SHANGHAI, May 19, 2020 /PRNewswire/ -- Ossen Innovation
Co., Ltd. ("Ossen Innovation" or the "Company") (Nasdaq: OSN), a
China-based manufacturer of an
array of plain surface, rare earth and zinc coated pre-stressed
steel materials, today announced its financial results for the
fiscal year ended December 31,
2019.
"Despite 2019 being another challenging year for China's steel industry, as slowing GDP growth
and high price volatility continued to plague the steel value
chain, we managed to continue improving our operation results by
focusing on high margin rare earth coated products," commented Dr.
Liang Tang, Chairman of Ossen
Innovation. "We are very pleased with the progress and
accomplishments our entire team made during the 2019 calendar
year."
"We would like to extend our gratitude to medical personnel,
health officials and volunteers in China who worked tirelessly to respond to the
COVID-19 pandemic," continued Dr. Tang. "Our manufacturing
facilities in China remain fully
operational since March 9, 2020 and
we have maintained high standards for safety and sanitation in our
manufacturing facilities. In response to the impact of the COVID-19
pandemic, China's central and
local governments have announced key infrastructure project
investment plans for 2020. The total investment is approximately
$3.6 trillion and the planned
investment in 2020 is approximately $500
billion. As the Company's business is closely connected with
the infrastructure investment in China, we believe that these developments
should create new opportunities for us in 2020 and beyond."
Twelve months Ended December 31,
2019 Financial Results
|
|
For the Twelve
Months Ended December 31,
|
($ millions,
except per share data)
|
|
2019
|
|
2018
|
|
%
Change
|
Revenues
|
|
$138.9
|
|
$136.1
|
|
2.1%
|
Gross
profit
|
|
$22.4
|
|
$20.5
|
|
9.0%
|
Gross
margin
|
|
16.1%
|
|
15.1%
|
|
1.0%
|
Operating
income
|
|
$15.8
|
|
$14.9
|
|
6.1%
|
Operating
margin
|
|
11.4%
|
|
11.0%
|
|
0.4%
|
Net income
attributable to Ossen Innovation
|
|
$11.1
|
|
$10.4
|
|
6.7%
|
EPS (per ordinary
share)
|
|
$0.56
|
|
$0.52
|
|
7.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS (per
ADS*)
|
|
$1.68
|
|
$1.56
|
|
7.7%
|
* One ADS equals to three ordinary shares.
For the twelve months ended December 31,
2019, revenues increased by $2.8
million, or 2.1%, to $138.9
million from $136.1 million
for 2018. The increase in revenues during the year ended
December 31, 2019 was mainly
attributable to a 3.8% increase in sales of rare earth coated PC
wires and PC strands and a 151.8% increase in other products,
partially offset by a 41.4% decrease in plain surface products and
a 2.9% decrease in zinc coated PC wires and PC strands.
Gross profit increased by $1.9
million, or 9.0%, to $22.4
million for the twelve months ended December 31, 2019 from $20.5 million for the same period of last year.
Gross margin increased by 100 basis points to 16.1% for the twelve
months ended December 31, 2019 from
15.1% for the same period of last year. The increase of gross
margin was primarily due to the improvement of the profitability of
rare earth coated PC wires and PC strands.
Selling expenses increased by $0.1
million, or 9.2%, to $0.4
million for the twelve months ended December 31, 2019 from $0.3 million for the same period of last year.
This increase was primarily due to higher transportation cost for
domestic sales in 2019, partially offset by lower freight and sales
commission for international sales. General and administrative
expenses increase by $0.9 million, or
16.9%, to $6.2 million for the twelve
months ended December 31, 2019 from
$5.3 million for the same period of
last year, mainly due to higher research and development cost in
2019. As a result, total operating expenses increased by
$0.9 million, or 16.5%, to
$6.5 million for the twelve months
ended December 31, 2019 from
$5.6 million for the same period of
last year.
Operating income increased by $0.9
million, or 6.1%, to $15.8
million for the twelve months ended December 31, 2019 from $14.9 million for the same period of last year.
This increase was primarily due to higher sales and gross profit.
Operating margin was 11.4% for the twelve months ended December 31, 2019, compared to 11.0% for the same
period of last year.
Net income increased by $0.8
million, or 7.4%, to $12.2
million for the twelve months ended December 31, 2019 from $11.4 million for the same period of last
year.
After deducting net income attributable to non-controlling
interest, net income attributable to Ossen Innovation increased by
$0.7 million, or 6.7%, to
$11.1 million for the twelve months
ended December 31, 2019 from
$10.4 million for the same period of
last year. Earnings per ordinary share, both basic and diluted,
were $0.56 for the twelve months
ended December 31, 2019, compared to
$0.52 for the same period of last
year. Earnings per ADS (one ADS equals to three ordinary shares),
both basic and diluted, were $1.68
and $1.56 for 2019 and 2018,
respectively.
Impact of COVID-19
From the beginning of 2020 until early March 2020, due to the widespread of the COVID-19
pandemic in China, many cities
imposed travel and work restrictions in efforts to curb the spread
of COVID-19. As a result, the factories situated in Jiujiang and
Maanshan were temporarily closed after the Chinese New Year holiday
until the second week of March 2020,
and the supply of the raw materials was affected in February 2020. Since then, the factories are
fully operational. Due to the travel and work restrictions in order
to curb the widespread of COVID-19 in China since the end of January 2020, many cities in China were under lockdown. As a result,
production and sales orders were delayed. Restrictions on the
movement of people and goods currently remain in place in certain
regions from time to time as the COVID-19 pandemic situation
fluctuates, which requires the Company to adapt certain of the
sales and delivery processes. This may affect the overall financial
performance in 2020, although the Company cannot quantify the
overall impact for the time being. With the anticipated completion
of the construction of new production facility in Jiujiang,
Jiangxi Province in 2020, it is
expected that the Company's business scale could be further
increased, subject to any future developments relating to COVID-19
and its aftermath.
Balance Sheet and Cash Flows
As of December 31, 2019, the
Company had cash and restricted cash of $2.6
million, compared to $3.4
million at December 31, 2018. Accounts receivable were
$72.5 million as of December 31, 2019, compared to $60.6 million at December
31, 2018. The average days of sales of outstanding (DSO)
were 175 days for the twelve months ended December 31, 2019, compared to 150 days for the
year 2018. The balance of prepayment to suppliers for raw materials
totaled $74.4 million as of
December 31, 2019, compared to
$70.0 million at December 31, 2018. The Company had inventories of
$15.1 million as of December 31, 2019, compared to $17.2 million at the end of 2018. Total working
capital was $130.2 million as of
December 31, 2019, compared to
$113.1 million at December 31, 2018.
Net cash provided by operating activities was $0.4 million for the twelve months ended
December 31, 2019, compared to
$7.6 million of net cash provided by
operating activities for the same period of last year. This was
mainly due to a decrease in inventories, an increase in customer
deposits, and an increase in due to related party, partially offset
by an increase in accounts receivable, an increase in advance to
suppliers, a decrease in customer deposits from related
parties, and a decrease in due to shareholder. Net cash used in
investing activities was $139,795 for
the twelve months ended December 31,
2019, compared to $72,305 for
the same period of last year. Net cash provided in financing
activities was $2.9 million for the
twelve months ended December 31,
2019, compared to $0.7 million
of net cash used in financing activities for the same period of
last year. This was the result of an increase in proceeds from
short-term bank loans and an increase in proceeds from long-term
bank loans, partially offset by an increase in repayments of
short-term bank loans and an increase in repayments of long-term
bank loans.
Recent Developments
On May 28, 2019, Pujiang
International Group Limited, the parent entity of Acme which owns
approximately 65.9% of Ossen Innovation Co., Ltd outstanding
ordinary shares, was successfully listed and commenced trading on
the main board of the Hong Kong Stock Exchange.
On November 26, 2019, the Company
announced the completion of its 2018 annual general meeting of
shareholders. At the Annual Meeting, the Company's shareholders
re-elected six directors, Dr. Liang Tang, Mr. Wei Hua,
Mr. Junhong Li, Ms. Yingli Pan, and Mr. Zhongcai Wu to
the Board of Directors and re-appointed BDO China Shu Lun Pan
Certified Public Accountants LLP as the Company's independent
registered accounting firm for the fiscal year ending December
31, 2019.
About Ossen Innovation Co., Ltd.
Ossen Innovation Co., Ltd. manufactures and sells a wide variety
of plain surface pre-stressed steel materials and rare earth coated
and zinc coated pre-stressed steel materials. The Company's
products are mainly used in the construction of bridges, as well as
in highways and other infrastructure projects. Ossen has two
manufacturing facilities located in Ma'anshan, Anhui Province, and Jiujiang, Jiangxi Province.
Safe Harbor Statements
This press release may contain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including
risks outlined in the Company's public filings with the Securities
and Exchange Commission, including the Company's annual report on
Form 20-F, as amended. All information provided in this press
release is as of the date hereof. Except as required by law, the
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated
events.
For more information, please contact:
Wei Hua, Chief Executive
Officer
Email: int.tr@ossengroup.com
Phone: +86-21-6888-8886
Web: www.osseninnovation.com
Investor Relations
GIC IR
Phone: +1-917-207-2173
Email: info@goldenir.com
OSSEN INNOVATION
CO., LTD AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS
OF DECEMBER 31, 2019 AND 2018
|
|
December
31,
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
2,576,677
|
|
$
|
3,444,421
|
Restricted
cash
|
|
6,025,718
|
|
|
4,070,655
|
Accounts receivable,
net of allowance for doubtful accounts of $1,253,571 and $939,535
at December 31, 2019 and 2018, respectively
|
|
72,544,202
|
|
|
60,586,869
|
Inventories
|
|
15,100,328
|
|
|
17,177,926
|
Advance to
suppliers
|
|
74,391,886
|
|
|
69,986,656
|
Other current
assets
|
|
24,643
|
|
|
26,496
|
Accounts receivable -
related parties
|
|
536,358
|
|
|
-
|
Total
current assets
|
|
171,199,812
|
|
|
155,293,023
|
Property, plant and
equipment, net
|
|
2,948,264
|
|
|
3,371,387
|
Land use rights,
net
|
|
3,288,959
|
|
|
3,422,365
|
Deferred tax
assets
|
|
206,002
|
|
|
159,136
|
TOTAL
ASSETS
|
$
|
177,643,037
|
|
$
|
162,245,911
|
|
|
|
|
|
|
OSSEN INNOVATION
CO., LTD AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS
OF DECEMBER 31, 2019 AND 2018 (Continued)
|
|
December
31,
|
|
2019
|
|
2018
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Notes payable-bank
acceptance notes
|
$
|
8,895,107
|
|
$
|
8,722,832
|
Short-term bank
loans
|
|
17,072,867
|
|
|
13,593,080
|
Accounts
payables
|
|
951,358
|
|
|
289,954
|
Customer
deposits
|
|
3,131,916
|
|
|
283,869
|
Taxes
payable
|
|
1,417,176
|
|
|
1,547,882
|
Other payables and
accrued liabilities
|
|
3,875,529
|
|
|
3,980,565
|
Customer deposits –
related parties
|
|
3,358,897
|
|
|
4,800,384
|
Due to
shareholder
|
|
-
|
|
|
1,695,259
|
Due to related
parties
|
|
2,297,639
|
|
|
-
|
Long-term bank loans
– current portion
|
|
-
|
|
|
7,269,027
|
Total
current liabilities
|
|
41,000,489
|
|
|
42,182,852
|
Long-term bank
loans
|
|
6,097,453
|
|
|
-
|
TOTAL
LIABILITIES
|
|
47,097,942
|
|
|
42,182,852
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
Ordinary shares,
$0.01 par value: 100,000,000 shares authorized; 20,000,000 shares
issued; 19,791,110 shares outstanding as both of December 31, 2019
and 2018
|
|
200,000
|
|
|
200,000
|
Additional paid-in
capital
|
|
33,971,455
|
|
|
33,971,455
|
Statutory
reserve
|
|
9,043,010
|
|
|
7,764,813
|
Retained
earnings
|
|
78,484,535
|
|
|
68,673,562
|
Treasury stock, at
cost: 208,890 shares as of December 31, 2019 and 2018
|
|
(192,153)
|
|
|
(192,153)
|
Accumulated other
comprehensive loss
|
|
(5,789,815)
|
|
|
(4,044,969)
|
TOTAL
SHAREHOLDERS' EQUITY
|
|
115,717,032
|
|
|
106,372,708
|
Non-controlling
interest
|
|
14,828,063
|
|
|
13,690,351
|
TOTAL
EQUITY
|
|
130,545,095
|
|
|
120,063,059
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
$
|
177,643,037
|
|
$
|
162,245,911
|
|
|
|
|
|
|
OSSEN INNOVATION
CO., LTD AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER
31, 2019, 2018 AND 2017
|
|
Year Ended
December 31,
|
|
2019
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
REVENUES
|
$
|
138,900,357
|
|
$
|
136,104,867
|
|
$
|
132,375,915
|
COST OF GOODS
SOLD
|
|
116,541,972
|
|
|
115,585,803
|
|
|
117,721,799
|
GROSS
PROFIT
|
|
22,358,385
|
|
|
20,519,064
|
|
|
14,654,116
|
Selling
expenses
|
|
357,426
|
|
|
327,365
|
|
|
598,832
|
General and
administrative expenses
|
|
6,155,316
|
|
|
5,263,914
|
|
|
6,002,121
|
Total
Operating Expenses
|
|
6,512,742
|
|
|
5,591,279
|
|
|
6,600,953
|
INCOME FROM
OPERATIONS
|
|
15,845,643
|
|
|
14,927,785
|
|
|
8,053,163
|
Financial expenses,
net
|
|
(2,382,405)
|
|
|
(1,621,486)
|
|
|
(1,610,337)
|
Other income,
net
|
|
297,438
|
|
|
208,071
|
|
|
147,108
|
INCOME BEFORE
INCOME TAX
|
|
13,760,676
|
|
|
13,514,370
|
|
|
6,589,934
|
INCOME
TAX
|
|
(1,533,794)
|
|
|
(2,129,387)
|
|
|
(691,556)
|
NET
INCOME
|
|
12,226,882
|
|
|
11,384,983
|
|
|
5,898,378
|
LESS: NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
|
|
|
|
|
|
|
|
1,137,712
|
|
1,005,530
|
|
553,067
|
NET INCOME
ATTRIBUTABLE TO OSSEN INNOVATION CO.,LTD
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
11,089,170
|
|
10,379,453
|
|
5,345,311
|
OTHER
COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
(1,744,846)
|
|
|
(6,272,303)
|
|
|
6,606,207
|
TOTAL OTHER
COMPREHENSIVE INCOME (LOSS)
|
|
(1,744,846)
|
|
|
(6,272,303)
|
|
|
6,606,207
|
COMPREHENSIVE
INCOME
|
$
|
9,344,324
|
|
$
|
4,107,150
|
|
$
|
11,951,518
|
EARNINGS PER
ORDINARY SHARE
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
|
0.56
|
|
$
|
0.52
|
|
$
|
0.27
|
WEIGHTED AVERAGE
ORDINARY SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
19,791,110
|
|
|
19,791,110
|
|
|
19,791,110
|
OSSEN INNOVATION
CO., LTD AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
SHAREHOLDER'S EQUITY FOR THE YEARS ENDED DECEMBER 31,
2019, 2018 AND 2017
|
|
Total Ossen
Innovation Co., Ltd. Shareholders' Equity
|
|
Ordinary
Shares
|
|
|
Additional
Paid-in
|
|
|
|
|
|
|
|
Accumulated
Other
|
|
|
|
|
|
Retained
|
|
|
Non
Controlling
|
|
|
Total
|
|
$0.01 Par
Value
|
|
|
Capital
|
|
Treasury
stock
|
|
|
Comprehensive
Income/(loss)
|
|
|
Statutory
Reserve
|
|
|
Earnings
|
|
|
Interest
|
|
|
|
|
Shares
|
|
Amount
|
|
|
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January
1, 2017
|
20,000,000
|
|
$
|
200,000
|
|
$
|
33,971,455
|
|
(208,890)
|
|
$
|
(192,153)
|
|
$
|
(4,378,873)
|
|
$
|
6,123,022
|
|
$
|
54,590,589
|
|
$
|
12,131,754
|
|
$
|
102,445,794
|
Net income
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,345,311
|
|
|
553,067
|
|
|
5,898,378
|
Transfer to statutory
reserve
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
549,232
|
|
|
(549,232)
|
|
|
|
|
|
-
|
Foreign currency
translation adjustment
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
6,606,207
|
|
|
-
|
|
|
-
|
|
|
|
|
|
6,606,207
|
Balance at
December 31, 2017
|
20,000,000
|
|
$
|
200,000
|
|
$
|
33,971,455
|
|
(208,890)
|
|
$
|
(192,153)
|
|
$
|
2,227,334
|
|
$
|
6,672,254
|
|
$
|
59,386,668
|
|
$
|
12,684,821
|
|
$
|
114,950,379
|
Net income
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
10,379,453
|
|
|
1,005,530
|
|
|
11,384,983
|
Transfer to statutory
reserve
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,092,559
|
|
|
(1,092,559)
|
|
|
|
|
|
-
|
Foreign currency
translation adjustment
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
(6,272,303)
|
|
|
-
|
|
|
-
|
|
|
|
|
|
(6,272,303)
|
Balance at
December 31, 2018
|
20,000,000
|
|
$
|
200,000
|
|
$
|
33,971,455
|
|
(208,890)
|
|
$
|
(192,153)
|
|
$
|
(4,044,969)
|
|
$
|
7,764,813
|
|
$
|
68,673,562
|
|
$
|
13,690,351
|
|
$
|
120,063,059
|
Net income
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
11,089,170
|
|
|
1,137,712
|
|
|
12,226,882
|
Transfer to statutory
reserve
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,278,197
|
|
|
(1,278,197)
|
|
|
|
|
|
-
|
Foreign currency
translation adjustment
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
(1,744,846)
|
|
|
-
|
|
|
-
|
|
|
|
|
|
(1,744,846)
|
Balance at
December 31, 2019
|
20,000,000
|
|
$
|
200,000
|
|
$
|
33,971,455
|
|
(208,890)
|
|
$
|
(192,153)
|
|
$
|
(5,789,815)
|
|
$
|
9,043,010
|
|
$
|
78,484,535
|
|
$
|
14,828,063
|
|
$
|
130,545,095
|
OSSEN INNOVATION
CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2019, 2018
AND 2017
|
|
|
Year Ended
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
12,226,882
|
|
$
|
11,384,983
|
|
$
|
5,898,378
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
606,045
|
|
|
641,647
|
|
|
796,566
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
(Increase)
Decrease In:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(11,957,333)
|
|
|
(8,886,939)
|
|
|
(14,401,465)
|
Inventories
|
|
|
2,077,598
|
|
|
(3,698,453)
|
|
|
12,519,709
|
Advance to
suppliers
|
|
|
(4,405,230)
|
|
|
1,294,247
|
|
|
(24,551,618)
|
Other current
assets
|
|
|
1,853
|
|
|
10,894
|
|
|
(6,023)
|
Deferred tax
assets
|
|
|
(46,866)
|
|
|
(9,625)
|
|
|
16,440
|
Notes
receivable - bank acceptance notes
|
|
|
-
|
|
|
-
|
|
|
15,280,381
|
Accounts
receivable - related parties
|
|
|
(536,358)
|
|
|
-
|
|
|
-
|
Increase
(Decrease) In:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
661,404
|
|
|
(69,973)
|
|
|
(1,144,936)
|
Customer
deposits
|
|
|
2,848,047
|
|
|
(32,524)
|
|
|
180,490
|
Income tax
payable
|
|
|
(130,706)
|
|
|
1,097,171
|
|
|
(144,084)
|
Other payables
and accrued expenses
|
|
|
(105,037)
|
|
|
(256,258)
|
|
|
2,496,349
|
Customer deposits -
RPT
|
|
|
(1,441,487)
|
|
|
4,800,384
|
|
|
-
|
Due to related
party
|
|
|
2,297,639
|
|
|
-
|
|
|
(3,912)
|
Due to
shareholder
|
|
|
(1,695,259)
|
|
|
1,343,760
|
|
|
44,000
|
Net cash provided
by/ (used in) operating activities
|
|
|
401,192
|
|
|
7,619,314
|
|
|
(3,019,725)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Purchases of
plant and equipment
|
|
|
(139,795)
|
|
|
(72,305)
|
|
|
(37,848)
|
Net cash used in
investing activities
|
|
|
(139,795)
|
|
|
(72,305)
|
|
|
(37,848)
|
OSSEN INNOVATION
CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2019, 2018
AND 2017 (Continued)
|
|
|
Year Ended
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Proceeds from
short-term bank loans
|
|
|
85,479,789
|
|
|
17,900,302
|
|
|
13,497,882
|
Repayments of
short-term bank loans
|
|
|
(81,777,165)
|
|
|
(17,543,051)
|
|
|
(17,380,550)
|
Proceeds from
long-term bank loans
|
|
|
6,171,040
|
|
|
-
|
|
|
-
|
Repayments of
long-term bank loans
|
|
|
(7,260,047)
|
|
|
-
|
|
|
-
|
Proceeds from
notes payable-bank acceptance notes
|
|
|
9,002,458
|
|
|
9,063,444
|
|
|
14,662,757
|
Repayment of
notes payable-bank acceptance notes
|
|
|
(8,712,056)
|
|
|
(10,120,846)
|
|
|
(14,588,702)
|
Net cash used in
financing activities
|
|
|
2,904,019
|
|
|
(700,151)
|
|
|
(3,808,613)
|
|
|
|
|
|
|
|
|
|
|
INCREASE
(DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH
|
|
|
3,165,416
|
|
|
6,846,858
|
|
|
(6,866,186)
|
Effect of
exchange rate changes on cash, cash equivalents, and restricted
cash
|
|
|
(2,078,097)
|
|
|
(7,474,935)
|
|
|
8,088,466
|
Cash, cash
equivalents and restricted cash at beginning of period
|
|
|
7,515,076
|
|
|
8,143,153
|
|
|
6,920,873
|
CASH, CASH
EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD
|
|
$
|
8,602,395
|
|
$
|
7,515,076
|
|
$
|
8,143,153
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH
FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|
Cash paid during
the periods:
|
|
|
|
|
|
|
|
|
|
Income taxes
paid
|
|
$
|
1,749,389
|
|
$
|
1,019,270
|
|
$
|
840,670
|
Interest
paid
|
|
$
|
2,148,285
|
|
$
|
1,388,283
|
|
$
|
1,397,635
|
Non-cash
transactions:
|
|
|
|
|
|
|
|
|
|
Appropriation to
statutory reserve
|
|
$
|
1,278,197
|
|
$
|
1,092,559
|
|
$
|
549,232
|
View original
content:http://www.prnewswire.com/news-releases/ossen-innovation-announces-full-year-2019-financial-results-301061245.html
SOURCE Ossen Innovation Co., Ltd.