CHANGSHU, China, Feb. 17, 2015 /PRNewswire/ -- Sutor Technology
Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), one of the
leading China-based manufacturers
and service providers for fine finished steel products used by a
variety of downstream applications, today announced its unaudited
financial results for the second quarter of fiscal year 2015 ended
December 31, 2014.
Second Quarter of Fiscal 2015 Financial Results
Highlights:
|
2Q FY2015
|
2Q FY2014
|
Change
|
Revenues
(million):
|
85.3
|
128.3
|
(33.5)%
|
Gross profit
(million)
|
5.3
|
13.6
|
(61.0)%
|
Net income
(million)
|
0.03
|
6.4
|
(99.5)%
|
EPS
|
(0)
|
0.15
|
(100.0)%
|
|
|
|
|
|
2Q FY2015
|
1Q FY2015
|
Change
|
Revenues
(million):
|
85.3
|
38.0
|
124.5%
|
Gross profit
(million)
|
5.3
|
(1.8)
|
394.4%
|
Net income
(million)
|
0.03
|
(5.1)
|
100.6%
|
EPS
|
(0)
|
(0.12)
|
100.0%
|
Ms. Lifang Chen, CEO and
President of Sutor, commented, "We are pleased to see our
performance turned from net loss for the first quarter of fiscal
2015 to profit for the second quarter. Although our second quarter
revenue and net income decreased as compared with same period last
year, both of them increased by 124.5% and 100.6%, respectively,
compared with the first quarter of this fiscal year, which
demonstrates the initial success of our business transformation as
we are focusing more on sales quality improvement. We anticipate
that we will continue to see improved results in the coming
quarters both in overall gross margin and international sales after
our PPGI production line upgrading is finished and operation of
that line resumes, which are expected to be in the third fiscal
quarter."
Ms. Chen continued, "The Chinese economy is undergoing a
structural adjustment and experiencing a slowdown. However, we
believe this process provides opportunities for Chinese steel
enterprises to carry out business transformation and upgrading and
we are trying to capitalize on this historical opportunity to
change our business model, strengthen our brand awareness and
enhance innovation with a goal to develop new markets and cultivate
new drivers of profit growth of our company."
"Besides that, our PRC subsidiary, Sutor Technology engages in
the development of online-to-offline (O2O) E-commerce. We believe
that the combination of online promotional trading platform and
traditional offline sales service not only maximizes our sales
opportunity, but also reduces our procurement and sales cost.
Following the trend of structural transformation and specialization
in the world steel industry, we have made significant progress in
taking potential merger and acquisition to consolidate resources of
upstream and downstream. Our goal is to integrate all functions of
R&D, sales, processing and logistics service together and
upgrade ourselves from a traditional manufacturer of fine finished
steel to a customized processing service provider. We will
update the market on this development when it is appropriate," Ms.
Chen concluded.
Second Quarter of Fiscal Year 2015 Results
Revenue. For the three months ended December 31, 2014, our revenue was $85.3 million, compared to $128.3 million for the same period last year, a
decrease of $43.0 million, or 33.5%.
The decrease was mainly attributable to the change in our business
model. In the past, our revenue was primarily derived from selling
manufactured products and the sales price included the cost of
steel sheets plus a gross profit. With the fee-based processing
services, the price of pure processing services does not include
the cost of steel sheets as the customers are responsible for
procurement of the raw materials. As a result, revenue from
processing one ton of fine finished steel products is only a
fraction of the revenue from the traditional business model. We
believe that the fee-based model is more measurable and allows us
to better adapt to the changes in the Chinese economy and improve
company competitiveness.
On a geographic basis, revenue generated from outside of
China was $1.5 million, or 1.7% of the total revenue, for
the three months ended December 31,
2014, as compared to $5.1
million, or 4.0% of the total revenue, for the same period
in 2013. The decrease was mainly because of the decline in demand
for our products and the upgrading of PPGI production line.
As a result, we did not produce the PPGI products which are our
main exported products.
Cost of revenue. Cost of revenue decreased by$34.7
million, or 30.3%, to $80.0 million
in the three months ended December 31,
2014, from $114.7 million in
the same period in 2013. As a percentage of revenue, cost of
revenue increased to 93.8% in the three months ended December 31, 2014, as compared to 89.4% in the
same period last year. The decrease in cost of revenue was
mainly due to our new fee-based processing model that part of our
business became pure processing service, which significantly
reduced our cost of revenue However, its percentage of revenue
increased because those fixed costs including depreciation and
amortization cost did not decrease at the early stage of our
transformation period.
Gross profit and gross margin. Gross profit
decreased by$8.3 million to $5.3
million in the three months ended December 31, 2014, from $13.6 million in the same period in 2013. Gross
profit as a percentage of revenue (gross margin) was 6.2% for the
three months ended December 31, 2014,
as compared to 10.6% for the same period last year. The main
reason for the declined gross margin was the scheduled technical
upgrading of our PPGI production line and as a result, we did not
produce high margin PPGI products. In addition, in order to
speed up our transformation, we offered more competitive prices for
processing services to attract more customers.
Total operating expenses. Our total operating
expenses decreased by $1.4 million to
$2.6 million in the three months
ended December 31, 2014, from
$4.0 million in the same period in
2013. As a percentage of revenue, our total operating expenses
remained 3.1% in the three months ended December 31, 2014, the same as in the same period
last year.
Selling expenses. Our selling expenses decreased
by $0.5 million to $0.8 million in the three months ended
December 31, 2014, from $1.3 million in the same period in 2013. As a
percentage of revenue, our selling expenses decreased to 0.9% for
the three months ended December 31,
2014, from 1.0% for the same period last year. The decrease
was mainly due to reduced shipping, handling and miscellaneous
expenses of approximately $0.65
million as a result of our declined sales.
General and administrative expenses. General and
administrative expenses was $1.9
million, or 2.2% of the total revenue, in the three months
ended December 31, 2014, as compared
with $2.62 million, or 2.1% of the
revenue, in the same period in 2013. The decrease was primarily due
to reduced office expenses and miscellaneous local fees resulted
from the reduction of our sales.
Interest Income. Our interest Income decreased by
$0.6 million to $0.2 million in the three months ended
December 31, 2014, from $0.8 million in the same period in 2013. As a
percentage of revenue, our interest expense was 0.2% of total
revenue in the three months ended December
31, 2014, compared to 0.6% in the same period in 2013. The
decrease was mainly due to a change in financing structure. Our
notes payable decreased during the three months ended December 31, 2014, which resulted in less
restricted cash and accordingly lower interest income. The
decrease of notes payable reduced our discounted cost and financial
cost.
Interest expense. Our interest expense decreased
by $0.2 million to $2.4 million in the three months ended
December 31, 2014, from $2.6 million in the same period in 2013. As a
percentage of revenue, our interest expense was 2.9% of total
revenue in the three months ended December
31, 2014, compared to 2.0% in the same period in 2013. The
decrease was mainly due to the fact that some of our bank
acceptances were converted to short term loans, which reduced our
interest expense.
Provision for income taxes. Our income tax expense
decreased to $0.2 million in the
three months ended December 31, 2014,
from $1.6 million of income tax
benefit in the same period last year, mainly due to the decreased
taxable profit amount.
Net income. Net income, without including the foreign
currency translation adjustment, decreased by $6.37 million, or 99.5%, to $0.03 million in the three months ended
December 31, 2014, from $6.4 million in the same period in 2013, as a
cumulative result of the above factors.
Liquidity and Capital Resources
As of December 31, 2014, we had
cash and cash equivalents (excluding restricted cash) of
$3.3 million and no restricted cash.
Our short-term loans were approximately $202.9 million. We also had approximately
$11.0 million long-term loans.
As of December 31, 2014, the Company
had an unused line of credit with banks of approximately
$30.9 million which entitled us to
draw bank loans for general corporate purposes. We do not have any
large capital expenditure for new investment projects for the
coming months.
Conference Call Information
Sutor's management will host an earnings conference call
today, February 17,
2015, at 9:00 a.m. U.S.
Eastern time/10:00 pm Beijing/Hong
Kong time. Listeners may access the call by dialing
US: +18778470047, CN: 800 876 5011, HK +852 3006 8101, access code:
SUTR. A recording of the call will be available shortly after the
call through March 20, 2015.
Listeners may access it by dialing US: +1866 572 7808, CN: 800 876
5013, HK: +852 3012 8000, access code: 712647.
Functional Currency
The functional currency of the Company is the Chinese Yuan
Renminbi ("RMB"); however, the accompanying financial information
has been expressed in United
States Dollars ("USD"). The accompanying consolidated
balance sheets have been translated into USD at the exchange rates
prevailing at each balance sheet date. The accompanying
consolidated statements of operations and cash flows have been
translated using the weighted-average exchange rates prevailing
during the periods of each statement. Transactions in the
Company's equity securities have been recorded at the exchange rate
existing at the time of the transaction.
About Sutor Technology Group Limited
Sutor is one of the leading China-based manufacturers and service
providers for high-end fine finished steel products and welded
steel pipes used by a variety of downstream applications. The
Company utilizes a variety of in-house developed processes and
technologies to convert steel manufactured by third parties into
fine finished steel products, including hot-dip galvanized steel,
pre-painted galvanized steel, acid-pickled steel, cold-rolled steel
and welded steel pipe products. The Company also offers fee-based
steel processing services and sells products through electronic
commerce platforms. To learn more about the Company, please visit
http://www.sutorcn.com/en/index.php .
Forward-Looking Statements
This press release includes certain statements that are not
descriptions of historical facts, but are ¡°forward-looking
statements¡± in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements include, among
others, those concerning our expected financial performance,
liquidity and strategic and operational plans, our future operating
results, our expectations regarding the market for our products,
our expectations regarding the steel market, as well as all
assumptions, expectations, predictions, intentions or beliefs about
future events. You are cautioned that any such
forward-looking statements are not guarantees of future performance
and that a number of risks and uncertainties could cause our actual
results to differ materially from those anticipated, expressed or
implied in the forward-looking statements. These risks and
uncertainties include, but not limited to, the factors mentioned in
the "Risk Factors" section of our Annual Report on Form 10-K for
the year ended June 30, 2014, and
other risks mentioned in our other reports filed with the
Securities Exchange Commission (¡°SEC¡±). 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. The words "believe," "expect,"
"anticipate," "project," "targets," "optimistic," "intend," "aim,"
"will" or similar expressions are intended to identify
forward-looking statements. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. The Company assumes no obligation and does not
intend to update any forward-looking statements, except as required
by law.
For more information, please contact:
Investor
Relations
Sutor Technology Group
Limited
Tel: +86-512-5268-0988
Email: investor_relations@sutorcn.com
Financial Tables Below:
SUTOR TECHNOLOGY
GROUP LIMITED AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
December
31,
|
|
June
30,
|
|
|
2014
|
|
2014
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
3,307,151
|
$
|
12,178,225
|
Restricted
cash
|
|
|
|
60,860,255
|
Short-term
investments
|
|
|
|
3,248,652
|
Trade accounts
receivable, unrelated parties, net of allowance for doubtful
accounts of
$1,235,225 and $1,368,723,
respectively
|
|
5,325,628
|
|
6,331,702
|
Trade accounts
receivable, related parties
|
|
40,105,863
|
|
16,149,269
|
Notes
receivables
|
|
10,030,830
|
|
194,919
|
Other receivables and
prepayments, unrelated parties, net of allowance for doubtful
accounts of
$282,473 and $255,628,
respectively
|
|
2,215,777
|
|
1,875,785
|
Other receivables and
prepayments, related parties
|
|
406,245
|
|
405,558
|
Advances to suppliers,
unrelated parties, net of allowance for doubtful accounts of
$555,985 and
$527,673, respectively
|
|
8,704,548
|
|
8,645,751
|
Advances to suppliers,
related parties
|
|
307,892,313
|
|
286,085,768
|
Inventories,
net
|
|
29,141,842
|
|
78,277,682
|
Current deferred tax
assets
|
|
2,873,476
|
|
1,507,840
|
Total Current
Assets
|
|
410,003,673
|
|
475,761,406
|
Non-current
Assets:
|
|
|
|
|
Advances for purchase
of long term assets
|
|
85,385
|
|
85,241
|
Property, plant and
equipment, net
|
|
82,714,923
|
|
87,121,382
|
Intangible assets,
net
|
|
3,531,438
|
|
3,568,855
|
Long-term
investments
|
|
1,817,805
|
|
1,814,734
|
Total
Non-current Assets
|
|
88,149,551
|
|
92,590,212
|
TOTAL
ASSETS
|
$
|
498,153,224
|
$
|
568,351,618
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS¡¯ EQUITY
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Short-term
loans
|
$
|
202,865,133
|
$
|
139,223,123
|
Accounts payable,
unrelated parties
|
|
5,072,840
|
|
5,843,599
|
Accounts payable,
related parties
|
|
351,448
|
|
-
|
Notes
payable
|
|
1,663,104
|
|
136,274,446
|
Other payables and
accrued expenses, unrelated parties
|
|
15,812,163
|
|
4,613,201
|
Other payables and
accrued expenses, related parties
|
|
3,200,839
|
|
3,110,196
|
Advances from
customers, unrelated parties
|
|
8,999,245
|
|
7,917,111
|
Advances from
customers, related parties
|
|
8,382,043
|
|
15,114,353
|
Warrant
liabilities
|
|
138
|
|
866
|
Total Current
Liabilities
|
|
246,346,953
|
|
312,096,895
|
Non-Current
Liabilities
|
|
|
|
|
Long-term loans,
unrelated parties
|
|
2,859,995
|
|
2,859,995
|
Long-term loans,
related parties
|
|
8,182,018
|
|
8,182,018
|
Total Non-current
Liabilities
|
|
11,042,013
|
|
11,042,013
|
Total
Liabilities
|
|
257,388,966
|
|
323,138,908
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Undesignated preferred
stock - $0.001 par value; 1,000,000 shares authorized; nil
shares
outstanding
|
|
-
|
|
-
|
Common stock - $0.001
par value;
authorized:
500,000,000 shares as of December 31 and June 30, 2014;
issued: 42,252,267
shares and 42,252,267 shares as of December 31 and June 30,
2014,
respectively
|
|
42,252
|
|
42,252
|
Additional paid-in
capital
|
|
43,788,093
|
|
43,652,089
|
Statutory
reserves
|
|
22,725,841
|
|
22,725,841
|
Retained
earnings
|
|
132,016,722
|
|
137,081,594
|
Accumulated other
comprehensive income
|
|
42,842,859
|
|
42,362,443
|
Less: Treasury stock,
at cost, 590,838 as of December 31 and June 30, 2014
|
|
(651,509)
|
|
(651,509)
|
Total
Stockholders' Equity
|
|
240,764,258
|
|
245,212,710
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
|
498,153,224
|
$
|
568,351,618
|
|
|
|
|
|
SUTOR TECHNOLOGY
GROUP LIMITED AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
|
|
For The
Three Months Ended
|
|
|
For The
Six Months Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from
unrelated parties
|
|
$
|
22,304,103
|
$
|
102,230,215
|
|
$
|
39,296,001
|
$
|
204,412,337
|
Revenue from related
parties
|
|
|
62,998,146
|
|
26,086,595
|
|
|
83,994,078
|
|
63,012,798
|
Total
Revenue
|
|
|
85,302,249
|
|
128,316,810
|
|
|
123,290,079
|
|
267,425,135
|
Cost of
Revenue
|
|
|
(80,030,060)
|
|
(114,691,101)
|
|
|
(119,862,160)
|
|
(241,596,881)
|
Gross
Profit
|
|
|
5,272,189
|
|
13,625,709
|
|
|
3,427,919
|
|
25,828,254
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
(756,869)
|
|
(1,337,918)
|
|
|
(1,026,509)
|
|
(3,332,774)
|
General and
administrative expenses
|
|
|
(1,887,366)
|
|
(2,624,720)
|
|
|
(4,136,617)
|
|
(5,528,990)
|
Total Operating
Expenses
|
|
|
(2,644,235)
|
|
(3,962,638)
|
|
|
(5,163,126)
|
|
(8,861,764)
|
Income from
Operations
|
|
|
2,627,954
|
|
9,663,071
|
|
|
(1,735,207)
|
|
16,966,490
|
|
|
|
|
|
|
|
|
|
|
|
Other
Incomes/(Expenses):
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
169,379
|
|
786,544
|
|
|
615,864
|
|
1,836,766
|
Interest
expense
|
|
|
(2,438,408)
|
|
(2,574,958)
|
|
|
(5,416,755)
|
|
(4,378,253)
|
Changes in fair value
of warrant liabilities
|
|
|
(135)
|
|
(54,311)
|
|
|
728
|
|
(66,898)
|
Income from equity
method investments
|
|
|
-
|
|
180,956
|
|
|
-
|
|
266,128
|
Other
income
|
|
|
19,736
|
|
174,752
|
|
|
293,098
|
|
219,026
|
Other
expense
|
|
|
(118,085)
|
|
(201,757)
|
|
|
(184,930)
|
|
(219,780)
|
Total Other
Expenses, net
|
|
|
(2,367,513)
|
|
(1,688,774)
|
|
|
(4,691,995)
|
|
(2,343,011)
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss) Before Taxes
|
|
|
260,441
|
|
7,974,297
|
|
|
(6,427,202)
|
|
14,623,479
|
Income tax
(expense)/benefit
|
|
|
(233,029)
|
|
(1,579,161)
|
|
|
1,362,330
|
|
(3,040,096)
|
Net
Income/(Loss)
|
|
$
|
27,412
|
$
|
6,395,136
|
|
$
|
(5,064,872)
|
$
|
11,583,383
|
|
|
|
|
|
|
|
|
|
|
|
Other
Comprehensive Income:
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
405,834
|
|
1,477,555
|
|
|
480,416
|
|
3,137,112
|
Comprehensive
Income/(Loss)
|
|
$
|
433,246
|
$
|
7,872,691
|
|
$
|
(4,584,456)
|
$
|
14,720,495
|
|
|
|
|
|
|
|
|
|
|
|
Basic
Earnings/(Loss) per Share
|
|
$
|
(0.00)
|
$
|
0.15
|
|
$
|
(0.12)
|
$
|
0.28
|
Diluted
Earnings/(Loss) per Share
|
|
$
|
(0.00)
|
$
|
0.15
|
|
$
|
(0.12)
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
Basic Weighted
Average Shares Outstanding
|
|
|
41,661,429
|
|
41,453,386
|
|
|
41,661,429
|
|
41,383,956
|
Diluted
Weighted Average Shares Outstanding
|
|
|
41,661,429
|
|
41,453,386
|
|
|
41,661,429
|
|
41,383,956
|
|
|
|
|
|
|
|
|
|
|
|
SUTOR TECHNOLOGY
GROUP LIMITED AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
For The Six
Months Ended
|
|
|
December
31,
|
|
|
2014
|
|
2013
|
Cash Flows from
Operating Activities:
|
|
|
|
|
Net
(loss)/income
|
$
|
(5,064,872)
|
$
|
11,583,383
|
Adjustments to
reconcile net income to net cash provided by/(used in) operating
activities
|
|
|
|
|
Depreciation and
amortization
|
|
4,038,490
|
|
4,510,854
|
Provision/(reversal)
for doubtful accounts
|
|
(81,765)
|
|
123,435
|
Stock based
compensation
|
|
136,004
|
|
238,320
|
Foreign currency
exchange gain
|
|
-
|
|
(194,913)
|
Gain on disposal of
property, plant and equipment
|
|
-
|
|
(10,985)
|
Income from equity
method investments
|
|
-
|
|
(266,128)
|
Deferred income
taxes
|
|
(1,362,330)
|
|
(86,678)
|
Changes in fair value
of warrant liabilities
|
|
(728)
|
|
66,898
|
Changes in current
assets and liabilities:
|
|
|
|
|
Restricted
cash
|
|
60,929,534
|
|
(20,188,832)
|
Trade accounts
receivable, unrelated parties
|
|
1,151,793
|
|
(2,320,586)
|
Trade accounts
receivable, related parties
|
|
(23,916,037)
|
|
-
|
Notes
receivable
|
|
(9,830,144)
|
|
213,696
|
Other receivables and
prepayments, unrelated parties
|
|
(363,029)
|
|
(5,775,579)
|
Advances to suppliers,
unrelated parties
|
|
(71,547)
|
|
17,643,081
|
Advances to suppliers,
related parties
|
|
(21,311,121)
|
|
33,716,400
|
Inventories
|
|
49,237,038
|
|
(61,110,422)
|
Accounts payable,
unrelated parties
|
|
266,935
|
|
46,830,652
|
Accounts payable,
related parties
|
|
351,254
|
|
(20,276,893)
|
Notes
payable
|
|
(126,789,039)
|
|
-
|
Other payables and
accrued expenses, unrelated parties
|
|
11,186,772
|
|
(293,095)
|
Other payables and
accrued expenses, related parties
|
|
88,221
|
|
-
|
Advances from
customers, unrelated parties
|
|
1,068,671
|
|
10,458,615
|
Advances from
customers, related parties
|
|
(14,732,496)
|
|
-
|
Net Cash
(Used in)/Provided by Operating Activities
|
|
(75,068,396)
|
|
14,861,223
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
Purchase of property,
plant and equipment
|
|
(490,844)
|
|
(7,818,783)
|
Proceeds from disposal
of property, plant and equipment
|
|
-
|
|
15,052
|
Purchase of intangible
assets
|
|
-
|
|
(567,268)
|
Payments for
short-term investments
|
|
-
|
|
(3,254,308)
|
Proceeds from sale of
short-term investments
|
|
3,252,350
|
|
-
|
Net Cash
Provided by/(Used In) Investing Activities
|
|
2,761,506
|
|
(11,625,307)
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
Proceeds from
loans
|
|
111,384,323
|
|
93,079,729
|
Repayment of
loans
|
|
(48,012,958)
|
|
(110,464,374)
|
Proceeds from issuance
of common stock
|
|
-
|
|
1,500,000
|
Changes in restricted
cash
|
|
-
|
|
21,485,248
|
Net Cash
Provided by Financing Activities
|
|
63,371,365
|
|
5,600,603
|
|
|
|
|
|
Effect of Exchange
Rate Changes on Cash and Cash Equivalents
|
|
64,451
|
|
87,351
|
|
|
|
|
|
Net Change in Cash
and Cash Equivalents
|
|
(8,871,074)
|
|
8,923,870
|
Cash and Cash
Equivalents at Beginning of Period
|
|
12,178,225
|
|
3,601,385
|
Cash and Cash
Equivalents at End of Period
|
$
|
3,307,151
|
$
|
12,525,255
|
|
|
|
|
|
Supplemental
Non-Cash Information:
|
|
|
|
|
Offset of notes
payable to related parties against receivable from related
parties
|
$
|
-
|
$
|
11,126,897
|
Accounts payable for
purchase of long-term assets
|
$
|
(1,047,151)
|
$
|
(495,344)
|
Advances for purchase
of long-term assets
|
$
|
-
|
$
|
17,097,874
|
|
|
|
|
|
Supplemental Cash
Flow Information:
|
|
|
|
|
Cash paid during the
period for interest expense
|
$
|
(5,035,611)
|
$
|
(4,430,640)
|
Cash paid during the
period for income tax
|
$
|
-
|
$
|
(3,122,617)
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sutor-technology-group-limited-reports-second-quarter-of-fiscal-year-2015-financial-results-300036852.html
SOURCE Sutor Technology Group Limited