ShangPharma Announces First Quarter 2011 Results

Thursday, May 19, 2011 General News
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SHANGPHARMA CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANACIAL DATA

(in thousands of U.S. dollars, except for ADS(1) data and per ADS data)

Three months ended

March 31,

2010

2011

%

GAAP gross profit

6,940

8,000

15.3%

GAAP gross margin

35.2%

32.3%

Adjustments:

Share-based compensation

125

598

378.4%

Non-GAAP gross profit

7,065

8,598

21.7%

Non-GAAP gross margin

35.8%

34.7%

GAAP operating expenses

(3,815)

(5,522)

44.7%

Adjustments:

Share-based compensation

51

771

1411.8%

Non-GAAP operating expenses

(3,764)

(4,751)

26.2%

GAAP profit from operations

3,125

2,478

-20.7%

GAAP operating margin

15.8%

10.0%

Adjustments:

Share-based compensation

176

1,369

677.8%

Non-GAAP profit from operations

3,301

3,847

16.5%

Non-GAAP operating margin

16.7%

15.5%

GAAP net income

2,732

3,012

10.2%

GAAP net margin

13.8%

12.2%

Adjustments:

Share-based compensation

176

1,369

677.8%

Non-GAAP net income

2,908

4,381

50.7%

Non-GAAP net margin

14.7%

17.7%

GAAP net income attributable to ShangPharma Corporation's ordinary shareholders per ADS, diluted :

0.18

0.16

-11.1%

Adjustments:

Share-based compensation

0.01

0.07

Non-GAAP net income attributable to ShangPharma Corporation's ordinary shareholders per ADS, diluted:

0.19

0.23

21.1%

Weighted average ADS outstanding - basic (Non-GAAP)

11,555,888

18,644,444

Weighted average ADS outstanding - diluted (Non-GAAP)

11,606,506

18,947,692

(1) Each ADS represents 18 ordinary shares.



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