SAN DIEGO and SHENZHEN, China, Aug.
10, 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 its financial
results for the second quarter ended June
30, 2017.
Second Quarter 2017 Highlights
- Net sales for the second quarter of 2017 increased by 40.7% to
$51.7 million from $36.7 million in the prior year period.
- Gross profit for the second quarter of 2017 increased by 57.9%
to $12.1 million from $7.6 million in the prior year period
- EBITDA for the second quarter of 2017 increased by 67.1% to
$6.5 million from $3.9 million in the prior year period.
- Net income attributable to the Company for the second quarter
of 2017 was $4.4 million, or
$0.28 per diluted share, as compared
to $2.1 million, or $0.14 per diluted share, in the prior year
period.
Mr. George Pan, Chairman and CEO
of Highpower International, commented, "We are extremely pleased to
deliver yet another quarter of strong top- and bottom-line results
in the second quarter of 2017. Our lithium ion battery and battery
solution business continued to enjoy healthy growth, driven by
continued high demand for energy storage systems, smart wearable
devices, and other digital products. Our gross margins performed
well as we continued to benefit from efficiencies of scale, and we
continued to invest in areas that are critical to our business.
As we enter the second half of 2017, we expect a stronger cash
position and reasonable growth given our much higher baseline. We
believe that the cash received from the previously announced equity
transfer of our Yipeng ownership will help us expand our production
capacity and research and development efforts. We also look forward
to seeing the financial benefits of the previously announced
partnerships for supplying batteries to industry-leading smart
vacuum brands as well as supplying PHEV and EV to Yipeng. We will
continue to drive our business forward by focusing on strategic
partnerships. We are well-positioned to take advantage of strong
growth opportunities and expand current partnerships with leading
brands."
Second Quarter and First Half 2017 Financial Results
Net Sales
Net sales for the second quarter of 2017 increased by 40.7% to
$51.7 million from $36.7 million in the prior year period, primarily
attributable to the substantial growth in revenue from the Lithium
and New Materials segments, driven by increased demand in consumer
products including portable power stations, digital products, smart
wearable devices, and notebooks.
Net sales increased 42.1% to $93.6
million in the first half of 2017 as compared to
$65.8 million for the first half in
2016. The increase was driven by higher sales volume and revenue
from the Lithium and New Materials segments.
Gross Profit
Gross profit for the second quarter of 2017 increased by 57.9%
to $12.1 million from $7.6 million in the prior year period, primarily
attributable to a higher margin product mix and efficiencies gained
from economies of scale. Gross margin for the second quarter of
2017 increased to 23.3% from 20.8% in the prior year period.
Gross profit for the first half of 2017 increased 62.8% to
$22.0 million from $13.5 million in prior year period. Gross margin
was 23.5% and 20.5% for first half 2017 and 2016, respectively.
Operating Expenses
- Research and development (R&D) expenses for
the second quarter of 2017 were $2.1
million as compared to $2.0
million in the prior year period.
Research and development expenses were $4.0
million, or 4.2% of net sales, for the first half of 2017 as
compared to $3.7 million, or 5.6% of
net sales, for the first half of 2016.
- Selling and distribution expenses for the second
quarter of 2017 were $1.7 million as
compared to $1.5 million in the prior
year period. As a percentage of net sales, selling and distribution
expenses decreased to 3.3% from 4.2% in the prior year period,
primarily attributable to the Company's customer base optimization
efforts.
Selling and distribution expenses were $3.4
million, or 3.6% of net sales, for the first half of 2017 as
compared with $3.1 million, or 4.7%
of net sales, for the first half of 2016.
- General and administrative expenses for the
second quarter of 2017 were $3.0
million as compared to $3.2
million in the prior year period. As a percentage of net
sales, general and administrative expenses decreased to 5.8% from
8.8% in the prior year period.
General and administrative expenses were $6.1 million, or 6.5% of net sales, for the first
half of 2017 as compared with $6.3
million, or 9.6% of net sales, for the six months ended
June 30, 2016.
Net Income
Net income attributable to the Company for the second quarter of
2017 increased to $4.4 million from
$2.1 million in the prior year
period. Net income attributable to the Company per diluted share
for the second quarter of 2017 increased to $0.28 from $0.14 in
the prior year period.
For the quarter ended June 30, 2017 and 2016, the Company's
weighted average diluted shares outstanding used in computing
diluted share was 15,479,357 and 15,102,877, respectively.
Net income attributable to the Company for the first half of
2017 increased to $6.9 million from
$1.7 million in the prior year
period. Net income attributable to the Company per diluted share
for the first half of 2017 increased to $0.45 from $0.11 in
the prior year period.
For the six months ended June 30, 2017 and 2016, the
Company's weighted average diluted shares outstanding used in
computing diluted share was 15,304,773 and 15,103,886,
respectively.
EBITDA
EBITDA for the second quarter of 2017 increased by 67.1% to
$6.5 million from $3.9 million in the prior year period. EBITDA for
the first half of 2017 increased by 124.9% to $11.5 million from $5.1
million in the prior year period.
A table reconciling EBITDA, a non-GAAP financial measure, to the
appropriate GAAP measure is included with the Company's financial
information below.
Balance Sheet
Highlights
|
|
|
|
|
($ in millions,
except per share data)
|
|
June
30,
|
|
December 31,
|
2017
|
|
2016
|
|
|
(Unaudited)
|
|
|
|
|
$
|
|
$
|
Cash
|
|
$19.3
|
|
$9.3
|
Total Current
Assets
|
|
$126.0
|
|
$104.5
|
Total
Assets
|
|
$188.2
|
|
$163.3
|
|
|
|
|
|
Total Current
Liabilities
|
|
$133.6
|
|
$118.0
|
Total
Liabilities
|
|
$133.6
|
|
$118.0
|
Total
Equity
|
|
$54.5
|
|
$45.3
|
Total Liabilities and
Equity
|
|
$188.2
|
|
$163.3
|
Book Value Per
Share
|
|
$3.55
|
|
$3.00
|
Ganzhou Highpower
Shenzhen Highpower Technology Co., Ltd ("Shenzhen Highpower"),
Xiamen Tungsten Co. Ltd. (SHA: 600549) ("Tungsten"), and other
minority shareholders of Ganzhou Highpower Technology Co., Ltd.
("Ganzhou Highpower") have been in discussions regarding, and
Tungsten recently announced that its board of directors has
approved, a proposed investment of RMB 78.8
million (or approximately $11.8
million) in exchange for the acquisition of 47% ownership of
Ganzhou Highpower, the Company's majority-owned subsidiary.
Shenzhen Highpower would not be transferring any of its equity
ownership of Ganzhou Highpower and it would not receive any of the
consideration, which would be given directly to Ganzhou
Highpower. The proposed transaction is subject to approval by
Highpower's board of directors and execution of a definitive
binding agreement and related documentation, satisfaction of
conditions included therein, and other customary approvals and
conditions. As a result of this transaction, if consummated,
Shenzhen Highpower's ownership of Ganzhou Highpower would decrease
from 70% to 31.3%. There can be no assurance that a definitive
agreement will be entered into or that the proposed transaction
will be consummated. Further, readers are cautioned that the terms
of the proposed transaction described herein, including the
consideration to be issued therein, are non-binding.
Conference Call Details
The Company will hold a conference call on Thursday, Aug 10, 2017 at 10:00 am Eastern Time or 10:00 pm Beijing Time to discuss the financial
results. Participants may access the call by dialing the following
numbers:
United
States:
|
877-407-3108
|
International:
|
201-493-6797
|
To listen to the live webcast, please go to
www.highpowertech.com and click on the conference call link, or go
to http://highpowertech.equisolvewebcast.com/q2-2017. This webcast
will be archived and accessible through the Company's website for
approximately 30 days following the call.
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.
Use of Non-GAAP Measures
The Company has supplemented its reported GAAP (generally
accepted accounting principles) financial information with non-GAAP
measures. EBITDA was derived by taking earnings before interest
expense (net), taxes, depreciation and amortization. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for results prepared in
accordance with U.S. GAAP. The Company believes this non-GAAP
measure is useful to investors as it provides a basis for
evaluating the Company's operating results in the ordinary course
of its operations. This non-GAAP measure is not based on any
comprehensive set of accounting rules or principles. The
Company believes that non-GAAP measures have limitations in that
they do not reflect all of the amounts associated with its results
of operations as determined in accordance with U.S. GAAP and that
these measures should only be used to evaluate the Company's
results of operations in conjunction with, and not in lieu of, the
corresponding GAAP measures. EBITDA is reconciled in the table
below to the most directly comparable measure as reported in
accordance with GAAP.
Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe-harbor" provisions of the Private
Securities Litigation Reform Act of 1995 that are not
historical facts. Such forward-looking statements include the
proposed transaction regarding Ganzhou Highpower, approval by
Highpower's board and Highpower's resulting equity ownership,
Highpower's cash position and growth, production capacity, research
and development efforts, strategic partnerships and business and
financial expectations. These statements can be identified by
the use of forward-looking terminology such as "believe," "expect,"
"may," "will," "should," "project," "plan," "seek," "intend," or
"anticipate" or the negative thereof or comparable terminology.
Such statements involve known and unknown risks, uncertainties and
other factors that could cause the Company's actual results to
differ materially from the results expressed or implied by such
statements, including, without limitation, the occurrence of any
event, change or other circumstances that could give rise to the
terms of the proposed Ganzhou Highpower not hereafter being
approved by Highpower's board or memorialized in a definitive
agreement; inability to successfully expand our production
capacity; fluctuations in the cost of raw materials; our dependence
on, or inability to attract additional, major customers for a
significant portion of our net sales; our ability to increase
manufacturing capabilities to satisfy orders from new customers;
our ability to maintain increased margins; our dependence on the
growth in demand for smart wearable devices and energy storage
systems, and other digital products and the success of
manufacturers of the end applications that use our battery
products; lower than expected sales of batteries to producers of
smart vacuum products; our responsiveness to competitive market
conditions; our ability to successfully manufacture our products in
the time frame and amounts expected; the market acceptance of our
battery solutions, including our lithium ion batteries; and our
ability to continue R&D development to keep up with
technological changes. For a discussion of these and other risks
and uncertainties see "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's public filings with the SEC. Although
the Company believes that the expectations reflected in such
forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. The
Company has no obligation to update the forward-looking information
contained in this press release.
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
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Stated in US
Dollars)
|
|
|
June
30,
2017
|
|
December 31,
2016
|
|
(Unaudited)
|
|
|
|
$
|
|
$
|
ASSETS
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash
|
19,325,657
|
|
9,324,393
|
|
Restricted
cash
|
15,918,318
|
|
11,213,640
|
|
Accounts receivable,
net
|
42,737,207
|
|
46,280,769
|
|
Amount due from
Yipeng
|
2,465,325
|
|
7,517,250
|
|
Notes
receivable
|
2,192,197
|
|
1,093,730
|
|
Prepayments and other
receivables
|
10,922,029
|
|
6,899,872
|
|
Inventories
|
32,488,267
|
|
22,207,333
|
|
|
|
|
|
|
Total Current
Assets
|
126,049,000
|
|
104,536,987
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
46,167,556
|
|
43,504,991
|
|
Land use right,
net
|
3,670,645
|
|
3,622,435
|
|
Other
assets
|
475,000
|
|
500,000
|
|
Deferred tax
assets
|
1,248,226
|
|
1,477,761
|
|
Long-term
investment
|
10,540,473
|
|
9,689,576
|
|
|
|
|
TOTAL
ASSETS
|
188,150,900
|
|
163,331,750
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
49,132,387
|
|
49,463,901
|
|
Deferred
income
|
892,154
|
|
761,491
|
|
Short-term
loans
|
19,329,517
|
|
18,776,080
|
|
Non-financial
institution borrowings
|
11,804,285
|
|
3,741,115
|
|
Notes
payable
|
41,373,724
|
|
30,658,000
|
|
Amount due to
Yipeng
|
62,204
|
|
1,522,313
|
|
Other payables and
accrued liabilities
|
9,249,029
|
|
11,148,556
|
|
Income taxes
payable
|
1,782,786
|
|
1,963,298
|
|
|
|
|
|
|
Total Current
Liabilities
|
133,626,086
|
|
118,034,754
|
|
|
|
|
|
|
Warrant
Liability
|
-
|
|
259
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
133,626,086
|
|
118,035,013
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
-
|
|
-
|
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Stated in US
Dollars)
|
|
|
June
30,
2017
|
|
December 31,
2016
|
|
(Unaudited)
|
|
|
|
$
|
|
$
|
EQUITY
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
Preferred
stock
|
-
|
|
-
|
|
(Par value: $0.0001,
Authorized: 10,000,000 shares, Issued and outstanding:
none)
|
|
|
|
|
Common
stock
|
|
|
|
|
(Par value: $0.0001,
Authorized: 100,000,000 shares, 15,356,560 shares
issued and outstanding at June 30, 2017 and 15,114,991 shares
issued and
outstanding at December 31, 2016)
|
1,536
|
|
1,511
|
|
Additional paid-in
capital
|
12,249,531
|
|
11,580,934
|
|
Statutory and other
reserves
|
4,992,463
|
|
4,992,463
|
|
Retained
earnings
|
36,172,954
|
|
29,266,068
|
|
Accumulated other
comprehensive income (loss)
|
600,641
|
|
(873,582)
|
|
|
|
|
|
|
Total equity
attributable to the stockholders of Highpower International
Inc.
|
54,017,125
|
|
44,967,394
|
|
|
|
|
|
|
Non-controlling
interest
|
507,689
|
|
329,343
|
|
|
|
|
|
TOTAL
EQUITY
|
54,524,814
|
|
45,296,737
|
|
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
188,150,900
|
|
163,331,750
|
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
|
(Stated in US
Dollars)
|
|
|
Three months
ended
June
30,
|
|
Six months
ended
June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
$
|
|
$
|
|
$
|
|
$
|
Net sales
|
51,699,930
|
|
36,732,310
|
|
93,566,778
|
|
65,829,365
|
Cost of
sales
|
(39,628,164)
|
|
(29,088,639)
|
|
(71,560,178)
|
|
(52,308,655)
|
Gross
profit
|
12,071,766
|
|
7,643,671
|
|
22,006,600
|
|
13,520,710
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
(2,137,286)
|
|
(2,035,886)
|
|
(3,951,216)
|
|
(3,658,769)
|
Selling and
distribution expenses
|
(1,722,910)
|
|
(1,539,395)
|
|
(3,361,223)
|
|
(3,074,431)
|
General and
administrative expenses
|
(3,016,401)
|
|
(3,248,899)
|
|
(6,074,963)
|
|
(6,318,613)
|
Foreign currency
transaction (loss) gain
|
(514,624)
|
|
600,313
|
|
(828,502)
|
|
509,877
|
Total operating
expenses
|
(7,391,221)
|
|
(6,223,867)
|
|
(14,215,904)
|
|
(12,541,936)
|
|
|
|
|
|
|
|
|
Income from
operations
|
4,680,545
|
|
1,419,804
|
|
7,790,696
|
|
978,774
|
|
|
|
|
|
|
|
|
Changes in fair value
of warrant liability
|
31,811
|
|
7,077
|
|
259
|
|
126,546
|
Other
income
|
276,365
|
|
1,055,947
|
|
854,458
|
|
1,211,875
|
Equity in (loss)
earnings of investee
|
(41,607)
|
|
-
|
|
105,325
|
|
-
|
Gain on dilution in
equity method investee
|
491,325
|
|
-
|
|
491,325
|
|
-
|
Interest
expenses
|
(380,531)
|
|
(435,402)
|
|
(983,848)
|
|
(710,394)
|
Income before
taxes
|
5,057,908
|
|
2,047,426
|
|
8,258,215
|
|
1,606,801
|
|
|
|
|
|
|
|
|
Income taxes
expenses
|
(595,708)
|
|
(174,313)
|
|
(1,183,473)
|
|
(209,817)
|
Net income
|
4,462,200
|
|
1,873,113
|
|
7,074,742
|
|
1,396,984
|
|
|
|
|
|
|
|
|
Less: net income
(loss) attributable to non-controlling
interest
|
90,963
|
|
(178,669)
|
|
167,856
|
|
(312,190)
|
Net income
attributable to the Company
|
4,371,237
|
|
2,051,782
|
|
6,906,886
|
|
1,709,174
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss)
|
|
|
|
|
|
|
|
Net income
|
4,462,200
|
|
1,873,113
|
|
7,074,742
|
|
1,396,984
|
Foreign currency
translation gain (loss)
|
1,508,714
|
|
(1,964,424)
|
|
1,484,713
|
|
(1,714,278)
|
Comprehensive income
(loss)
|
5,970,914
|
|
(91,311)
|
|
8,559,455
|
|
(317,294)
|
|
|
|
|
|
|
|
|
Less: comprehensive
income (loss) attributable to non-
controlling interest
|
98,795
|
|
(197,060)
|
|
178,346
|
|
(325,882)
|
Comprehensive income
attributable to the Company
|
5,872,119
|
|
105,749
|
|
8,381,109
|
|
8,588
|
|
|
|
|
|
|
|
|
Earnings per share of
common stock attributable to
the Company
|
|
|
|
|
|
|
|
- Basic
|
0.29
|
|
0.14
|
|
0.45
|
|
0.11
|
- Diluted
|
0.28
|
|
0.14
|
|
0.45
|
|
0.11
|
|
|
|
|
|
|
|
|
Weighted average
number of common stock
outstanding
|
|
|
|
|
|
|
|
- Basic
|
15,317,101
|
|
15,101,679
|
|
15,218,820
|
|
15,101,679
|
- Diluted
|
15,479,357
|
|
15,102,877
|
|
15,304,773
|
|
15,103,886
|
|
Reconciliation of
Net Income to EBITDA
|
|
Three months
ended
June
30,
|
|
Six months
ended
June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
$
|
|
$
|
|
$
|
|
$
|
Net income
attributable to the Company
|
4,371,237
|
|
2,051,782
|
|
6,906,886
|
|
1,709,174
|
|
|
|
|
|
|
|
|
Interest
expenses
|
380,531
|
|
435,402
|
|
983,848
|
|
710,394
|
Income taxes
expenses
|
595,708
|
|
174,313
|
|
1,183,473
|
|
209,817
|
Depreciation and
Amortization
|
1,155,648
|
|
1,229,817
|
|
2,429,982
|
|
2,486,196
|
|
|
|
|
|
|
|
|
EBITDA
|
6,503,124
|
|
3,891,314
|
|
11,504,189
|
|
5,115,581
|
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Stated in US
Dollars)
|
|
|
Six months
ended June 30,
|
|
2017
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
$
|
|
$
|
Cash flows from
operating activities
|
|
|
|
Net income
|
7,074,742
|
|
1,396,984
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
2,429,982
|
|
2,486,196
|
Allowance for doubtful
accounts
|
17,994
|
|
4,837
|
Loss on disposal of
property, plant and equipment
|
25,218
|
|
95,368
|
Deferred income
tax
|
263,673
|
|
(64,671)
|
Equity in earnings of
investee
|
(105,325)
|
|
-
|
Gain on dilution in
equity method investee
|
(491,325)
|
|
-
|
Share based
compensation
|
44,815
|
|
205,969
|
Changes in fair value
of warrant liability
|
(259)
|
|
(126,546)
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
4,390,991
|
|
3,216,097
|
Notes
receivable
|
(1,057,366)
|
|
1,051,486
|
Prepayments and other
receivables
|
(3,799,960)
|
|
(770,029)
|
Amount due from
Yipeng
|
5,178,499
|
|
(2,187,784)
|
Amount due to
Yipeng
|
(1,480,335)
|
|
774,545
|
Inventories
|
(9,595,161)
|
|
(1,735,486)
|
Accounts
payable
|
(494,812)
|
|
(2,843,233)
|
Deferred
income
|
109,892
|
|
(75,912)
|
Other payables and
accrued liabilities
|
(2,145,295)
|
|
349,026
|
Income taxes
payable
|
(227,668)
|
|
(499,161)
|
Net cash flows
provided by operating activities
|
138,300
|
|
1,277,686
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Acquisitions of plant
and equipment
|
(5,199,130)
|
|
(4,415,690)
|
Proceeds from
investment
|
-
|
|
(764,409)
|
Net cash flows used
in investing activities
|
(5,199,130)
|
|
(5,180,099)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
short-term loans
|
2,916,017
|
|
1,452,377
|
Repayment of
short-term loans
|
(2,841,696)
|
|
-
|
Repayment of long-term
loans
|
-
|
|
(917,291)
|
Proceeds from
non-financial institution borrowings
|
10,200,959
|
|
4,586,455
|
Repayment of
non-financial institution borrowings
|
(2,331,648)
|
|
-
|
Proceeds from notes
payable
|
40,861,835
|
|
29,485,540
|
Repayment of notes
payable
|
(31,049,819)
|
|
(30,313,965)
|
Proceeds from exercise
of employee options
|
623,806
|
|
-
|
Change in restricted
cash
|
(4,364,417)
|
|
1,531,837
|
Net cash flows
provided by financing activities
|
14,015,037
|
|
5,824,953
|
Effect of foreign
currency translation on cash
|
1,047,057
|
|
(973,532)
|
Net increase in
cash
|
10,001,264
|
|
949,008
|
Cash - beginning of
period
|
9,324,393
|
|
5,849,967
|
Cash - end of
period
|
19,325,657
|
|
6,798,975
|
|
|
|
|
Supplemental
disclosures for cash flow information:
|
|
|
|
Cash paid
for:
|
|
|
|
Income
taxes
|
1,147,467
|
|
773,650
|
Interest
expenses
|
948,831
|
|
710,394
|
Non-cash
transactions
|
|
|
|
Offset of deferred
income related to government grant and property, plant and
equipment
|
85,571
|
|
26,988
|
View original
content:http://www.prnewswire.com/news-releases/highpower-international-reports-unaudited-second-quarter-first-half-2017-financial-results-300502534.html
SOURCE Highpower International, Inc.