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Asterias Biotherapeu (GREY:CEU)

Sunday, August 16, 2009

2nd QUARTER 2009 vs. 2008 FINANCIAL SNAPSHOT ENDED JUNE

	2nd Quarter 2009	2nd Quarter 2008	Period Change
GAAP Revenue	$8.2 million	$4.5 million	82.2%
GAAP EPS	$0.13	$0.07	85.7%
Tax Rate	13.6%	7.2%	89.9%
Fully Tax-Adjusted GAAP EPS ^b	$0.10	$0.05	100.0%
Fully Diluted Shares	25,085,474	24,818,668	1.1%

Source: See Release

1st QUARTER 2009 vs. 2008 FINANCIAL SNAPSHOT ENDED MARCH

	1st Quarter 2009	1st Quarter 2008	Period Change
GAAP Revenue	$8.2 million	$4.1 million	100.0%
GAAP EPS	$0.13	$0.08	62.5%
Tax Rate	4.9%	8.4%	-3.1%
Fully Tax-Adjusted GAAP EPS ^b	$0.09	$0.06	50.0%
Fully Diluted Shares	24,425,179	24,861,752	-0.02%

Source: See Release

FULL YEAR 2008 vs. 2007 FINANCIAL SNAPSHOT ENDED DECEMBER

	Full Year 2008	Full Year 2007	Period Change
GAAP Revenue	$24.9 million	$17.4 million	43.1%
GAAP EPS	$0.40	$0.14	187.7%
Geo Supplied Non-GAAP EPS ^a	$0.41	$0.30	30.0%
Tax Rate	6.3%	6.5%	-3.1%
Fully Tax-Adjusted GEO Supplied Non-GAAP EPS ^a	$0.28	$0.21	33.3%
Fully Diluted Shares	24,662,830	22,549,837	9.4%

Source: See Release

^a Non-GAAP EPS Figures exclude certain non-operating gains and losses as well as certain non-cash items contained in the company's filings. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information . The GeoTeam® non-GAAP figures may, from time to time, differ from company supplied figures.

^b The GeoTeam ® tax rate calculations may deviate from the company's reported tax rate, arising from the different treatment, in China vs. the U.S.A, with regards to the deductibility of certain expenses as well as the tax liabilities associated with certain gains. These differences typically arise from non-cash items. China Education Allianceis not paying a full U.S. tax rate. The GeoTeam ® prefers to use U.S. fully-taxed EPS figures when calculating potential valuation scenarios. Therefore, EPS numbers have been adjusted by the GeoTeam ® to reflect a tax rate of 36%.

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