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ShangPharma Announces Second Quarter 2011 Results
Date:8/22/2011

company related professional fees.

The build-up of corporate managerial and supporting infrastructure was near completion at the end of 2010.  The management team believes that the current infrastructure will be sufficient to support the future growth of the Company in the coming years.

Profit from operations was $2.8 million, a decrease of 12.7% from $3.2 million in the second quarter of 2010, primarily due to additional headcount resulting from a build-up of corporate managerial and supporting infrastructure in the second half of 2010, higher share-based compensation expenses and listed company related professional fees.  The decline was partially offset by the increase in gross profit.  

Non-GAAP profit from operations was $4.2 million, an increase of 22.2% from $3.4 million in the second quarter of 2010.  The rise was primarily due to higher gross profit and was partially offset by additional headcount resulting from a build-up of corporate managerial and supporting infrastructure in the second half of 2010 and listed company related professional fees.

Operating margin was 10.3%, compared with 14.8% in the second quarter of 2010.  The operational efficiency improvements were primarily offset by higher share-based compensation expenses and the continued appreciation of the Renminbi.

Non-GAAP operating margin was 15.2%, compared with 15.7% in the second quarter of 2010.  The decline was primarily due to continued Renminbi appreciation and listed company related professional fees, which was partially offset by the operational efficiency improvements.

Net income decreased 19.0% year-over-year to $3.4 million, primarily due to lower profit from operations and lower other income, including lower government subsidies and a smaller gain recognized on foreign exchange forward contracts.

Non-GAAP net income was $4.7 million, an increase of 9.0% from $4.3 million in the s
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SOURCE ShangPharma Corporation
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