared to RMB1.2 million in the prior year period.
  • Net income attributable to shareholders increased by 6.2% to RMB24.7 million ($3.9 million) from RMB23.2 million in the prior year period.
  • Operating cash flow for the quarter amounted to RMB142.5 million ($22.7 million).

First Half of Fiscal 2013 Highlights

  • Revenues for the first half of fiscal 2013 increased by 31.1% to RMB243.8 million ($38.8 million) from RMB185.9 million in the prior year period.
  • New subscriber sign-up reached 34,951 and accumulated subscriber base expanded to 274,705.
  • Gross profit increased by 33.3% to RMB192.3 million ($30.6 million) from RMB144.3 million in the prior year period.
  • Operating income increased by 33.5% to RMB91.4 million ($14.6 million) from RMB68.5 million in the prior year period.
  • Interest expense amounted to RMB24.3 million ($3.9 million), compared to RMB1.7 million in the prior year period.
  • Net income attributable to shareholders amounted to RMB55.8 million ($8.9 million), compared to RMB63.3 million in the prior year period.
  • Operating cash flow for the first half of fiscal 2013 was RMB279.4 million ($44.5 million).

"Coming off of robust growth in our financial performance and yet another record in new subscriber numbers, we concluded the first half of fiscal 2013 with notable achievements and records," stated Ms. Ting Zheng, Chief Executive Officer of China Cord Blood Corporation. "A high mark of 18,491 in new subscriber numbers, which is our highest increase for any single quarter, reflects our continued commitment to optimize our marketing strategy to deepen penetration and enhance our subscriber base. Our management team's execution capabilities have also been demonstrated by positive performance in such areas as revenue, operating income and built-up cash flow streams resulting from greater volume of upfront customer payments. These achievements have not only established a solid foundation for the Company to generate long-term sustainable growth, but also provide a platform for the Company to grasp timely opportunities for geographical expansion."

Ms. Zheng further commented, "We are very pleased to have recently received valuable support from KKR and our major shareholder, Golden Meditech Holdings Limited ("Golden Meditech"), who share CCBC's vision for growing the Company in China and throughout the Asia-Pacific region. Both KKR and Golden Meditech bring valuable management resources and strategic perspectives that fit the Company's expansion plans. Under the leadership of Mr. Yuen Kam as our newly appointed Chairman and with his extensive experience in China's healthcare industry, the management team and I believe that the present synergies will help drive the Company towards further operational growth and strategic development."

Summary The Second Quarter and First Half Ended September 30, 2011 and 2012


Three Months Ended September 30,


Six Months Ended September 30,


2011


2012


2011


2012

(in thousands)

RMB


RMB

US$


RMB


RMB

US$

Revenues

98,433


128,462

20,440


185,891


243,792

38,791

Gross Profit

76,676


101,405

16,135


144,266


192,346

30,605

Operating Income

37,725


47,044

7,485


68,477


91,442

14,550

Net Income Attributable to Shareholders

23,249


24,695

3,929


63,271


55,788

8,878

Earnings per Ordinary Shares
- Basic(1) and Diluted (RMB/US$)

0.31


0.34

0.05


0.85


0.75

0.12











Revenue Breakdown (%)










Processing Fees

74.9%


76.4%



74.5%


75.9%


Storage Fees

25.1%



Read at BioSpace.com

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