ZHEJIANG, China, Aug. 15, 2016 /PRNewswire/ -- SORL Auto Parts,
Inc. (NASDAQ:SORL) ("SORL" or the "Company"), a leading
manufacturer and distributor of automotive brake systems as well as
other key safety-related auto parts in China, today announced its unaudited financial
results for the second quarter of 2016 and the first six months
ended June 30, 2016.
Second Quarter 2016 Financial Highlights
- Sales increased 24.0% to $73.5
million compared with $59.3
million in the second quarter last year;
- Gross margin was 28.0% in the second quarter of 2016 compared
to 27.9% in the same period of 2015;
- Income from operations increased 190.6% to $7.7 million from $2.6
million in the same quarter last year;
- Net Income attributable to stockholders climbed 220.0% to
$7.2 million, or $0.37 per diluted share from $2.3 million, or $0.12 per diluted share, in the second quarter of
2015.
Mr. Xiaoping Zhang, SORL's Chief
Executive Officer and Chairman, stated, "We are pleased that our
sales growth accelerated in the OEM and aftermarket in China despite the continuing slow growth of
the Chinese economy. Our sales growth outperformed overall
commercial vehicle market in the second quarter of 2016 as we
significantly increased our market share."
"We continue to benefit from our ongoing development of new
products and systems to capture new market opportunities and win
new customers. To augment our growth, we have been investing in
products for the end markets that will benefit from the Chinese
Government's policies, such as public housing, transportation, and
railways," Mr. Zhang concluded.
Second Quarter 2016 Financial Performance
For the second quarter of 2016, net sales increased by 24.0% to
$73.5 million from $59.3 million for the second quarter of 2015.
Revenues from the Company's domestic OEM customers increased by
29.2% to $36.7 million from
$28.4 million in the second quarter
of 2015. Commercial vehicle production and sales increased in the
second quarter of 2016. SORL also expanded its leading market
position in the second quarter of 2016. Sales from China's domestic aftermarket increased 35.0%
to $18.9 million in the second
quarter of 2016 from $14.0 million in
the same quarter of 2015. The rising expiration of OEM warranties
from higher new vehicle sales in the recent past combined to drive
the Company's aftermarket business in China. Also greater urbanization and the
Chinese government's increased support for public transportation
help expand SORL's bus aftermarket sales. Revenues from
international markets increased 5.9% to $17.9 million from $16.9
million in the second quarter of 2015.
The gross profit for the second quarter of 2016 increased 24.6%
to $20.6 million from $16.5 million for the second quarter of 2015.
Gross margin for the second quarter of 2015 was 28.0%, compared
with a gross margin of 27.9% in the same quarter of 2015. The
increase in gross margin was primarily due to increased sales of
higher-margin products in the product mix during the period.
Operating expenses were $14.4
million in the second quarter of both 2016 and 2015. Higher
research and development and selling and distribution expenses were
offset by lower general and administrative expenses in the second
quarter of 2016. As a percentage of revenue, operating
expenses were 19.6% in the second quarter of 2016, compared with
24.2% in the second quarter of 2015.
- Selling and distribution expenses were $7.1 million, or 9.7% of quarterly revenues,
compared with $5.1 million, or 8.6%
in the same quarter of 2015. The increase in expenses was mainly
due to higher freight and packaging costs.
- General and administrative ("G&A") expenses in the second
quarter of 2016 were $4.9 million, or
6.7% of revenue, compared with $7.4
million, or 12.5% in the second quarter of 2015. The
decrease in expenses was mainly due to a decline in allowance for
doubtful accounts in the second quarter of 2016 compared with the
second quarter of 2015.
- Research and development ("R&D") expenses were $2.4 million in the second quarter of 2016
compared with $1.9 million in the
same quarter of 2015. As a percentage of revenue, R&D was 3.2%
in the second quarter of 2016 and compared with 3.1% of revenue in
the second quarter of 2015. The R&D program continues to mainly
focus on the development of new, higher-margin, electronically
controlled mechatronic products and to upgrade the Company's
traditional brake products.
Financial expenses were $0.1
million in the second quarter of 2016 compared with
$0.2 million in the second quarter of
2015.
Income before income taxes was $9.3
million for the second quarter of 2016 compared to
$3.3 million for the second quarter
of 2015. The higher income reflected increased sales and income
from operations compared with the same quarter of 2015. The pretax
income margin was 12.7% in the second quarter of 2016, compared
with 5.5% in the second quarter of 2015.
The provision for income taxes was $1.3
million, or a 13.7% tax rate, in the second quarter of 2016,
which is compared with $0.8 million,
or a 24.3% tax rate, in the second quarter in 2015. The Company
used a tax rate of 25% in the second quarter of 2015 as it was
being assessed based on PRC income tax laws to be designated as a
"High-Tech Enterprise". Such designation was approved in
the fourth quarter of 2015 which bestowed a 15.0% tax rate for 2016
and 2017.
Net income attributable to stockholders for the second quarter
of 2015 increased 220.0% to $7.2
million, or $0.37 per basic
and diluted share, compared with $2.3
million, or $0.12 on per basic
and diluted share, in the second quarter of 2015.
First Six Months 2016 Financial Performance
Net sales for the first six months of 2016 increased 14.3% to
$127.4 million from $111.5 million for the first six months of 2015.
Net sales from the Company's China OEM market increased 19.5% to
$64.9 million from $54.3 million in the same period in 2015.
Revenues from China's domestic
aftermarket increased 21.6% to $32.1
million from $26.4 million in
the first six months of 2015. Revenues from international markets
decreased 1.3% to $30.4 million from
$30.8 million in the first six months
of 2015.
Gross profit for the first six months of 2016 increased 15.8% to
$35.0 million from $30.3 million in the same period in 2015. Gross
margin for the six months ended June 30,
2016, increased to 27.5% from 27.1% for the first six months
of 2015.
Operating income for the first six months of 2016 increased
22.5% to $8.8 million from
$7.2 million in the same period in
2015. Operating margin was 6.9% versus 6.4% in first six months of
2015.
Net income attributable to stockholders for the first six months
of 2016 was $7.7 million, or
$0.40 per basic and diluted share,
compared with $5.3 million, or
$0.28 per basic and diluted share, in
the same period in 2015.
Balance Sheet
As of June 30, 2016, the Company
had cash, cash equivalents and short-term investments of
$11.6 million. Inventories were
reduced to $58.4 million at
June 30, 2016 from $73.7 million at December
31, 2015. Bank acceptance notes from customers increased to
$36.4 million on June 30, 2016 from $22.9
million and accounts receivables were $84.1 million compared with $71.8 million on December
31, 2015. Total equity was $156.7
million at June 30, 2016. On
June 30, 2016, working capital was
$96.7 million with a current ratio of
1.9 to 1.
Recent Events
On May 5, 2016 SORL Auto Parts,
Inc. (the "Company"), through its principal operating subsidiary,
Ruili Group Ruian Auto Parts Co., Ltd. (the "Subsidiary"), entered
into a Purchase Agreement with Ruili Group Co., Ltd., a related
party under common control with the Company pursuant to which the
Company agreed to purchase the land use rights and factory in the
new development zone. As a part of the transaction, the
Company will transfer to the Ruili Group it's the land use rights
and factory facilities under the Company's ownership, plus
RMB501 million in cash to fill the
price difference. The total floor area of the prior facility is
58,714 square meters compared with the total floor area of the new
facility of 157,619 square meters, which will provide more
manufacturing and service capacity to support the Company's future
growth.
The cash consideration in the amount of RMB481,000,000 (approximately $74,444,000) was paid to the Ruili Group in
installments before June 30, 2016,
and the remaining RMB20,000,000
(approximately $3,016,000) will be
paid within 10 days of completion of the required procedures for
transferring the title of the facilities and the land use right as
specified in the Purchase Agreement. Before the transaction, the
Company was leasing 89,229 square meters of the Development Zone
Facility from Ruili Group for its brake systems business, which
lease was scheduled to expire on December
31, 2017. This lease was terminated upon the completion of
the purchase. The transaction was approved by a committee of
independent directors of the Company based on the valuation reports
by a globally reputable third-party real estate appraisal firm.
Business Outlook
For the fiscal year 2016, management has reiterated its
expectation for annual net sales to be approximately $200.0 million and net income to be approximately
$11.5 million. These targets are
based on the Company's current views on the operating and market
conditions, which are subject to change.
Conference Call
Management will host a conference call on Monday, August
15, 2016 at 8:00 A.M. EDT/ 8:00 P.M. Beijing
Time to discuss its 2016 second quarter and six months results.
Listeners may access the call by dialing U.S. toll free
number +1-877-407-0778 and +1-201-689-8565 for
international callers, and Mainland China toll free
+864-001-202-840. A live web cast of the conference call will also
be available at http://www.sorl.cn.
A replay of the call will be available shortly after the
conference call through 11:59 P.M. EDT on September 15,
2016, or 11:59 A.M. Beijing Time on September 16, 2016.
The replay dial-in numbers are: U.S. toll free
number +1-877-660-6853 or the international
number +1-201-612-7415; using Conference ID "13642159" to
access the replay.
About SORL Auto Parts, Inc.
As a global tier one supplier of brake and control systems to
the commercial vehicle industry, SORL Auto Parts, Inc. is the
market leader for commercial vehicles brake systems, such as trucks
and buses in China. The Company
distributes products both within China and internationally under the SORL
trademark. SORL is listed among the top 100 auto component
suppliers in China, with a product
range that includes 65 categories with over 2000 specifications in
brake systems and others. The Company has four authorized
international sales centers in UAE, India, the United
States and Europe. SORL is
working to establish a broader global sales network. For more
information, please visit http://www.sorl.cn.
Safe Harbor Statement
This press release may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
the use of forward-looking terminology such as "expects,"
"anticipates," "believes," "targets," "goals," "projects,"
"intends," "plans," "seeks," "estimates," "may," "will," "should"
or similar expressions. For example, when the Company describes the
evaluation of the preliminary non-binding proposal letter, it is
using forward-looking statements. These forward-looking statements
may also include statements about the Company's proposed
discussions related to its business or growth strategy, which are
subject to change. Such information is based upon expectations of
the Company's management that were reasonable when made, but may
prove to be incorrect. All of such assumptions are inherently
subject to uncertainties and contingencies beyond the Company's
control and upon assumptions with respect to future business
decisions, which are subject to change. The Company does not
undertake to update the forward-looking statements contained in
this press release. These risks and uncertainties may include, but
are not limited to general political, economic and business
conditions which may impact the demand for commercial vehicles or
passenger vehicles in China and
the other significant markets where the Company's products are
sold, uncertainty regarding such political, economic and business
conditions, trends in consumer debt levels and bad debt write-offs,
general uncertainty related to possible recessions, natural
disasters, the political stability of China and the impact of any of those events on
demand for commercial or passenger vehicles, changes in consumer
confidence, new product development and introduction, competitive
products and pricing, seasonality, availability of alternative
sources of supply in the case of the loss of any significant
supplier or any supplier's inability to fulfill the Company's
orders, cost of labor and raw materials, the loss of or curtailed
sales to significant customers, the Company's dependence on key
employees and officers, the ability to secure and protect
trademarks, patents and other intellectual property rights,
potential effects of competition in the Company's business, the
dependency of the Company upon the normal operation of its sole
manufacturing facility, potential effect of the economic and
currency instability in China and
countries to which the Company sold its products, the ability of
the Company to successfully manage its expenses on a continuing
basis, the continued availability to the Company of financing and
credit on favorable terms, business disruptions, disease, general
risks associated with doing business in China or other countries including, without
limitation, foreign trade policies, import duties, tariffs, quotas,
political and economic stability, and the other factors discussed
in the Company's Annual Report on Form 10-K and other filings with
the Securities and Exchange Commission. For additional information
regarding known material factors that could cause the Company's
results to differ from its projected results, please see its
filings with the SEC, including its Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
Copies of filings made with the SEC are available through the SEC's
electronic data gathering analysis retrieval system (EDGAR)
at http://www.sec.gov.
Contact Information
Raymond Lin
+86-139-6777-6556
+86-577-6581-7721
ljf@sorl.com.cn
Phyllis Huang
+86-151-6770-5972
+86-577-6581-7721
phyllis@sorl.com.cn
Investor Relations
+1-646-726-6511
sorl@compassbell.com
- tables follow -
SORL Auto Parts,
Inc. and Subsidiaries
|
Consolidated
Balance Sheets
|
June 30, 2016 and
December 31, 2015
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
|
December 31,
2015
|
|
|
|
(Unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
US$
|
8,308,325
|
US$
|
30,230,828
|
|
Accounts receivable,
net
|
|
84,075,376
|
|
71,823,328
|
|
Bank acceptance notes
from customers
|
|
36,376,536
|
|
22,870,791
|
|
Short term
investments
|
|
3,317,650
|
|
61,007,709
|
|
Inventories
|
|
58,392,945
|
|
73,661,860
|
|
Prepayments,
including $2,734,232 and $- prepayments to
related parties at June 30, 2016 and December 31, 2015,
respectively.
|
|
10,821,997
|
|
3,350,607
|
|
Prepaid capital lease
interest
|
|
24,640
|
|
93,458
|
|
Restricted
cash
|
|
386,635
|
|
785,999
|
|
Other current assets,
net
|
|
634,210
|
|
1,241,864
|
|
Deferred tax
assets
|
|
3,766,028
|
|
2,909,729
|
|
Total Current
Assets
|
|
206,104,342
|
|
267,976,173
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
49,381,899
|
|
37,561,905
|
|
Land use rights,
net
|
|
8,820,947
|
|
13,232,149
|
|
Intangible assets,
net
|
|
17,662
|
|
23,854
|
|
Security deposits on
lease agreement
|
|
1,723,454
|
|
1,759,975
|
|
Total Non-Current
Assets
|
|
59,943,962
|
|
52,577,883
|
|
Total
Assets
|
US$
|
266,048,304
|
US$
|
320,554,056
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Accounts payable and
bank acceptance notes to vendors,
including $1,147,274 and $1,133,537 due to related parties
at June 30, 2016 and December 31, 2015, respectively.
|
US$
|
39,135,906
|
US$
|
35,292,277
|
|
Deposit received from
customers
|
|
23,286,670
|
|
20,012,087
|
|
Short term bank
loans
|
|
25,309,875
|
|
23,367,207
|
|
Income tax
payable
|
|
1,447,903
|
|
|
|
Accrued
expenses
|
|
16,167,810
|
|
13,870,587
|
|
Capital lease
obligations
|
|
1,723,454
|
|
3,519,949
|
|
Other current
liabilities
|
|
2,301,759
|
|
2,067,449
|
|
Total Current
Liabilities
|
|
109,373,377
|
|
98,129,556
|
|
Total
Liabilities
|
|
109,373,377
|
|
98,129,556
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Preferred stock - no
par value; 1,000,000 authorized; none
issued and outstanding as of June 30, 2016 and December
31, 2015
|
|
-
|
|
-
|
|
Common stock - $0.002
par value; 50,000,000 authorized, 19,304,921 issued and
outstanding as of
June 30, 2016
and December 31, 2015
|
|
38,609
|
|
38,609
|
|
|
Additional paid-in
capital
|
|
(28,582,654)
|
|
42,199,014
|
|
Reserves
|
|
14,145,350
|
|
13,207,972
|
|
Accumulated other
comprehensive income
|
|
12,522,065
|
|
15,662,639
|
|
Retained
earnings
|
|
135,787,181
|
|
129,055,099
|
|
Total SORL Auto
Parts, Inc. Stockholders' Equity
|
|
133,910,551
|
|
200,163,333
|
|
Non-controlling
Interest In Subsidiaries
|
|
22,764,376
|
|
22,261,167
|
|
Total
Equity
|
|
156,674,927
|
|
222,424,500
|
|
Total Liabilities
and Equity
|
US$
|
266,048,304
|
US$
|
320,554,056
|
SORL Auto Parts,
Inc. and Subsidiaries
Consolidated
Statements of Income and Comprehensive Income
For The Three and
Six Months Ended June 30, 2016 and 2015 (Unaudited)
|
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
US$
|
73,535,732
|
US$
|
59,274,878
|
|
US$
|
127,372,460
|
US$
|
111,472,844
|
Include: sales to
related parties
|
3,968,105
|
|
1,057,724
|
|
|
6,548,951
|
|
2,069,648
|
Cost of
sales
|
|
52,941,316
|
|
42,746,432
|
|
|
92,338,965
|
|
81,213,324
|
Gross
profit
|
|
20,594,416
|
|
16,528,446
|
|
|
35,033,495
|
|
30,259,520
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
7,125,085
|
|
5,086,089
|
|
|
12,687,517
|
|
10,437,087
|
General and
administrative expenses
|
4,909,129
|
|
7,430,223
|
|
|
11,838,987
|
|
10,149,595
|
Research and
development expenses
|
2,379,962
|
|
1,857,470
|
|
|
4,123,649
|
|
3,570,091
|
Total operating
expenses
|
14,414,176
|
|
14,373,782
|
|
|
28,650,153
|
|
24,156,773
|
|
|
|
|
|
|
|
|
|
|
Other operating
income
|
|
1,484,939
|
|
483,091
|
|
|
2,399,144
|
|
1,068,808
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
7,665,179
|
|
2,637,755
|
|
|
8,782,486
|
|
7,171,555
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
925,586
|
|
409,836
|
|
|
1,013,688
|
|
520,791
|
Government
grants
|
|
140,255
|
|
25,980
|
|
|
145,012
|
|
25,980
|
Other
income
|
|
845,165
|
|
594,567
|
|
|
890,754
|
|
687,958
|
Interest
expenses
|
|
(126,113)
|
|
(242,544)
|
|
|
(300,573)
|
|
(409,200)
|
Other
expenses
|
|
(126,663)
|
|
(160,420)
|
|
|
(767,292)
|
|
(531,108)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes provision / benefit
|
9,320,409
|
|
3,265,174
|
|
|
9,764,075
|
|
7,465,976
|
|
|
|
|
|
|
|
|
|
|
Income taxes
provision (benefit)
|
1,277,277
|
|
794,144
|
|
|
1,242,453
|
|
1,792,422
|
|
|
|
|
|
|
|
|
|
|
Net income
|
US$
|
8,043,132
|
US$
|
2,471,030
|
|
US$
|
8,521,622
|
US$
|
5,673,554
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to non-controlling
interest In subsidiaries
|
804,313
|
|
208,955
|
|
|
852,162
|
|
361,198
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common
stockholders
|
US$
|
7,238,819
|
US$
|
2,262,075
|
|
US$
|
7,669,460
|
US$
|
5,312,356
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
US$
|
8,043,132
|
US$
|
2,471,030
|
|
US$
|
8,521,622
|
US$
|
5,673,554
|
Foreign currency
translation adjustments
|
(4,596,167)
|
|
994,826
|
|
|
(3,489,527)
|
|
181,583
|
Comprehensive
income
|
|
3,446,965
|
|
3,465,856
|
|
|
5,032,095
|
|
5,855,137
|
Comprehensive income
attributable to
non-controlling interest in subsidiaries
|
344,696
|
|
275,327
|
|
|
503,209
|
|
363,895
|
Comprehensive income
attributable
to common shareholders
|
US$
|
3,102,269
|
US$
|
3,190,529
|
|
US$
|
4,528,886
|
US$
|
5,491,242
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common share - basic
|
19,304,921
|
|
19,304,921
|
|
|
19,304,921
|
|
19,304,921
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common share - diluted
|
19,304,921
|
|
19,304,921
|
|
|
19,304,921
|
|
19,304,921
|
|
|
|
|
|
|
|
|
|
|
EPS -
basic
|
US$
|
0.37
|
US$
|
0.12
|
|
US$
|
0.40
|
US$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
EPS -
diluted
|
US$
|
0.37
|
US$
|
0.12
|
|
US$
|
0.40
|
US$
|
0.28
|
SORL Auto Parts,
Inc. and Subsidiaries
Consolidated Statements of Cash Flows
For The Six Months Ended June 30, 2016 and 2015
(Unaudited)
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
Net Income
|
US$
|
8,521,622
|
US$
|
5,673,554
|
Adjustments to
reconcile net income to net cash
|
|
|
|
|
used in operating
activities:
|
|
|
|
|
Allowance for
doubtful accounts
|
|
5,399,425
|
|
3,910,282
|
Depreciation and
amortization
|
|
3,436,677
|
|
3,911,272
|
Deferred income
tax
|
|
(950,451)
|
|
(1,163,808)
|
(Gain) or loss on
disposal of property and equipment
|
-
|
|
(48,940)
|
Changes in assets
and liabilities:
|
|
|
|
|
Accounts
receivable
|
|
(19,302,545)
|
|
(12,214,909)
|
Bank acceptance notes
from customers
|
|
(14,353,761)
|
|
3,957,535
|
Other currents
assets
|
|
566,936
|
|
261,966
|
Inventories
|
|
14,139,460
|
|
10,876,719
|
Prepayments
|
|
(7,284,955)
|
|
(678,866)
|
Prepaid capital lease
interest
|
|
69,239
|
|
163,751
|
Accounts payable and
bank acceptance notes to vendors
|
1,817,414
|
|
(4,685,074)
|
Income tax
payable
|
|
1,466,704
|
|
596,297
|
Deposits received
from customers
|
|
3,782,517
|
|
6,047,663
|
Other current
liabilities and accrued expenses
|
|
535,090
|
|
(532,514)
|
Net Cash Flows
Provided By (Used in) In Operating
Activities
|
|
(2,156,628)
|
|
16,074,928
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
Change in short term
investments
|
|
57,261,374
|
|
(23,761,197)
|
Acquisition of
property, equipment, plant and land use
right
|
|
(7,315,047)
|
|
(1,420,785)
|
Change in restricted
cash
|
|
377,608
|
|
-
|
Proceeds of disposal
of property and equipment
|
|
-
|
|
48,956
|
Advance to related
party
|
|
(18,247,384)
|
|
-
|
Repayment of advance
to related party
|
|
18,247,384
|
|
-
|
Net Cash Flows
Used In Investing Activities
|
|
50,323,935
|
|
(25,133,026)
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
Proceeds from bank
loans
|
|
31,796,224
|
|
24,913,667
|
Repayment of bank
loans
|
|
(29,597,070)
|
|
(16,309,191)
|
Repayment of capital
lease
|
|
(1,779,040)
|
|
(1,864,595)
|
Distribution to
owners in connection with plant and land
use rights exchange with entity under common control
|
|
(70,781,668)
|
|
-
|
|
|
|
|
|
Net Cash Flows
Provided By (Used In) Financing Activities
|
(70,361,554)
|
|
6,739,881
|
|
|
|
|
|
Effects on changes in
foreign exchange rate
|
|
271,744
|
|
(67,315)
|
|
|
-
|
|
|
Net change in cash
and cash equivalents
|
|
(21,922,503)
|
|
(2,385,532)
|
|
|
|
|
|
Cash and cash
equivalents- beginning of the period
|
|
30,230,828
|
|
14,009,597
|
|
|
|
|
|
Cash and cash
equivalents - end of the period
|
US$
|
8,308,325
|
US$
|
11,624,065
|
|
|
|
|
|
Supplemental Cash
Flow Disclosures:
|
|
|
|
|
Interest paid
|
US$
|
450,677
|
US$
|
465,309
|
Income taxes
paid
|
US$
|
1,288,659
|
US$
|
2,359,836
|
|
|
|
|
|
Non-cash Investing
and Financing Transactions
|
|
|
|
|
Disposal of plant and
land use right to related party
|
US$
|
17,342,372
|
US$
|
-
|
Liabilities assumed
in connection with the plant and land
use right exchange
|
US$
|
5,351,196
|
US$
|
-
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sorl-auto-parts-reports-24-sales-increase-and-higher-earnings-in-the-2016-second-quarter-300313271.html
SOURCE SORL Auto Parts, Inc.