ZHEJIANG, China, Nov. 14, 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, announced today
its unaudited financial results for the third quarter and
nine-month periods ended September 30, 2016.
Third Quarter 2016 Financial Highlights
- Net Sales increased by 23.0% to $61.9 million in the third quarter of 2016
compared to $50.3 million in the third quarter of
2015;
- Gross margin for the third quarter of 2016 was 30.1%, compared
with a gross margin of 28.0% for the same period of 2015;
- Net Income attributable to stockholders rose by 55.4% to
$3.2 million from $2.0 million in the third quarter of 2015; basic
and diluted earnings per share were $0.17 in the third quarter of 2016 compared with
$0.11 in the third quarter of
2015;
- Cash and cash equivalents at September 30,
2016 were $7.5 million with working capital of
$97.3 million;
- Annual guidance was increased to net sales of
approximately $255 million and net income of
approximately $14.5 million.
Mr. Xiaoping Zhang, SORL's
Chairman and Chief Executive Officer, stated, "We are pleased to
report strong third quarter results with continued growths in both
top line and bottom line, despite the ongoing slower growth of the
Chinese economy. Led by renewed growth in Chinese truck OEM
segments, our sales to OEM, aftermarket and international markets
all posted growths as our broad portfolio of advanced products is
driving higher volumes. We expanded market share as our growth
outpaced the 14.1% rise in commercial vehicle production and 6.1%
increase in commercial vehicle sales during the third quarter."
"Our successful new product roll-out, stringent cost controls,
improved inventory balancing and increased production efficiencies
enabled us to maintain our market leading gross margins at 30%. Our
ongoing focus on innovative products whether in the traditional
truck segment or in the electric vehicle area, continues to propel
our growth and set us apart in an industry experiencing
technological change, and customers are increasingly demanding more
advanced products," Mr. Zhang concluded.
Third Quarter 2016 Financial Performance
Net sales for the third quarter of 2015 increased 23.0% to
$61.9 million from $50.3 million in the third quarter of 2015.
Revenues from the Company's domestic OEM customers increased 38.4%
to $27.8 million from $20.1
million in the third quarter of 2015. Sales
from China's domestic aftermarket increased 16.6% to
$17.9 from $15.3 million in the third quarter of
2015. Revenues from international markets rose 8.8% to
$16.2 million from $14.9 million in the third quarter of 2015,
mainly due to the Company's growing global customer base.
SORL's commercial vehicle brake sales increased 26.2% to
$51.0 million and represented 82.4%
of total sales in the third quarter of 2016. The sales of
passenger vehicle brake systems increased by 10.0%, to $10.9 million, which accounted for 17.6% of the
total sales for the third quarter of 2016.
Gross profit for the third quarter of 2016 grew 31.9% to
$18.6 million compared
with $14.1 million for the third quarter of
2015. Gross margin for the third quarter of 2016 was 30.1%,
compared with a gross margin of 28.0% in the same quarter of 2015,
which is primarily due to a shift in product mix to higher margin
products during the third quarter of 2016.
Operating expenses increased to $15.4 million in the
third quarter of 2016, from $12.7 million in the third
quarter of 2015. As a percentage of revenue, operating expenses
were 24.9% in the third quarter of 2016, compared with 25.3% in the
third quarter of 2015. The increase in operating expenses was
primarily due to higher selling and distribution expenses related
to higher net sales. The decline in operating expenses as a
percentage of revenue was primarily due to higher net sales.
- Selling and distribution expenses rose to $7.9 million from $4.8
million in the same quarter of 2015. As a percentage of
revenue, selling and distribution expenses were 12.8% compared with
9.6% of quarterly revenues in the same quarter of 2015. The
increase in selling and distribution expenses was primarily the
result of higher freight, packaging expenses and salaries as unit
volume rose during the third quarter of 2016.
- General and administrative ("G&A") expenses for the third
quarter of 2016 declined by 12.5% to $4.9
million, or 7.9% of revenue, compared with $5.6
million, or 11.2% in the third quarter of 2015. The decline in
G&A expenses and G&A expenses as a percentage of revenue
was mainly due to a decrease in allowance for doubtful accounts
during the third quarter of 2016.
- Research and development ("R&D") expenses were $2.4
million in the third quarter of 2016 compared with $2.3
million in the third quarter of 2015. As a percentage of
revenue, R&D was 3.9% in the third quarter of 2016, compared
with 4.5% of revenue in the third quarter of 2015. The Company
continues to develop new, higher-margin, electronically controlled
products, and upgrade the Company's traditional brake products, to
capture greater market share.
Other operating income was $0.3
million for the three months ended September 30, 2016, as compared to $0.07 million for the third quarter of 2015, an
increase of $0.23 million. The
increase was mainly due to higher sales of raw material scrap in
the third quarter of 2016.
Interest expenses decreased by 46.0% to $214,974 in the third quarter of 2016
compared to $395,121 in the third quarter of 2015.
Decreased interest expenses were mainly due to a lower
interest rate and a smaller average amount of loans outstanding
during the third quarter of 2016.
Income before provision for income taxes rose 39.4% to
$4.0 million for the third
quarter of 2016 as compared with $2.8 million for the
third quarter of 2015. The increase in income before taxes
was primarily due to higher gross profit and higher other operating
income. Pretax income margin was 6.4% in the third quarter of
2016, compared with 5.7% in the third quarter of 2015.
The provision for income taxes was $0.4 million, in the
third quarter of 2016 and 2015. The tax rate was 11.0% in the third
quarter of 2016 compared with 15.0% for the third quarter in
2015.
Net income attributable to stockholders for the third quarter of
2016 increased 55.4% to $3.2 million, or $0.17 per
basic and diluted share, compared with $2.0 million,
or $0.11 on per basic and diluted share, in the third
quarter of 2015.
Nine-Month 2016 Financial Performance
Net sales for the first nine months of 2016 increased 17.0%
to $189.3 million from $161.8 million for the
first nine months of 2015. Revenues from the Company's China OEM
customers increased by 24.6% to $92.7 million from
$74.4 million in the same period
in 2015. Revenues from China's domestic aftermarket
increased 19.7% to $49.9 million from
$41.7 million in the first nine
months of 2015. Revenues from international markets increased 2.2%
to $46.7 million from $45.7
million in the first nine months of 2015.
SORL's commercial vehicle brake sales increased 18.3% to
$154.3 million and represented 81.5%
of total sales in the first nine months of 2016. The sales of
passenger vehicle brake systems increased by 11.4%, to $35.0 million, which accounted for 18.5% of the
total sales for the first nine months of 2016.
Gross profit for the first nine months of 2015 increased 23.0%
to $55.7 million from $45.3 million in the same
period in 2015. Gross margin for the first nine months of 2016
increased to 29.4% from 28.0% for the first nine months of
2015.
Operating income for the first nine months of 2016 increased
to $12.5 million from $8.6 million in the same
period in 2015. Operating margin was 6.6% for the first nine months
of 2016 compared to 5.3% in first nine months of 2015.
Net income attributable to stockholders for the first nine
months of 2016 was $10.9 million, or $0.57 per basic and
diluted share, compared with $7.4 million,
or $0.38 per basic and diluted share, in the same period
in 2015.
Balance Sheet
As of September 30, 2016 the Company had cash and cash
equivalents of $7.5 million. Inventories were reduced
to $63.9 million from $73.7 million as
of December 31, 2015. Deposits received from customers
increased 17.7% to $23.6 million from
$20.0 million at December 31, 2015. There were no long-term
liabilities as of September 30, 2016.
Total stockholders' equity was $159.2
million at September 30, 2016. The Company had
working capital of $97.5 million at September 30,
2016 with the current ratio of 2.7:1.
Cash-flow from operating activities for the first nine months of
2016 was $3.3 million. The increase of net sales in the first
nine months of 2016 affected our cash-flow from operating
activities. Capital expenditures were $12.3 million in
the first nine months of 2016.
Business Outlook
Management has increased its guidance for fiscal year 2016 to
net sales of approximately $255 million and net income
attributable to common stockholders of approximately $14.5
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, November
14, 2016 at 8:00 A.M. EST/ 9:00 P.M. Beijing
Time to discuss its 2016 third quarter and nine 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
+86-400-1202-840. 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. EST on December 14,
2016, or 12:59 P.M. Beijing Time on December 15, 2016.
The replay dial-in numbers are: U.S. toll free
number +1-877-481-4010 or the international
number +1-919-882-2331; using Conference ID "10128" 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
+86.181.5771.6556
+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
|
|
September 30, 2016
and December 31, 2015
|
|
|
|
|
|
|
|
September
30, 2016
|
|
December 31,
2015
|
|
|
(Unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
US$
|
7,489,967
|
US$
|
30,230,828
|
|
Net accounts
receivable, including $1,224,333
and $0 accounts receivable from related party
at September 30, 2016 and December 31,
2015, respectively.
|
|
84,491,142
|
|
71,823,328
|
|
Bank acceptance notes
from customers
|
|
44,328,289
|
|
22,870,791
|
|
Short term
investments
|
|
-
|
|
61,007,709
|
|
Inventories
|
|
63,879,154
|
|
73,661,860
|
|
Prepayments
|
|
8,720,473
|
|
3,350,607
|
|
Prepaid capital lease
interest
|
|
6,991
|
|
93,458
|
|
Restricted
cash
|
|
4,938,600
|
|
785,999
|
|
Other current assets,
net
|
|
1,548,764
|
|
1,241,864
|
|
Deferred tax
assets
|
|
4,041,524
|
|
2,909,729
|
|
Total Current
Assets
|
|
219,444,904
|
|
267,976,173
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
52,087,620
|
|
37,561,905
|
|
Land use rights,
net
|
|
8,686,365
|
|
13,232,149
|
|
Intangible assets,
net
|
|
14,711
|
|
23,854
|
|
Security deposits on
lease agreement
|
|
855,714
|
|
1,759,975
|
|
Total Non-Current
Assets
|
|
61,644,410
|
|
52,577,883
|
|
Total
Assets
|
US$
|
281,089,314
|
US$
|
320,554,056
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Accounts payable and
bank acceptance notes
to vendors, including $5,582,717 and
$1,133,537 due to related parties at
September 30, 2016 and December 31, 2015,
respectively.
|
US$
|
52,363,883
|
US$
|
35,292,277
|
|
Deposit received from
customers
|
|
23,557,397
|
|
20,012,087
|
|
Short term bank
loans
|
|
25,133,254
|
|
23,367,207
|
|
Income tax
payable
|
|
1,125,201
|
|
-
|
|
Accrued
expenses
|
|
16,688,831
|
|
13,870,587
|
|
Capital lease
obligations
|
|
855,714
|
|
3,519,949
|
|
Other current
liabilities, including $177,603
and $0 payables to related party at September
30, 2016 and December 31, 2015, respectively
|
|
2,201,334
|
|
2,067,449
|
|
Total Current
Liabilities
|
|
121,925,614
|
|
98,129,556
|
|
Total
Liabilities
|
|
121,925,614
|
|
98,129,556
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Preferred stock - no
par value; 1,000,000
authorized; none issued and outstanding as of
September 30, 2016 and December 31, 2015
|
|
-
|
|
-
|
|
Common stock - $0.002
par value; 50,000,000
authorized, 19,304,921 issued and outstanding
as of September 30, 2016 and December 31,
2015
|
|
38,609
|
|
38,609
|
|
Additional paid-in
capital
|
|
(28,582,654)
|
|
42,199,014
|
|
Reserves
|
|
14,541,184
|
|
13,207,972
|
|
Accumulated other
comprehensive income
|
|
11,523,318
|
|
15,662,639
|
|
Retained
earnings
|
|
138,629,990
|
|
129,055,099
|
|
Total SORL Auto
Parts, Inc. Stockholders'
Equity
|
|
136,150,447
|
|
200,163,333
|
|
Noncontrolling
Interest In Subsidiaries
|
|
23,013,253
|
|
22,261,167
|
|
Total
Equity
|
|
159,163,700
|
|
222,424,500
|
|
Total Liabilities
and Equity
|
US$
|
281,089,314
|
US$
|
320,554,056
|
|
SORL Auto Parts,
Inc. and Subsidiaries
|
|
Consolidated
Statements of Income and Comprehensive Income
|
|
For The Three and
Nine Months Ended September 30, 2016 and 2015
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
US$
|
61,878,492
|
US$
|
50,323,832
|
|
US$
|
189,250,952
|
US$
|
161,796,676
|
|
Include: sales to
related parties
|
|
1,785,443
|
|
2,171,824
|
|
|
8,334,394
|
|
4,241,472
|
|
Cost of
sales
|
|
43,240,780
|
|
36,228,783
|
|
|
133,540,473
|
|
116,533,620
|
|
Gross
profit
|
|
18,637,712
|
|
14,095,049
|
|
|
55,710,479
|
|
45,263,056
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
7,949,947
|
|
4,813,129
|
|
|
20,637,464
|
|
15,250,216
|
|
General and
administrative expenses
|
|
4,878,979
|
|
5,634,735
|
|
|
16,717,966
|
|
15,784,330
|
|
Research and
development expenses
|
|
2,409,891
|
|
2,261,665
|
|
|
6,533,540
|
|
5,831,756
|
|
Total operating
expenses
|
|
15,238,817
|
|
12,709,529
|
|
|
43,888,970
|
|
36,866,302
|
|
|
|
|
|
|
|
|
|
|
|
Other operating
income
|
|
334,845
|
|
69,480
|
|
|
694,717
|
|
229,801
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
3,733,740
|
|
1,455,000
|
|
|
12,516,226
|
|
8,626,555
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
33,979
|
|
162,770
|
|
|
1,047,667
|
|
683,561
|
|
Government
grants
|
|
424,029
|
|
150,177
|
|
|
569,041
|
|
176,157
|
|
Other
income
|
|
212,513
|
|
1,675,000
|
|
|
763,534
|
|
2,517,901
|
|
Interest
expenses
|
|
(214,974)
|
|
(395,121)
|
|
|
(515,547)
|
|
(804,321)
|
|
Other
expenses
|
|
(155,261)
|
|
(198,828)
|
|
|
(582,820)
|
|
(884,879)
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
4,034,026
|
|
2,848,998
|
|
|
13,798,101
|
|
10,314,974
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
provision
|
|
435,534
|
|
427,905
|
|
|
1,677,987
|
|
2,220,327
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
US$
|
3,598,492
|
US$
|
2,421,093
|
|
US$
|
12,120,114
|
US$
|
8,094,647
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to
noncontrolling interest in
subsidiaries
|
|
359,849
|
|
373,067
|
|
|
1,212,011
|
|
734,265
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to
common stockholders
|
US$
|
3,238,643
|
US$
|
2,048,026
|
|
US$
|
10,908,103
|
US$
|
7,360,382
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
US$
|
3,598,492
|
US$
|
2,421,093
|
|
US$
|
12,120,114
|
US$
|
8,094,647
|
|
Foreign currency
translation
adjustments
|
|
(1,109,719)
|
|
(8,972,031)
|
|
|
(4,599,246)
|
|
(8,790,448)
|
|
Comprehensive income
(loss)
|
|
2,488,773
|
|
(6,550,938)
|
|
|
7,520,868
|
|
(695,801)
|
|
Comprehensive income
(loss)
attributable to noncontrolling
interest in subsidiaries
|
|
248,877
|
|
(524,189)
|
|
|
752,086
|
|
(160,294)
|
|
Comprehensive income
(loss)
attributable to common
shareholders
|
US$
|
2,239,896
|
US$
|
(6,026,749)
|
|
US$
|
6,768,782
|
US$
|
(535,507)
|
|
|
|
|
|
|
|
|
|
|
|
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$
|
0.17
|
US$
|
0.11
|
|
US$
|
0.57
|
US$
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
EPS -
diluted
|
US$
|
0.17
|
US$
|
0.11
|
|
US$
|
0.57
|
US$
|
0.38
|
|
SORL Auto Parts,
Inc. and Subsidiaries
|
|
Consolidated
Statements of Cash Flows
|
|
For The Nine
Months Ended on September 30, 2016 and 2015
(Unaudited)
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
Net Income
|
US$
|
12,120,114
|
US$
|
8,094,647
|
|
Adjustments to
reconcile net income to net cash
|
|
|
|
|
|
provided by
operating activities:
|
|
|
|
|
|
Allowance for
doubtful accounts
|
|
6,328,318
|
|
6,817,520
|
|
Depreciation and
amortization
|
|
5,357,366
|
|
5,765,138
|
|
Deferred income
tax
|
|
(1,253,285)
|
|
(1,838,158)
|
|
Gain on disposal of
property and equipment
|
|
-
|
|
(44,486)
|
|
Changes in assets
and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
(21,237,420)
|
|
(7,700,931)
|
|
Bank acceptance notes
from customers
|
|
(22,588,093)
|
|
5,653,836
|
|
Other currents
assets
|
|
(360,110)
|
|
(8,665)
|
|
Inventories
|
|
8,225,129
|
|
13,369,960
|
|
Prepayments
|
|
(5,240,758)
|
|
(536,193)
|
|
Prepaid capital lease
interest
|
|
86,777
|
|
227,367
|
|
Accounts payable and
bank acceptance notes to
vendors
|
|
15,400,637
|
|
1,381,794
|
|
Income tax
payable
|
|
1,153,011
|
|
434,069
|
|
Deposits received
from customers
|
|
4,217,264
|
|
8,243,799
|
|
Other current
liabilities and accrued expenses
|
|
1,086,934
|
|
(874,410)
|
|
Net Cash Flows
Provided by Operating Activities
|
|
3,295,884
|
|
38,985,287
|
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
Change in short term
investments
|
|
60,567,408
|
|
(54,985,353)
|
|
Acquisition of
property, equipment, plant and land use
right
|
|
(12,266,591)
|
|
(2,440,511)
|
|
Change in restricted
cash
|
|
(4,193,003)
|
|
-
|
|
Proceeds of disposal
of property and equipment
|
|
-
|
|
48,956
|
|
Change in security
deposit on lease agreement
|
|
-
|
|
-
|
|
Advance to related
party
|
|
(18,247,384)
|
|
-
|
|
Repayment of advance
to related party
|
|
18,247,384
|
|
-
|
|
Net Cash Flows
Provided by (Used in) Investing
Activities
|
|
44,107,814
|
|
(57,376,908)
|
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
Proceeds from bank
loans
|
|
39,309,937
|
|
32,886,768
|
|
Repayment of bank
loans
|
|
(37,110,783)
|
|
(19,626,376)
|
|
Repayment of capital
lease
|
|
(1,779,040)
|
|
(2,780,713)
|
|
Distribution to
controlling shareholders 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)
|
|
10,479,679
|
|
|
|
|
|
|
Effects on changes in
foreign exchange rate
|
|
216,995
|
|
(354,822)
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
(22,740,861)
|
|
(8,266,764)
|
|
|
|
|
|
|
Cash and cash
equivalents- beginning of the period
|
|
30,230,828
|
|
14,009,597
|
|
|
|
|
|
|
Cash and cash
equivalents - end of the period
|
US$
|
7,489,967
|
US$
|
5,742,833
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash
Flow Disclosures:
|
|
|
|
|
|
Interest
paid
|
US$
|
575,349
|
US$
|
815,839
|
|
Income taxes
paid
|
US$
|
2,340,720
|
US$
|
3,624,319
|
|
|
|
|
|
|
Non-cash Investing
and Financing Transactions
|
|
|
|
|
|
Transfer of plant and
land use right to entity under
common control
|
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-increases-in-earnings-per-share-and-net-sales-in-the-third-quarter-results-of-2016-300362005.html
SOURCE SORL Auto Parts, Inc.