TAI'AN, China, April 27,
2018 /PRNewswire/ -- China Customer Relations Centers, Inc.
(NASDAQ: CCRC) ("CCRC" or the "Company"), a leading call center
business process outsourcing ("BPO") service provider in
China, today announced its
financial results for the six and twelve months ended December 31, 2017.
Second Half 2017 Highlights (all comparisons to prior year
unless noted)
- Revenues increased by 41.8% to a Company record of $54.2 million driven by continued expansion of
business.
- Gross profit increased by 40.2% to $13.5
million. Gross margin decreased by 0.3 percentage points to
24.8%.
- Net income attributable to common shareholders increased by
22.1% to $4.7 million.
- Earnings per share was $0.26,
versus $0.20 for the same period of
the prior year.
Full Year 2017 Highlights
- Revenues increased by 22.3% to $89.0
million driven by continued expansion of
business.
- Gross profit increased by 19.2% to $23.4
million. Gross margin decreased by 0.7 percentage points to
26.3%
- Net income attributable to common shareholders increased by
6.0% to $8.8 million.
- Earnings per share was $0.48,
versus $0.45 for 2016.
- As of December 31, 2017, the
Company had service capacity of 13,992 seats, compared to 11,057
seats at the end of 2016.
Mr. Gary Wang, Chairman and Chief
Executive Officer of CCRC, commented, "We are very pleased to
report strong results with record revenues and net income for both
the second half and full year of 2017. While our relationships with
existing customers, including the provincial subsidiaries of China
Mobile and China Telecom, remained steady and strong, we continued
to attract high-profile new customers, adding China Merchants Bank,
Shouqi Limousine & Chauffeur, OFO Shared Bicycles, Tmall.com,
and TianAn Life Insurance during 2017."
Mr. Wang continued, "Looking ahead, as we continue to expand our
service capacity and geographical footprint, we are excited about
the prospects of our business and expect the strong growth momentum
to continue in 2018 and beyond."
Six Months Ended December 31,
2017 Financial Results (Unaudited)
|
|
For the Six Months
Ended December 31,
|
($ millions,
except per share data)
|
|
2017
|
|
2016
|
|
%
Change
|
Revenues
|
|
$54.2
|
|
$38.3
|
|
41.8%
|
Gross
profit
|
|
$13.5
|
|
$9.6
|
|
40.2%
|
Gross
margin
|
|
24.8%
|
|
25.1%
|
|
-0.3 pp
|
Operating
income
|
|
$5.6
|
|
$3.4
|
|
64.4%
|
Operating
margin
|
|
10.3%
|
|
8.9%
|
|
1.4 pp
|
Net income
attributable to CCRC
|
|
$4.7
|
|
$3.7
|
|
27.0%
|
EPS - basic and
diluted
|
|
$0.26
|
|
$0.20
|
|
27.0%
|
Revenues
For the six months ended December 31,
2017, revenues increased by $15.9
million, or 41.8%, to $54.2
million from $38.3 million for
the same period of the prior year. We continued to see strong
demand for our business from existing BPO clients as well as new
clients during the six months ended December
31, 2017.
Cost of revenues
Cost of revenues consists primarily of salaries, payroll taxes
and employee benefits costs of our customer service associates and
other operations personnel. Cost of revenues also includes direct
communications costs, rent expense, information technology costs,
and facilities support. Cost of revenues increased by $12.1 million, or 42.3%, to $40.8 million for the six months ended
December 31, 2017 from $28.7 million for the same period of the prior
year. As a percentage of revenues, cost of revenues was 75.2% for
the six months ended December 31,
2017, compared to 74.9% for the same period of the prior
year.
Gross profit and gross margin
Gross profit increased by $3.9
million, or 40.2%, to $13.5
million for the six months ended December 31, 2017 from $9.6 million for the same period of the prior
year. Gross margin decreased by 0.3 percentage points to 24.8% for
the six months ended December 31,
2017 from 25.1% for the same period of the prior year.
Selling, general and administrative expense
Selling, general and administrative expenses increased by
$1.7 million, or 27.0%, to
$7.9 million for the six months ended
December 31, 2017 from $6.2 million for the same period of the prior
year. The increase in selling, general and administrative expenses
was a result of higher payroll and bonus expenses paid to the
administrative and research personnel and the management team. We
anticipate that our administrative expenses, particularly those
related to support personnel costs, professional fees, as well as
Sarbanes-Oxley compliance, will continue to increase in 2018 due to
the continuing expansion of our business.
Operating income and operating margin
Income from operations increased by $2.2
million, or 64.4%, to $5.6
million for the six months ended December 31, 2017 from $3.4 million for the same period of the prior
year. The increase in operating income was mainly driven by an
increase in revenues and partially offset by increases in selling,
general and administrative expenses. Operating margin was 10.3% for
the six months ended December 31,
2017, compared to 8.9% for the same period of the prior
year.
Other income (expenses)
We received government grants, which are discretionary and
unpredictable in nature, of $0.6
million during the six months ended December 31, 2017, compared to $0.4 million during the same period of the prior
year. Government grants as a percentage of net income were 11.8%
for the six months ended December 31,
2017, compared to 9.6% for the same period of the prior
year. Total other income, net of other expenses, decreased by
$0.4 million, or 58.9%, to
$0.3 million for the six months ended
December 31, 2017 from $0.7 million for the same period of the prior
year.
Income before provision for income taxes
Income before provision for income taxes increased by
$1.8 million, or 41.7%, to
$5.9 million for the six months ended
December 31, 2017 from $4.1 million for the same period of the prior
year. The increase in income before provision for income taxes was
mainly due to the increase in income from operations and partially
offset by decrease in other income.
Income taxes
Provision for income taxes was $1.0
million for the six months ended December 31, 2017, compared to $0.4 million for the same period of the prior
year.
Net income and earnings per share
Net income increased by $1.2
million, or 31.3%, to $4.9
million for the six months ended December 31, 2017 from $3.7 million for the same period of the prior
year. After deducting net income attributable to noncontrolling
interest, net income attributable to common shareholders was
$4.7 million, or $0.26 per basic and diluted share, for the six
months ended December 31, 2017,
compared to $3.7 million, or
$0.20 per basic and diluted share,
for the same period of the prior year.
Fiscal Year 2017 Financial Results
|
|
For the Twelve
Months Ended December 31,
|
($ millions,
except per share data)
|
|
2017
|
|
2016
|
|
%
Change
|
Revenues
|
|
$89.0
|
|
$72.7
|
|
22.3%
|
Gross
profit
|
|
$23.4
|
|
$19.6
|
|
19.2%
|
Gross
margin
|
|
26.3%
|
|
27.0%
|
|
-0.7 pp
|
Operating
income
|
|
$8.6
|
|
$8.6
|
|
1.1%
|
Operating
margin
|
|
9.7%
|
|
11.8%
|
|
-2.0 pp
|
Net income
attributable to CCRC
|
|
$8.8
|
|
$8.3
|
|
6.0%
|
EPS - basic and
diluted
|
|
$0.48
|
|
$0.45
|
|
6.0%
|
Revenues
For the year of 2017, revenues increased by $16.2 million, or 22.3%, to $89.0 million from $72.7
million for 2016. We continued to see strong demand for our
business from existing BPO clients as well as new clients during
the six months ended December 31,
2017. We added several high-profile clients, including China
Merchants Bank, OFO Shared Bicycles, Rong360.com, and TianAn Life
Insurance, and dropped several lower volume clients due to seat
limitations during 2017.
The provincial subsidiaries of China Mobile and China Telecom
remained the two largest customers and accounted for 28% and 9%,
respectively, of total revenues in 2017, compared to 34% and 14%,
respectively, of total revenues in 2016. Top 5 customers accounted
for 57% of revenues in 2017, compared to 71% of revenues in
2016.
Cost of revenues
Cost of revenues consists primarily of salaries, payroll taxes
and employee benefits costs of our customer service associates and
other operations personnel. Cost of revenues also includes direct
communications costs, rent expense, information technology costs,
and facilities support. Cost of revenues increased by $12.5 million, or 23.5%, to $65.6 million for 2017 from $53.1 million for 2016. As a percentage of
revenues, cost of revenues was 73.7% for 2017, compared to 73.0%
for 2016.
Gross profit and gross margin
Gross profit increased by $3.8
million, or 19.2%, to $23.4
million for 2017 from $19.6
million for 2016. Gross margin decreased by 0.7 percentage
points to 26.3% for 2017 from 27.0% for 2016.
Selling, general and administrative expense
Selling, general and administrative expenses increased by
$3.7 million, or 33.2%, to
$14.8 million for 2017 from
$11.1 million for 2016. The increase
in selling, general and administrative expenses was a result of
higher payroll and bonus expenses paid to the administrative and
research personnel and the management team. We anticipate that our
administrative expenses, particularly those related to support
personnel costs, professional fees, as well as Sarbanes-Oxley
compliance, will continue to increase in 2018 due to the continuing
expansion of our business.
Operating income and operating margin
Income from operations increased by $0.1
million, or 1.1%, to $8.64
million for 2017 from $8.55
million for 2016. The increase in operating income was
mainly driven by an increase in gross profit and partially offset
by increases in selling, general and administrative expenses.
Operating margin was 9.7% for 2017, compared to 11.8% for 2016.
Other income (expenses)
We received government grants, which are discretionary and
unpredictable in nature, of $1.9
million during 2017, compared to $0.8
million during 2016. Government grants as a percentage of
net income were 20.7% for 2017, compared to 9.7% for 2016. Total
other income, net of other expenses, increased by $0.6 million, or 47.1%, to $1.7 million for 2017 from $1.2 million for 2016.
Income before provision for income taxes
Income before provision for income taxes increased by
$0.6 million, or 6.6%, to
$10.4 million for 2017 from
$9.7 million for 2016. The increase
in income before provision for income taxes was mainly due to the
increase in other income as well as slight increase in income from
operations.
Income taxes
Provision for income taxes was $1.3
million for 2017, compared to $1.4
million for 2016.
Net income and earnings per share
Net income increased by $0.8
million, or 10.1%, to $9.1
million for 2017 from $8.3
million for 2016. After deducting net income attributable to
noncontrolling interest, net income attributable to common
shareholders was $8.8 million, or
$0.48 per basic and diluted share,
for 2017, compared to $8.3 million,
or $0.45 per basic and diluted share,
for 2016.
Financial Conditions
As of December 31, 2017, the
Company had cash of $18.6 million,
compared to $15.9 million at
December 31, 2016. Total working
capital was $30.0 million as of
December 31, 2017, compared to
$23.2 million at the end of 2016.
Net cash provided by operating activities was $3.0 million for 2017, compared to $5.7 million for 2016. Net cash used in investing
activities was $4.9 million for 2017,
compared to $1.0 million for 2016.
Net cash provided by financing activities was $3.7 million for 2017, compared to net cash used
in financing activities of $1.5
million for 2016.
Recent Development
On September 16, 2017, The Company
held its 2017 Annual Meeting of Shareholders at its headquarters in
Taian City, Shandong Province. The Company's shareholders: 1)
ratified the appointment of MaloneBailey, LLC as its independent
registered public accounting firm for the fiscal year of 2017; and
2) reelected Jie Xu and Tianjun Zhang as Class I Directors.
Notice
Rounding amounts and percentages: Certain amounts and
percentages included in this press release have been rounded for
ease of presentation. Percentage figures included in this press
release have not in all cases been calculated on the basis of such
rounded figures, but on the basis of such amounts prior to
rounding. For this reason, certain percentage amounts in this press
release may vary from those obtained by performing the same
calculations using the figures in the financial statements. In
addition, certain other amounts that appear in this press release
may not sum due to rounding.
About China Customer Relations Centers, Inc.
The Company is a BPO service provider focusing on the complex,
voice-based segment of customer care services, including:
- customer relationship management;
- technical support;
- sales;
- customer retention;
- marketing surveys; and
- research.
The Company's service is currently delivered from call centers
located at over 20 cities across 12 provinces, autonomous regions
and municipalities in China,
including Shandong, Jiangsu, Anhui, Hebei,
Xinjiang, Guangxi, Jiangxi, Chongqing, Beijing, Henan, Shanghai and Sichuan. More information about the Company
can be found at: www.ccrc.com.
Forward-Looking Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's
statements regarding its: 1) expansion of its service capacity and
geographical footprint; 2) anticipated increase in administrative
costs; and 3) continued growth and business outlook, are
forward-looking statements. Forward-looking statements are
not guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's
future business development; product and service demand and
acceptance; changes in technology; economic conditions; the growth
of the call center business process outsourcing market in
China; reputation and brand; the
impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in
China and assumptions underlying
or related to any of the foregoing and other risks contained in
reports filed by the Company with the Securities and Exchange
Commission. For these reasons, among others, investors are
cautioned not to place undue reliance upon any forward-looking
statements in this press release. Additional factors are discussed
in the Company's filings with the U.S. Securities and Exchange
Commission, which are available for review at www.sec.gov. The
Company undertakes no obligation to publicly revise these
forward‐looking statements to reflect events or circumstances that
arise after the date hereof.
For more information, please contact:
Tony Tian,
CFA
Weitian Group LLC
Email: tony.tian@weitian-ir.com
Phone: +1-732-910-9692
CHINA CUSTOMER
RELATIONS CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
18,628,365
|
|
|
$
|
15,947,268
|
|
Accounts receivable,
net
|
|
|
23,689,583
|
|
|
|
13,595,396
|
|
Notes
receivable
|
|
|
-
|
|
|
|
547,259
|
|
Notes receivable –
related party, current
|
|
|
968,277
|
|
|
|
-
|
|
Prepayments
|
|
|
1,277,149
|
|
|
|
504,780
|
|
Due from related
parties, net
|
|
|
219,051
|
|
|
|
248,866
|
|
Restricted
cash
|
|
|
-
|
|
|
|
500,000
|
|
Other current
assets
|
|
|
1,084,929
|
|
|
|
1,041,923
|
|
Total current
assets
|
|
|
45,867,354
|
|
|
|
32,385,492
|
|
Cost method
investments
|
|
|
3,688,676
|
|
|
|
-
|
|
Notes receivable -
related party, non-current
|
|
|
-
|
|
|
|
907,297
|
|
Property and
equipment, net
|
|
|
6,067,338
|
|
|
|
4,360,976
|
|
Deferred tax
assets
|
|
|
313,463
|
|
|
|
69,864
|
|
Total non-current
assets
|
|
|
10,069,477
|
|
|
|
5,338,137
|
|
Total
assets
|
|
$
|
55,936,831
|
|
|
$
|
37,723,629
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Short term
loan
|
|
$
|
3,842,371
|
|
|
$
|
-
|
|
Accounts
payable
|
|
|
495,177
|
|
|
|
664,838
|
|
Accounts payable -
related parties
|
|
|
46,661
|
|
|
|
129,489
|
|
Accrued liabilities
and other payables
|
|
|
4,724,823
|
|
|
|
3,603,471
|
|
Deferred
revenue
|
|
|
607,660
|
|
|
|
607,160
|
|
Wages
payable
|
|
|
5,565,078
|
|
|
|
2,885,735
|
|
Income taxes
payable
|
|
|
541,321
|
|
|
|
883,654
|
|
Due to related
parties
|
|
|
-
|
|
|
|
446,050
|
|
Total current
liabilities
|
|
|
15,823,091
|
|
|
|
9,220,397
|
|
Total liabilities
|
|
|
15,823,091
|
|
|
|
9,220,397
|
|
Equity
|
|
|
|
|
|
|
|
|
Common shares, $0.001
par value, 100,000,000 shares authorized, 18,329,600 shares issued
and outstanding as of December 31, 2017 and 2016
|
|
|
18,330
|
|
|
|
18,330
|
|
Additional paid-in
capital
|
|
|
11,202,396
|
|
|
|
11,178,774
|
|
Retained
earnings
|
|
|
25,292,402
|
|
|
|
17,226,261
|
|
Statutory
reserves
|
|
|
2,597,031
|
|
|
|
2,067,835
|
|
Accumulated other
comprehensive income (loss)
|
|
|
80,868
|
|
|
|
(1,987,968)
|
|
Total China Customer
Relations Centers, Inc. shareholders' equity
|
|
|
39,191,027
|
|
|
|
28,503,232
|
|
Noncontrolling
interest
|
|
|
922,713
|
|
|
|
-
|
|
Total
equity
|
|
|
40,113,740
|
|
|
|
28,503,232
|
|
Total liabilities and
equity
|
|
$
|
55,936,831
|
|
|
$
|
37,723,629
|
|
CHINA CUSTOMER
RELATIONS CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
|
|
For The Years
Ended December 31,
|
|
2017
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Revenues,
net
|
$
|
88,971,787
|
|
$
|
72,731,706
|
|
$
|
59,350,721
|
Cost of
revenues
|
|
65,562,563
|
|
|
53,098,552
|
|
|
46,891,617
|
Gross
profit
|
|
23,409,224
|
|
|
19,633,154
|
|
|
12,459,104
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling, general
& administrative expenses
|
|
14,766,524
|
|
|
11,082,106
|
|
|
7,259,279
|
Total operating
expenses
|
|
14,766,524
|
|
|
11,082,106
|
|
|
7,259,279
|
Income from
operations
|
|
8,642,700
|
|
|
8,551,048
|
|
|
5,199,825
|
Interest
expense
|
|
(1,609)
|
|
|
(50,383)
|
|
|
(278,363)
|
Government
grants
|
|
1,885,340
|
|
|
801,125
|
|
|
1,027,581
|
Other
income
|
|
175,995
|
|
|
479,387
|
|
|
225,306
|
Other
expense
|
|
(331,641)
|
|
|
(55,003)
|
|
|
(124,473)
|
Total other
income
|
|
1,728,085
|
|
|
1,175,126
|
|
|
850,051
|
Income before
provision for income taxes
|
|
10,370,785
|
|
|
9,726,174
|
|
|
6,049,876
|
Income tax
provision
|
|
1,255,654
|
|
|
1,448,923
|
|
|
1,275,633
|
Net
income
|
|
9,115,131
|
|
|
8,277,251
|
|
|
4,774,243
|
Less: net income
attribute to noncontrolling interest
|
|
341,672
|
|
|
-
|
|
|
-
|
Net income
attribute to China Customer Relations Center, Inc.
|
$
|
8,773,459
|
|
$
|
8,277,251
|
|
$
|
4,774,243
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
|
|
|
|
|
Net
income
|
$
|
9,115,131
|
|
$
|
8,277,251
|
|
$
|
4,774,243
|
Foreign currency
translation adjustment
|
|
2,141,796
|
|
|
(1,537,534)
|
|
|
(684,590)
|
Total
comprehensive income
|
|
11,256,927
|
|
|
6,739,717
|
|
|
4,089,653
|
Less: Comprehensive
income attributable to noncontrolling interest
|
|
401,324
|
|
|
-
|
|
|
-
|
Comprehensive
income attributable to China Customer Relations Centers,
Inc.
|
$
|
10,855,603
|
|
$
|
6,739,717
|
|
$
|
4,089,653
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to China Customer Relations Centers,
Inc.
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.48
|
|
$
|
0.45
|
|
$
|
0.30
|
Diluted
|
$
|
0.48
|
|
$
|
0.45
|
|
$
|
0.30
|
Weighted average
common shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
18,329,600
|
|
|
18,329,600
|
|
|
16,015,079
|
Diluted
|
|
18,329,600
|
|
|
18,329,600
|
|
|
16,015,079
|
CHINA CUSTOMER
RELATIONS CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
For The Years
Ended December 31,
|
|
2017
|
|
2016
|
|
2015
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Net income
|
$
|
9,115,131
|
|
$
|
8,277,251
|
|
$
|
4,774,243
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
1,852,152
|
|
|
1,542,352
|
|
|
1,340,961
|
Allowance for
doubtful accounts
|
|
429,803
|
|
|
805,870
|
|
|
-
|
Loss on disposal of
property and equipment
|
|
2,416
|
|
|
-
|
|
|
-
|
Deferred income
taxes
|
|
(230,043)
|
|
|
(84,067)
|
|
|
(172,000)
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(9,269,755)
|
|
|
(5,561,722)
|
|
|
(2,499,956)
|
Due from related
parties, net
|
|
-
|
|
|
-
|
|
|
(114,670)
|
Due to related
parties
|
|
-
|
|
|
-
|
|
|
(2,394)
|
Prepayments
|
|
(1,313,830)
|
|
|
(767,516)
|
|
|
(447,311)
|
Other current
assets
|
|
25,925
|
|
|
(63,669)
|
|
|
191,536
|
Accounts
payable
|
|
(505,372)
|
|
|
193,639
|
|
|
113,033
|
Accounts payable -
related parties
|
|
(88,136)
|
|
|
25,276
|
|
|
-
|
Wages
payable
|
|
2,393,214
|
|
|
277,335
|
|
|
908,720
|
Income taxes
payable
|
|
(386,825)
|
|
|
(67,681)
|
|
|
586,931
|
Deferred
revenue
|
|
(38,813)
|
|
|
634,644
|
|
|
-
|
Accrued liabilities
and other payables
|
|
1,016,373
|
|
|
454,572
|
|
|
1,277,678
|
Net cash provided
by operating activities
|
|
3,002,240
|
|
|
5,666,284
|
|
|
5,956,771
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(2,082,719)
|
|
|
(478,775)
|
|
|
(1,614,696)
|
Change of restricted
cash
|
|
500,000
|
|
|
-
|
|
|
(500,000)
|
Proceeds from sale of
property and equipment
|
|
108
|
|
|
-
|
|
|
-
|
Payments for cost
method investments
|
|
(3,509,404)
|
|
|
-
|
|
|
-
|
Loan to third
party
|
|
-
|
|
|
(563,896)
|
|
|
-
|
Repayments from third
party
|
|
233,596
|
|
|
-
|
|
|
-
|
Advances to related
parties
|
|
(7,400)
|
|
|
(18,210)
|
|
|
(930,536)
|
Repayments from
related parties
|
|
-
|
|
|
40,011
|
|
|
1,095,087
|
Net cash used in
investing activities
|
|
(4,865,819)
|
|
|
(1,020,870)
|
|
|
(1,950,145)
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
Proceeds from
issuances of common shares
|
|
-
|
|
|
-
|
|
|
8,497,024
|
Contribution from
noncontrolling investor in subsidiary
|
|
353,581
|
|
|
-
|
|
|
-
|
Repayments to related
parties
|
|
(473,914)
|
|
|
-
|
|
|
-
|
Borrowings of short
term loan
|
|
3,780,490
|
|
|
-
|
|
|
3,800,367
|
Repayments of short
term loans
|
|
-
|
|
|
(1,510,962)
|
|
|
(7,478,890)
|
Net cash provided
(used in) by financing activities
|
|
3,660,157
|
|
|
(1,510,962)
|
|
|
4,818,501
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
884,519
|
|
|
(811,033)
|
|
|
(298,288)
|
Net change in cash
and cash equivalents
|
|
2,681,097
|
|
|
2,323,419
|
|
|
8,526,839
|
Cash and cash
equivalents, beginning of the year
|
|
15,947,268
|
|
|
13,623,849
|
|
|
5,097,010
|
Cash and cash
equivalents, end of the year
|
$
|
18,628,365
|
|
$
|
15,947,268
|
|
$
|
13,623,849
|
View original
content:http://www.prnewswire.com/news-releases/china-customer-relations-centers-inc-announces-second-half-and-full-year-2017-financial-results-300638254.html
SOURCE China Customer Relations Centers, Inc.