SAN DIEGO and SHENZHEN, China, July
19, 2017 /PRNewswire/ -- Highpower International, Inc.
(NASDAQ: HPJ) ("Highpower" or the "Company"),a developer,
manufacturer, and marketer of lithium ion and nickel-metal hydride
(Ni-MH) rechargeable batteries, battery management systems, and a
provider of battery recycling, today announced preliminary second
quarter 2017 results.
Net sales is estimated to be in the range of $50.0 to $52.0 million, a 36% to 42% increase
from $36.7 million in the same
quarter of 2016. First half 2017 net sales are estimated to be in
the range of $92.0 to $94.0 million,
a 39% to 43% increase from $65.8
million in the same time period last year.
Second quarter 2017 gross profit is estimated to be in
the range of $11.0 to $12.0 million,
a 44% to 58% increase from $7.6
million in the second quarter of 2016. Total first half 2017
gross profit is estimated to be in the $21to
$22 million range, compared to $13.5
million in the first half of 2016, a 55% to 63%
increase.
Net income is estimated to be in the $3.5 to $4.1 million range, a 66% to 95% increase
from $2.1 million in the same quarter
of 2016. First half 2017 net income is estimated to be in the
$6.0 to $6.6million range, a 250% to
288% increase from $1.7 million in
the same period of 2016.
Mr. George Pan, Highpower
Chairman and CEO, stated, "We are very pleased to have continued
our growth momentum from the first quarter of 2017 to deliver solid
top-line and bottom-line preliminary results for the second quarter
of 2017. Driven by market demand for energy storage systems, smart
devices, and other high end digital products, our lithium ion
batteries and battery solutions businesses continued to accelerate.
Our net income also increased at a rapid pace fueled by economies
of scale and efficiency improvements. We are also pleased
with our progress in making strategic investments in critical
business areas and developing partnerships with leading industry
names. We remain optimistic about the remaining quarters of 2017
and look forward to providing additional updates when we report
audited second quarter results in August."
The results are preliminary and unaudited, have not been
reviewed by external auditors and are subject to completion and, as
such, may be revised as a result of management's further review of
the Company's results; that there can be no assurance that the
Company's final results for the period will not differ from these
estimates; that any changes could be material; the Company
may identify items that may require it to make material adjustments
to the preliminary financial information; and other developments
that may arise between now and the time the financial results are
finalized.
About Highpower International, Inc.
Highpower International was founded in 2001 and produces
high-quality Nickel-Metal Hydride (Ni-MH) and lithium-based
rechargeable batteries used in a wide range of applications such as
electric buses, bikes, energy storage systems, power tools, medical
equipment, digital and electronic devices, personal care products,
and lighting, etc. Highpower's target customers are Fortune 500
companies and top 20 companies in each vertical segment. With
advanced manufacturing facilities located in Shenzhen, Huizhou, and Ganzhou of China, Highpower is committed to clean
technology, not only in the products it makes, but also in the
processes of production. The majority of Highpower International's
products are distributed to worldwide markets mainly in
the United States, Europe, China
and Southeast Asia.
CONTACT:
Highpower International, Inc.
Sunny Pan
Chief Financial Officer
Tel: +86-755-8968-6521
Email: ir@highpowertech.com
Yuanmei Ma
Investor Relations Manager
Tel: +1-909-214-2482
Email: ir@highpowertech.com
ICR, Inc.
Rose Zu
Tel: +1-646-931-0303
Email: ir@highpowertech.com
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SOURCE Highpower International, Inc.