SAN DIEGO and SHENZHEN, China, Nov.
14, 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 third quarter ended September 30, 2017.
Third Quarter 2017 Highlights
- Net sales for the third quarter of 2017 increased by 31.9% to
$71.4 million from $54.1 million in the prior year period.
- Gross profit for the third quarter of 2017 decreased by 0.8% to
$13.6 million from $13.7 million in the prior year period.
- EBITDA for the third quarter of 2017 increased by 46.5% to
$7.3 million from $5.0 million in the prior year period.
- Net income attributable to the Company for the third quarter of
2017 was $5.0 million, or
$0.32 per diluted share, as compared
to $2.7 million, or $0.18 per diluted share, in the prior year
period. Net income for the quarter included a $1.7 million gain related to the sale of a
long-term investment.
Mr. George Pan, Chairman and CEO
of Highpower International, commented, "We are pleased to deliver
strong top-line results in a challenging third quarter of 2017. Our
lithium ion battery business revenue increased 42.8% year over
year, driven by continued high demand for power storage systems and
consumer devices including smart wearables, smart phones, and
notebooks.
"We expect that raw material prices will continue to rise and
impact our gross margins in the fourth quarter and the foreseeable
future. However, we are actively improving our production capacity
and efficiency, maintaining a strong and cost competitive supply
chain, and shifting to a higher-margin product mix, which will aid
our growth in the coming year. To further strengthen our technology
and product offerings in anticipation of future customer demand,
Highpower will increase investment in R&D focused on strategic
hiring and partnerships with leading universities and institutes.
We also remain committed to exploring more strategic business
partnerships to further grow our business and create lasting
shareholder value," Mr. Pan concluded.
Third Quarter and First Nine Months of 2017 Financial
Results
Net Sales
Net sales for the third quarter of 2017 increased by 31.9% to
$71.4 million from $54.1 million in the prior year period, primarily
attributable to growth in revenue from the Lithium segment. This
was driven by increased demand in consumer products including
portable power stations, smart wearable devices, smart phones, and
notebooks.
Net sales increased 37.5% to $165.0
million in the first nine months ended September 30, 2017 as compared to $120.0 million in the same period 2016. The
increase was also driven by growth in the Lithium segment due to
increased demand in consumer products including portable power
stations, smart wearable devices, smart phones, and notebooks.
Gross Profit
Gross profit for the third quarter of 2017 decreased by 0.8% to
$13.6 million from $13.7 million in the prior year period. This
decrease was mainly due to the product mix and the high raw
material price. Gross margin for the third quarter of 2017
decreased to 19.0% from 25.2% in the prior year period.
Gross profit for the first nine months of 2017 increased 30.8%
to $35.6 million from $27.2 million in prior year period. Gross margin
was 21.6% and 22.7% for the nine months ended September 30, 2017 and 2016, respectively. The
decrease in margin was also due to the product mix and the high raw
material price.
Operating Expenses
- Research and development (R&D) expenses for
the third quarter of 2017 were $2.4
million as compared to $3.0
million in the prior year period. As a percentage of net
sales, R&D expenses declined to 3.4% from 5.6% in the prior
year period. The decrease was due to the high R&D consulting
fee in the same period of 2016.
Research and development expenses were $6.4
million, or 3.9% of net sales, for the first nine months of
2017 as compared to $6.7 million, or
5.6% of net sales, for the prior year period.
- Selling and distribution expenses for the third
quarter of 2017 remained stable at $1.9
million as compared to the prior year period. As a
percentage of net sales, selling and distribution expenses
decreased to 2.6% from 3.5% in the prior year period, primarily
attributable to the Company's customer base optimization
efforts.
Selling and distribution expenses were $5.2
million, or 3.2% of net sales, as compared with $5.0 million, or 4.1% of net sales, for the nine
months ended September 30,
2016.
- General and administrative expenses for the third
quarter of 2017 were $4.0 million as
compared to $5.9 million in the prior
year period. As a percentage of net sales, general and
administrative expenses decreased to 5.5% from 11.0% in the prior
year period.
General and administrative expenses were $10.0 million, or 6.1% of net sales, as compared
with $12.3 million, or 10.2% of net
sales, for the nine months ended September
30, 2016.
Net Income
Net income attributable to the Company for the third quarter of
2017 increased to $5.0 million from
$2.7 million in the prior year
period. Net income attributable to the Company per diluted share
for the third quarter of 2017 increased to $0.32 from $0.18 in
the prior year period. The net income result for the third quarter
of 2017 includes a $1.7 million gain
related to the sale of a long-term investment.
For the quarter ended September 30, 2017 and 2016, the
Company's weighted average diluted shares outstanding used in
computing diluted share was 15,518,764 and 15,115,409,
respectively.
Net income attributable to the Company for the first nine months
of 2017 increased to $11.9 million
from $4.4 million in the prior year
period. Net income attributable to the Company per diluted share
for the first nine months of 2017 increased to $0.77 from $0.29 in
the prior year period.
For the nine months ended September 30, 2017 and 2016, the
Company's weighted average diluted shares outstanding used in
computing diluted share was 15,563,012 and 15,104,914,
respectively.
EBITDA
EBITDA for the third quarter of 2017 increased by 46.5% to
$7.3 million from $5.0 million in the prior year period. EBITDA for
the first nine months of 2017 increased by 86.1% to $18.8 million from $10.1
million in the prior year period.
A table reconciling EBITDA, a non-GAAP financial measure, to the
appropriate GAAP measure is included with the Company's financial
information below.
Balance Sheet
Highlights
|
($ in millions,
except per share data)
|
|
September
30,
|
|
December 31,
|
2017
|
|
2016
|
|
|
(Unaudited)
|
|
|
|
|
$
|
|
$
|
Cash
|
|
$11.9
|
|
$9.3
|
Total Current
Assets
|
|
$147.3
|
|
$104.5
|
Total
Assets
|
|
$204.4
|
|
$163.3
|
|
|
|
|
|
Total Current
Liabilities
|
|
$143.4
|
|
$118.0
|
Total
Liabilities
|
|
$143.4
|
|
$118.0
|
Total
Equity
|
|
$61.0
|
|
$45.3
|
Total Liabilities and
Equity
|
|
$204.4
|
|
$163.3
|
Book Value Per
Share
|
|
$3.94
|
|
$3.00
|
Financial Outlook
For the fourth quarter of 2017, the Company expects net revenues
to grow 12.0% year-over-year. Factoring in the impact of
higher expected raw material prices, gross margin is expected to be
between 16.0% and 17.0% in the fourth quarter of 2017. For full
year 2018, the Company expects net revenues to grow at least 20.0%
compared to 2017 and gross margin levels to exceed that of the
fourth quarter of 2017.
Conference Call Details
The Company will hold a conference call on Tuesday, Nov 14,
2017 at 10:00 am Eastern Time
or 11:00 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/q3-2017. 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)
|
|
|
September
30,
2017
|
|
December 31,
2016
|
|
(Unaudited)
|
|
|
|
$
|
|
$
|
ASSETS
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash
|
11,904,511
|
|
9,324,393
|
|
Restricted
cash
|
20,905,411
|
|
11,213,640
|
|
Accounts receivable,
net
|
56,313,941
|
|
46,280,769
|
|
Amount due from
Yipeng
|
-
|
|
7,517,250
|
|
Notes
receivable
|
6,805,932
|
|
1,093,730
|
|
Prepayments and other
receivables
|
16,175,372
|
|
6,899,872
|
|
Inventories
|
35,216,303
|
|
22,207,333
|
|
|
|
|
|
|
Total Current
Assets
|
147,321,470
|
|
104,536,987
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
49,789,095
|
|
43,504,991
|
|
Land use right,
net
|
3,718,804
|
|
3,622,435
|
|
Other
assets
|
462,500
|
|
500,000
|
|
Deferred tax
assets
|
1,386,829
|
|
1,477,761
|
|
Long-term
investment
|
1,765,499
|
|
9,689,576
|
|
|
|
|
TOTAL
ASSETS
|
204,444,197
|
|
163,331,750
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
59,937,145
|
|
49,463,901
|
|
Deferred
income
|
807,792
|
|
761,491
|
|
Short-term
loans
|
10,609,112
|
|
18,776,080
|
|
Non-financial
institution borrowings
|
10,527,424
|
|
3,741,115
|
|
Notes
payable
|
46,124,404
|
|
30,658,000
|
|
Foreign currency
derivatives liabilities
|
169,958
|
|
-
|
|
Amount due to
Yipeng
|
-
|
|
1,522,313
|
|
Other payables and
accrued liabilities
|
13,061,886
|
|
11,148,556
|
|
Income taxes
payable
|
2,212,145
|
|
1,963,298
|
|
|
|
|
|
|
Total Current
Liabilities
|
143,449,866
|
|
118,034,754
|
|
|
|
|
|
|
Warrant
Liability
|
-
|
|
259
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
143,449,866
|
|
118,035,013
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
-
|
|
-
|
|
|
|
|
|
|
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Stated in US
Dollars)
|
|
|
September 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, 15,476,000 shares issued and
outstanding at September 30, 2017 and 15,114,991 shares issued and
outstanding at
December 31, 2016)
|
1,547
|
|
1,511
|
|
Additional paid-in
capital
|
12,307,206
|
|
11,580,934
|
|
Statutory and other
reserves
|
4,992,463
|
|
4,992,463
|
|
Retained
earnings
|
41,197,146
|
|
29,266,068
|
|
Accumulated other
comprehensive income (loss)
|
1,848,819
|
|
(873,582)
|
|
|
|
|
|
|
Total equity
attributable to the stockholders of Highpower International
Inc.
|
60,347,181
|
|
44,967,394
|
|
|
|
|
|
|
Non-controlling
interest
|
647,150
|
|
329,343
|
|
|
|
|
|
|
TOTAL
EQUITY
|
60,994,331
|
|
45,296,737
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
204,444,197
|
|
163,331,750
|
|
|
|
|
|
|
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
|
(Stated in US
Dollars)
|
|
|
Three months
ended
September
30,
|
|
Nine months
ended
September
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
$
|
|
$
|
|
$
|
|
$
|
Net sales
|
71,405,560
|
|
54,142,916
|
|
164,972,338
|
|
119,972,281
|
Cost of
sales
|
(57,845,224)
|
|
(40,475,820)
|
|
(129,405,402)
|
|
(92,784,475)
|
Gross
profit
|
13,560,336
|
|
13,667,096
|
|
35,566,936
|
|
27,187,806
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
(2,433,928)
|
|
(3,029,628)
|
|
(6,385,144)
|
|
(6,688,397)
|
Selling and
distribution expenses
|
(1,859,762)
|
|
(1,881,277)
|
|
(5,220,985)
|
|
(4,955,708)
|
General and
administrative expenses
|
(3,959,731)
|
|
(5,935,907)
|
|
(10,034,694)
|
|
(12,254,520)
|
Foreign currency
transaction (loss) gain
|
(816,593)
|
|
126,732
|
|
(1,645,095)
|
|
636,609
|
Loss on derivative
instruments
|
(146,481)
|
|
-
|
|
(146,481)
|
|
-
|
Total operating
expenses
|
(9,216,495)
|
|
(10,720,080)
|
|
(23,432,399)
|
|
(23,262,016)
|
|
|
|
|
|
|
|
|
Income from
operations
|
4,343,841
|
|
2,947,016
|
|
12,134,537
|
|
3,925,790
|
|
|
|
|
|
|
|
|
Changes in fair value
of warrant liability
|
-
|
|
(11,150)
|
|
259
|
|
115,396
|
Other
income
|
94,775
|
|
505,928
|
|
949,233
|
|
1,717,803
|
Equity in earnings of
investee
|
1,087
|
|
218,903
|
|
106,412
|
|
218,903
|
Gain on dilution in
equity method investee
|
5,071
|
|
-
|
|
496,396
|
|
-
|
Gain on sales of
long-term investment
|
1,664,377
|
|
-
|
|
1,664,377
|
|
-
|
Interest income
(expenses)
|
57,663
|
|
(341,520)
|
|
(926,185)
|
|
(1,051,914)
|
Income before
taxes
|
6,166,814
|
|
3,319,177
|
|
14,425,029
|
|
4,925,978
|
|
|
|
|
|
|
|
|
Income taxes
expenses
|
(1,013,919)
|
|
(769,065)
|
|
(2,197,392)
|
|
(978,882)
|
Net income
|
5,152,895
|
|
2,550,112
|
|
12,227,637
|
|
3,947,096
|
|
|
|
|
|
|
|
|
Less: net income
(loss) attributable to non-controlling
interest
|
128,702
|
|
(101,194)
|
|
296,558
|
|
(413,384)
|
Net income
attributable to the Company
|
5,024,193
|
|
2,651,306
|
|
11,931,079
|
|
4,360,480
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
|
|
|
|
Net income
|
5,152,895
|
|
2,550,112
|
|
12,227,637
|
|
3,947,096
|
Foreign currency
translation gain (loss)
|
1,258,937
|
|
171,574
|
|
2,743,650
|
|
(1,542,704)
|
Comprehensive
income
|
6,411,832
|
|
2,721,686
|
|
14,971,287
|
|
2,404,392
|
|
|
|
|
|
|
|
|
Less: comprehensive
income (loss) attributable to non-
controlling interest
|
139,461
|
|
(103,831)
|
|
317,807
|
|
(429,713)
|
Comprehensive income
attributable to the Company
|
6,272,371
|
|
2,825,517
|
|
14,653,480
|
|
2,834,105
|
|
|
|
|
|
|
|
|
Earnings per share of
common stock attributable to the
Company
|
|
|
|
|
|
|
|
- Basic
|
0.33
|
|
0.18
|
|
0.78
|
|
0.29
|
- Diluted
|
0.32
|
|
0.18
|
|
0.77
|
|
0.29
|
|
|
|
|
|
|
|
|
Weighted average
number of common stock outstanding
|
|
|
|
|
|
|
|
- Basic
|
15,369,674
|
|
15,103,007
|
|
15,270,898
|
|
15,102,121
|
- Diluted
|
15,518,764
|
|
15,115,409
|
|
15,563,012
|
|
15,104,914
|
Reconciliation of
Net Income to EBITDA
|
|
|
Three months
ended
September
30,
|
|
Nine months
ended
September
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
$
|
|
$
|
|
$
|
|
$
|
Net income
attributable to the Company
|
5,024,193
|
|
2,651,306
|
|
11,931,079
|
|
4,360,480
|
|
|
|
|
|
|
|
|
Interest (income)
expense
|
(57,663)
|
|
341,520
|
|
926,185
|
|
1,051,914
|
Income taxes
expenses
|
1,013,919
|
|
769,065
|
|
2,197,392
|
|
978,882
|
Depreciation and
Amortization
|
1,362,196
|
|
1,249,157
|
|
3,792,178
|
|
3,735,353
|
|
|
|
|
|
|
|
|
EBITDA
|
7,342,645
|
|
5,011,048
|
|
18,846,834
|
|
10,126,629
|
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Stated in US
Dollars)
|
|
|
Nine Months
Ended September 30,
|
|
2017
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
$
|
|
$
|
Cash flows from
operating activities
|
|
|
|
Net income
|
12,227,637
|
|
3,947,096
|
Adjustments to
reconcile net income to net cash (used in) provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
3,792,178
|
|
3,735,353
|
Allowance for doubtful
accounts
|
48,866
|
|
1,661,968
|
Loss on disposal of
property, plant and equipment
|
57,277
|
|
197,848
|
Deferred income
tax
|
153,625
|
|
(63,934)
|
Loss on derivative
instruments
|
166,387
|
|
-
|
Equity in earnings of
investee
|
(106,412)
|
|
(218,903)
|
Gain on dilution in
equity method investee
|
(496,396)
|
|
-
|
Gain on sales of
long-term investment
|
(1,664,377)
|
|
-
|
Share based
compensation
|
86,921
|
|
244,142
|
Changes in fair value
of warrant liability
|
(259)
|
|
(115,396)
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(8,517,071)
|
|
(13,619,029)
|
Notes
receivable
|
(5,543,798)
|
|
(59,905)
|
Prepayments and other
receivables
|
(8,775,985)
|
|
(230,595)
|
Amount due from
Yipeng
|
7,691,900
|
|
(3,004,025)
|
Amount due to
Yipeng
|
(1,557,682)
|
|
1,560,360
|
Inventories
|
(11,753,127)
|
|
(2,457,733)
|
Accounts
payable
|
7,049,819
|
|
11,817,867
|
Deferred
income
|
11,637
|
|
(82,697)
|
Other payables and
accrued liabilities
|
1,394,691
|
|
3,745,023
|
Income taxes
payable
|
156,744
|
|
119,859
|
Net cash flows (used
in) provided by operating activities
|
(5,577,425)
|
|
7,177,299
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Acquisitions of
property, plant and equipment
|
(7,297,901)
|
|
(8,474,440)
|
Acquisition of
investment
|
-
|
|
(3,039,006)
|
Proceeds from sale of
long-term investment
|
10,453,475
|
|
-
|
Net cash flows
provided by (used in) investing activities
|
3,155,574
|
|
(11,513,446)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
short-term loans
|
8,797,727
|
|
18,158,059
|
Repayments of
short-term loans
|
(17,594,229)
|
|
(10,650,400)
|
Repayments of
long-term loans
|
-
|
|
(1,823,403)
|
Proceeds from
non-financial institution borrowings
|
10,306,243
|
|
4,558,509
|
Repayments of
non-financial institution borrowings
|
(3,828,033)
|
|
-
|
Proceeds from notes
payable
|
62,193,463
|
|
41,908,812
|
Repayments of notes
payable
|
(48,408,417)
|
|
(39,518,955)
|
Proceeds from exercise
of employee options
|
635,484
|
|
19,304
|
Change in restricted
cash
|
(8,992,019)
|
|
601,759
|
Net cash flows
provided by financing activities
|
3,110,219
|
|
13,253,685
|
Effect of foreign
currency translation on cash
|
1,891,750
|
|
(1,290,306)
|
Net increase in
cash
|
2,580,118
|
|
7,627,232
|
Cash - beginning of
period
|
9,324,393
|
|
5,849,967
|
Cash - end of
period
|
11,904,511
|
|
13,477,199
|
|
|
|
|
Supplemental
disclosures for cash flow information:
|
|
|
|
Cash paid
for:
|
|
|
|
Income
taxes
|
1,464,592
|
|
922,957
|
Interest
expenses
|
1,402,447
|
|
1,051,914
|
Non-cash investing
and financing activity
|
|
|
|
Offset of deferred
income related to government grant and property, plant and
equipment
|
171,403
|
|
33,019
|
View original
content:http://www.prnewswire.com/news-releases/highpower-international-reports-unaudited-third-quarter-first-nine-months-2017-financial-results-300555301.html
SOURCE Highpower International, Inc.