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China Cord Blood Corporation Reports Financial Results for the Fourth Quarter and Full Year of Fiscal 2013
Date:6/18/2013

participating rights in any Excess Cash Dividend[2] of RMB0.08 ($0.01) for fiscal 2013.  Net cash provided by operating activities for full year of fiscal 2013 was RMB578.6  million ($93.2 million), up from RMB353.9 million in the prior year due to higher adoption rates regarding upfront payment option and the increase in new subscriber sign-ups.

Ms. Zheng stated, "Moving away from the Year of the Dragon and entering fiscal 2014, we expect to experience both challenges and opportunities.  As the Chinese market gradually resumes lower normalized birth trends, we anticipate some near-term pressure to subscriber growth rates.  Consequently, our near-term priority is to penetrate the Guangdong market by adding new storage capacity in the region and accelerating the development and renovation process with respect to the new Zhejiang storage facility." 

"As the Company is a premium cord blood banking operator, consistent with our pricing strategy to date and pursuit of high quality standings, we have decided to readjust our prices by increasing the processing fee to RMB6,800 from RMB5,800 and gross annual payment to RMB980 from RMB620 across Beijing municipality, Guangdong province and Zhejiang province.  This initiative will allow us to maximize profitability and offset rising production costs.  We remain dedicated to our China expansion strategy by deepening our penetration into our local territories while also pursuing new opportunities in other regions of China where we do not currently serve.  We continue to build on our favorable market position and industry trend to better serve the needs of our customers and drive improved performance for our shareholders." Ms. Zheng concluded.

[1] The terms of the convertible notes issued to KKR and Golden Meditech provide KKR and Golden Meditech with the ability to participate in any excess cash dividend. Therefore, the calculation of basic EPS has taken into cons
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SOURCE China Cord Blood Corporation
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