WUHAN, China, Nov. 10, 2016 /PRNewswire/ -- China Automotive
Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a
leading power steering components and systems supplier
in China, today announced its unaudited financial results for
the third quarter and nine months ended September 30,
2016.
Third Quarter 2016 Highlights
- Net sales increased 4.2% to $94.6 million, compared
to $90.8 million in the third quarter of 2015;
- Gross margin increased to 21.1% compared to 17.5% in the third
quarter of 2015;
- Net income attributable to parent company's common shareholders
was $5.7 million, or diluted earnings per share of $0.18,
compared to net income attributable to parent company's common
shareholders of $4.3 million, or diluted earnings per share
of $0.13, in the third quarter of 2015.
First Nine Months of 2016 Highlights
- Net sales were $312.5 million, compared to $323.5
million in the first nine months of 2015;
- Gross margin was 18.9%;
- Diluted earnings per share attributable to parent company's
common shareholders was $0.52;
- Cash and cash equivalents, pledged cash deposits and short-term
investments were $99.5 million as of September 30,
2016;
- Net cash flow from operating activities was $13.1 million.
Mr. Qizhou Wu, the Chief Executive Officer of CAAS,
commented, "We are encouraged to see all of our subsidiaries'
operations achieved growth in the third quarter of 2016 despite
continuing lackluster growth in the Chinese economy. We continued
to grow our electric power steering ("EPS") business which grew by
26.1% and represented 27.0% of net sales compared with 22.4% in the
same period last year. We remain optimistic about our EPS business
and continue to expand our product portfolio and production
capabilities. Even our traditional hydraulic steering products
reversed its declining trend and registered an increase."
"Internationally, our Brazilian assembly plant has completed its
trials and begun commercial production to serve our Tier-1 customer
in Brazil and Chinese OEMs
operating in the region. We anticipate that our North American
operations will continue to expand in the years ahead." Mr. Wu
concluded.
Mr. Jie Li, the Chief Financial Officer of CAAS, commented,
"We maintain a strong balance sheet while continuing to invest in
our products and production capacity to position CAAS to further
penetrate the Chinese auto market and international markets as
well. From a financial reporting perspective, the significantly
weakening Chinese currency RMB against the US dollars negatively
affected our third quarter results by 6.4%, as we still generate a
majority of our sales in Mainland China while we report in US
dollar. As part of our commitment to building long-term shareholder
value, we continued to repurchase shares. As of September 30, 2016, approximately $1 million has been used to repurchases of
260 thousand shares and $4
million of additional shares may yet be repurchased under
our share repurchase program."
Third Quarter of 2016
In the third quarter of 2016, net sales increased 4.2% to
$94.6 million, compared to $90.8
million in the same quarter of 2015. This increase was mainly
due to higher volumes and a change in the product mix to more
electric power steering systems (EPS).
Gross profit was $20.0 million in the third quarter of
2016, compared to $15.9 million in the third quarter of
2015. The gross margin was 21.1% in the third quarter of 2016,
versus 17.5% in the third quarter of 2015.
Selling expenses were $3.8 million in the third
quarter of 2016, compared to $3.3 million in the third
quarter of 2015. Greater unit sales led to higher transportation
expenses in the third quarter of 2016. Selling expenses represented
4.1% of net sales in the third quarter of 2016, compared to 3.7% in
the third quarter of 2015.
General and administrative expenses ("G&A expenses") were
$3.7 million in the third
quarter of 2016, compared to $3.1 million in the same
quarter of 2015. G&A expenses represented 4.0% of net sales in
the third quarter of 2016 and 3.4% in the third quarter of
2015.
Research and development expenses ("R&D expenses")
were $6.7 million in the third quarter of 2016, compared
to $5.4 million in the third quarter of 2015. R&D
expenses represented 7.1% of net sales in the third quarter of 2016
compared with 6.0% in the third quarter of 2015. The higher R&D
expenses as a percentage of revenue was mainly due to continued
development of new EPS products and acquiring advanced production
equipment.
Net financial income was $0.8 million in the third
quarter of 2016 compared to net financial income of $0.6
million in the third quarter of 2015.
Income from operations increased 15.2% to $5.7 million in the third quarter of 2016,
compared to $5.0 million in the same quarter of 2015. The
increase was mainly due to higher net sales and gross profit.
Income before income tax expenses and equity in earnings of
affiliated companies was $6.7 million in the third quarter of
2016, compared to $5.2 million in the third quarter of
2015. The increase in income before income tax expenses and equity
in earnings of affiliated companies was mainly due to higher
operating income, lower interest expense and higher net financial
income in the third quarter of 2016 compared with the third quarter
of 2015.
Net income attributable to parent company's common shareholders
was $5.7 million in the third quarter of 2016, compared
to net income attributable to parent company's common shareholders
of $4.3 million in the third quarter of 2015. Diluted
earnings per share were $0.18 in the third quarter of
2016, compared to diluted earnings per share of $0.13 in
the third quarter of 2015.
The weighted average number of diluted common shares outstanding
was 31,911,722 in the third quarter of 2016, compared to 32,134,839
in the third quarter of 2015.
First Nine Months of 2016
Net sales for the first nine months of 2016 were $312.5
million, compared to $323.5 million in the first nine
months of 2015. Nine-month gross profit was $59.1 million,
compared to $59.4 million in the corresponding period
last year. Nine-month gross margin was 18.9%, compared to 18.4% for
the corresponding period in 2015. For the nine months
ended September 30, 2016, gain on other sales amounted
to $2.0 million, compared to $3.2 million for the
corresponding period in 2015. Income from operations was $18.0
million compared to $22.6 million in the first nine
months of 2015. Operating margin was 5.8%, compared to 7.0% for the
corresponding period of 2015.
Net income attributable to parent company's common shareholders
was $16.8 million compared with $20.5
million in the corresponding period last year. Diluted
earnings per share were $0.52 in the first nine months of
2016, compared to diluted earnings per share of $0.64 for
the corresponding period in 2015.
Balance Sheet
As of September 30, 2016, total cash and cash equivalents,
pledged cash deposits and short-term investments were $99.5
million, total accounts receivable including notes receivable
were $279.4 million, accounts payable were $210.0
million and bank and government loans were $39.9 million.
Total parent company stockholders' equity was $312.2
million as of September 30, 2016, compared to $299.0
million as of December 31, 2015. Net cash flow from
operating activities was $13.1 million for the first nine
months of 2016.
Business Outlook
Management has increased its revenue guidance for the full year
2016 to US$450 million. This target
is based on the Company's current views on operating and market
conditions, which are subject to change.
Conference Call
Management will conduct a conference call on November
10th at 8:00 A.M. EST/9:00
P.M. Beijing Time to discuss these results. A
question and answer session will follow managementĀ“s
presentation.To participate, please call the following numbers 10
minutes before the call start time and ask to be connected to the
"China Automotive Systems" conference call:
Phone Number: +1-877-407-8031 (North America)
Phone Number: +1-201-689-8031 (International)
China Toll Free:
+86-400-1202-840
A replay of the call will be available on the company's website
in the investor relations section.
About China Automotive Systems, Inc.
Based in Hubei Province, the People's Republic of China, China Automotive
Systems, Inc. is a leading supplier of power steering components
and systems to the Chinese automotive industry, operating through
eight Sino-foreign joint ventures. The Company offers a full range
of steering system parts for passenger automobiles and commercial
vehicles. The Company currently offers four separate series of
power steering with an annual production capacity of over5.5
million sets of steering gears, columns and steering hoses. Its
customer base is comprised of leading auto manufacturers, such as
China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto
Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile
Co., Ltd. in China, and Chrysler Group LLC in North
America. For more information, please
visit: http://www.caasauto.com.
Forward-Looking Statements
This press release contains statements that are "forward-looking
statements" as defined under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements represent our
estimates and assumptions only as of the date of this press
release. These forward-looking statements include statements
regarding the qualitative and quantitative effects of the
accounting errors, the periods involved, the nature of the
Company's review and any anticipated conclusions of the Company or
its management and other statements that are not historical facts.
Our actual results may differ materially from the results described
in or anticipated by our forward-looking statements due to certain
risks and uncertainties. As a result, the Company's actual results
could differ materially from those contained in these
forward-looking statements due to a number of factors, including
those described under the heading "Risk Factors" in the Company's
Form 10-K annual report filed with the Securities and Exchange
Commission on March 30, 2016, and in documents subsequently
filed by the Company from time to time with the Securities and
Exchange Commission. We expressly disclaim any duty to provide
updates to any forward-looking statements made in this press
release, whether as a result of new information, future events or
otherwise.
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
Email: jieli@chl.com.cn
Investor Relations
Email: caas@compassbell.com
- Tables Follow -
China
Automotive Systems, Inc. and Subsidiaries
|
Condensed
Unaudited Consolidated Statements of Operations and Comprehensive
Income
|
(In thousands of
USD, except share and per share amounts)
|
|
|
Three Months Ended September
30,
|
|
|
2016
|
|
|
2015
|
Net product sales
($9,950 and $8,137 sold to related parties for the three
months ended
September 30, 2016 and 2015)
|
|
$
|
94,626
|
|
|
$
|
90,845
|
Cost of products sold
($5,869 and $5,721 purchased from related parties for
the three months
ended September 30, 2016 and 2015)
|
|
|
74,641
|
|
|
|
74,933
|
Gross
profit
|
|
|
19,985
|
|
|
|
15,912
|
Gain on other
sales
|
|
|
22
|
|
|
|
877
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
3,840
|
|
|
|
3,319
|
General and
administrative expenses
|
|
|
3,741
|
|
|
|
3,080
|
Research and
development expenses
|
|
|
6,723
|
|
|
|
5,440
|
Total operating
expenses
|
|
|
14,304
|
|
|
|
11,839
|
Income from
operations
|
|
|
5,703
|
|
|
|
4,950
|
Other income,
net
|
|
|
420
|
|
|
|
221
|
Interest
expense
|
|
|
(201)
|
|
|
|
(501)
|
Financial income,
net
|
|
|
800
|
|
|
|
556
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
6,722
|
|
|
|
5,226
|
Less: Income
taxes
|
|
|
1,167
|
|
|
|
945
|
Equity in earnings of
affiliated companies
|
|
|
304
|
|
|
|
100
|
Net income
|
|
|
5,859
|
|
|
|
4,381
|
Net income
attributable to non-controlling interests
|
|
|
177
|
|
|
|
93
|
Net income
attributable to parent company's common shareholders
|
|
$
|
5,682
|
|
|
$
|
4,288
|
Comprehensive
income:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
5,859
|
|
|
$
|
4,381
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation loss, net of tax
|
|
|
(2,139)
|
|
|
|
(12,477)
|
Comprehensive
income/(loss)
|
|
|
3,720
|
|
|
|
(8,096)
|
Comprehensive
income/(loss) attributable to non-controlling interests
|
|
|
119
|
|
|
|
(483)
|
Comprehensive
income/(loss) attributable to parent company
|
|
$
|
3,601
|
|
|
$
|
(7,613)
|
Net income
attributable to parent company's common shareholders per
share
|
|
|
|
|
|
|
|
Basic -
|
|
$
|
0.18
|
|
|
$
|
0.13
|
Diluted -
|
|
$
|
0.18
|
|
|
$
|
0.13
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
Basic
|
|
|
31,911,360
|
|
|
|
32,121,019
|
Diluted
|
|
|
31,911,722
|
|
|
|
32,134,839
|
China Automotive
Systems, Inc. and Subsidiaries
|
Condensed
Unaudited Consolidated Statements of Operations and Comprehensive
Income
|
(In thousands of
USD, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
Nine
Months Ended September 30,
|
|
|
|
2016
|
|
|
2015
|
|
|
Net product sales
($28,589 and $28,076 sold to related parties for the
nine months ended
September 30, 2016 and 2015)
|
|
$
|
312,497
|
|
$
|
323,455
|
|
|
Cost of products sold
($18,912 and $18,359 purchased from related
parties for the nine
months ended September 30, 2016 and 2015)
|
|
|
253,352
|
|
|
264,080
|
|
|
Gross
profit
|
|
|
59,145
|
|
|
59,375
|
|
|
Gain on other
sales
|
|
|
2,008
|
|
|
3,248
|
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
12,273
|
|
|
10,989
|
|
|
General and
administrative expenses
|
|
|
11,998
|
|
|
11,316
|
|
|
Research and
development expenses
|
|
|
18,849
|
|
|
17,746
|
|
|
Total operating
expenses
|
|
|
43,120
|
|
|
40,051
|
|
|
Income from
operations
|
|
|
18,033
|
|
|
22,572
|
|
|
Other income,
net
|
|
|
995
|
|
|
587
|
|
|
Interest
expense
|
|
|
(524)
|
|
|
(1,040)
|
|
|
Financial income,
net
|
|
|
1,270
|
|
|
2,018
|
|
|
Income before income
tax expenses and equity in earnings of
affiliated
companies
|
|
|
19,774
|
|
|
24,137
|
|
|
Less: Income
taxes
|
|
|
3,416
|
|
|
4,001
|
|
|
Equity in earnings of
affiliated companies
|
|
|
561
|
|
|
264
|
|
|
Net income
|
|
|
16,919
|
|
|
20,400
|
|
|
Net income/(loss)
attributable to non-controlling interests
|
|
|
164
|
|
|
(56)
|
|
|
Net income
attributable to parent company's common shareholders
|
|
$
|
16,755
|
|
$
|
20,456
|
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
16,919
|
|
$
|
20,400
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
Foreign currency
translation loss, net of tax
|
|
|
(8,435)
|
|
|
(12,316)
|
|
|
Comprehensive
income
|
|
|
8,484
|
|
|
8,084
|
|
|
Comprehensive loss
attributable to non-controlling interests
|
|
|
(143)
|
|
|
(649)
|
|
|
Comprehensive income
attributable to parent company
|
|
$
|
8,627
|
|
$
|
8,733
|
|
|
Net income
attributable to parent company's common shareholders
per share
|
|
|
|
|
|
|
|
|
Basic -
|
|
$
|
0.52
|
|
$
|
0.64
|
|
|
Diluted -
|
|
$
|
0.52
|
|
$
|
0.64
|
|
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
32,038,933
|
|
|
32,121,019
|
|
|
Diluted
|
|
|
32,040,514
|
|
|
32,136,003
|
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
Condensed
Unaudited Consolidated Balance Sheets
|
(In thousands of
USD unless otherwise indicated)
|
|
|
|
September 30,
2016
|
|
|
December 31, 2015
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
39,062
|
|
|
$
|
69,676
|
|
Pledged
cash
|
|
|
21,077
|
|
|
|
31,402
|
|
Short-term
investments
|
|
|
39,337
|
|
|
|
21,209
|
|
Accounts and notes
receivable, net - unrelated
parties
|
|
|
255,794
|
|
|
|
254,397
|
|
Accounts and notes
receivable, net - related
parties
|
|
|
23,637
|
|
|
|
21,918
|
|
Advance payments and
others - unrelated
parties
|
|
|
10,891
|
|
|
|
4,381
|
|
Advance payments and
others - related parties
|
|
|
845
|
|
|
|
544
|
|
Inventories
|
|
|
74,484
|
|
|
|
65,570
|
|
Current deferred tax
assets
|
|
|
6,610
|
|
|
|
6,962
|
|
Total current
assets
|
|
|
471,737
|
|
|
|
476,059
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Long-term time
deposits
|
|
|
898
|
|
|
|
5,082
|
|
Property, plant and
equipment, net
|
|
|
94,063
|
|
|
|
84,151
|
|
Intangible assets,
net
|
|
|
588
|
|
|
|
2,793
|
|
Other receivables,
net - unrelated parties
|
|
|
2,283
|
|
|
|
3,882
|
|
Other receivables,
net - related parties
|
|
|
73
|
|
|
|
14
|
|
Advance payment for
property, plant and
equipment - unrelated
parties
|
|
|
16,507
|
|
|
|
15,192
|
|
Advance payment for
property, plant and
equipment - related
parties
|
|
|
6,625
|
|
|
|
8,863
|
|
Long-term
investments
|
|
|
15,202
|
|
|
|
6,152
|
|
Goodwill
|
|
|
-
|
|
|
|
608
|
|
Non-current deferred
tax assets
|
|
|
4,898
|
|
|
|
4,899
|
|
Total
assets
|
|
$
|
612,874
|
|
|
$
|
607,695
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Bank and government
loans
|
|
$
|
39,942
|
|
|
$
|
40,929
|
|
Accounts and notes
payable - unrelated parties
|
|
|
204,502
|
|
|
|
197,105
|
|
Accounts and notes
payable - related parties
|
|
|
5,538
|
|
|
|
6,363
|
|
Customer
deposits
|
|
|
741
|
|
|
|
1,613
|
|
Accrued payroll and
related costs
|
|
|
6,619
|
|
|
|
6,332
|
|
Accrued expenses and
other payables
|
|
|
29,731
|
|
|
|
31,383
|
|
Accrued pension
costs
|
|
|
4,365
|
|
|
|
4,664
|
|
Taxes
payable
|
|
|
7,233
|
|
|
|
9,284
|
|
Amounts due to
shareholders/directors
|
|
|
332
|
|
|
|
345
|
|
Advances payable
(current portion)
|
|
|
322
|
|
|
|
-
|
|
Current deferred tax
liabilities
|
|
|
177
|
|
|
|
194
|
|
Total current
liabilities
|
|
|
299,502
|
|
|
|
298,212
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Long-term bank
loan
|
|
|
669
|
|
|
|
-
|
|
Advances
payable
|
|
|
529
|
|
|
|
1,922
|
|
Non-current deferred
tax liabilities
|
|
|
-
|
|
|
|
266
|
|
Total
liabilities
|
|
$
|
300,700
|
|
|
$
|
300,400
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value -
Authorized -
80,000,000 shares; Issued -
31,861,756 and
32,338,302 shares as of
September 30, 2016
and December 31, 2015,
respectively
|
|
$
|
3
|
|
|
$
|
3
|
|
Additional paid-in
capital
|
|
|
64,627
|
|
|
|
64,627
|
|
Retained
earnings-
|
|
|
|
|
|
|
|
|
Appropriated
|
|
|
10,521
|
|
|
|
10,379
|
|
Unappropriated
|
|
|
223,235
|
|
|
|
206,622
|
|
Accumulated other
comprehensive income
|
|
|
10,284
|
|
|
|
18,412
|
|
Treasury stock -
476,546 and 217,283 shares
as of September 30,
2016 and December 31,
2015,
respectively
|
|
|
(1,991)
|
|
|
|
(1,000)
|
|
Total parent company
stockholders' equity
|
|
|
306,679
|
|
|
|
299,043
|
|
Non-controlling
interests
|
|
|
5,495
|
|
|
|
8,252
|
|
Total stockholders'
equity
|
|
|
312,174
|
|
|
|
307,295
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
612,874
|
|
|
$
|
607,695
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
Condensed
Unaudited Consolidated Statements of Cash Flows
|
(In thousands of
USD unless otherwise indicated)
|
|
|
Nine
Months Ended September 30,
|
|
|
|
2016
|
|
|
2015
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
16,919
|
|
$
|
20,400
|
|
Adjustments to
reconcile net income from operations to net cash provided
by
operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
10,732
|
|
|
11,509
|
|
Reversal of provision
for doubtful accounts
|
|
|
(126)
|
|
|
(124)
|
|
Inventory write
downs
|
|
|
2,353
|
|
|
1,522
|
|
Deferred income
taxes
|
|
|
(142)
|
|
|
(1,180)
|
|
Equity in earnings of
affiliated companies
|
|
|
(561)
|
|
|
(236)
|
|
Gain on disposal of
Fujian Qiaolong
|
|
|
(698)
|
|
|
-
|
|
(Gain)/loss on fixed
assets disposals
|
|
|
(6)
|
|
|
2
|
|
Changes in operating
assets and liabilities (net of the impact of disposal of
Fujian
Qiaolong):
|
|
|
|
|
|
|
|
(Increase) decrease
in:
|
|
|
|
|
|
|
|
Pledged
cash
|
|
|
9,711
|
|
|
2,696
|
|
Accounts and notes
receivable
|
|
|
(18,471)
|
|
|
19,801
|
|
Advance payments and
others
|
|
|
(2,798)
|
|
|
(1,741)
|
|
Inventories
|
|
|
(18,244)
|
|
|
(6,723)
|
|
Increase (decrease)
in:
|
|
|
|
|
|
|
|
Accounts and notes
payable
|
|
|
14,990
|
|
|
(17,021)
|
|
Customer
deposits
|
|
|
(613)
|
|
|
(381)
|
|
Accrued payroll and
related costs
|
|
|
544
|
|
|
(1,068)
|
|
Accrued expenses and
other payables
|
|
|
1,309
|
|
|
1,109
|
|
Accrued pension
costs
|
|
|
(160)
|
|
|
(842)
|
|
Taxes
payable
|
|
|
(1,582)
|
|
|
(3,671)
|
|
Advances
payable
|
|
|
(75)
|
|
|
-
|
|
Net cash provided
by operating activities
|
|
|
13,082
|
|
|
24,052
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Increase/(decrease)
in other receivables
|
|
|
2,382
|
|
|
(1,965)
|
|
Proceeds from
disposition of a subsidiary, net of cash disposed of
$1,063
|
|
|
1,953
|
|
|
-
|
|
Cash received from
property, plant and equipment sales
|
|
|
511
|
|
|
573
|
|
Payments to acquire
property, plant and equipment
|
|
|
(27,161)
|
|
|
(24,077)
|
|
Payments to acquire
intangible assets
|
|
|
(60)
|
|
|
(947)
|
|
Purchase of
short-term investments
|
|
|
(28,181)
|
|
|
(12,264)
|
|
Proceeds from
maturities of short-term investments
|
|
|
13,236
|
|
|
25,038
|
|
Investment under
equity method
|
|
|
(8,682)
|
|
|
(1,636)
|
|
Net cash used in
investing activities
|
|
|
(46,002)
|
|
|
(15,278)
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from bank
and government loans
|
|
|
12,151
|
|
|
11,420
|
|
Repayments of bank
and government loans
|
|
|
(7,145)
|
|
|
(8,685)
|
|
Dividends paid to the
non-controlling interests holders
|
|
|
(464)
|
|
|
(1,121)
|
|
Dividends paid to the
holders of the Company's common stock
|
|
|
-
|
|
|
(252)
|
|
Repurchase of common
stock
|
|
|
(991)
|
|
|
-
|
|
Net cash provided
by financing activities
|
|
|
3,551
|
|
|
1,362
|
|
|
|
|
|
|
|
|
|
Effects of exchange
rate on cash and cash equivalents
|
|
|
(1,245)
|
|
|
(2,577)
|
|
Net decrease in cash
and cash equivalents
|
|
|
(30,614)
|
|
|
7,559
|
|
Cash and cash
equivalents at beginning of period
|
|
|
69,676
|
|
|
68,505
|
|
Cash and cash
equivalents at end of period
|
|
$
|
39,062
|
|
$
|
76,064
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-automotive-systems-reports-higher-net-sales-and-profit-in-the-2016-third-quarter-300360424.html
SOURCE China Automotive Systems, Inc.