SAN DIEGO and SHENZHEN, China, Aug.
13, 2018 /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, 2018.
Second Quarter 2018 Highlights (all results compared to prior
year period)
- Net sales for the second quarter of 2018 increased by 25.6% to
$64.9 million from $51.7 million. Excluding the impact of Ganzhou
Highpower Technology Co., Ltd. ("GZ Highpower"), net sales
increased 32.8% to $64.9 million from
$48.9 million.
- Lithium business net sales increased 31.1% to $48.5 million from $37.0
million.
- Gross margin decreased to 17.4% of net sales compared to 23.3%.
Excluding GZ Highpower, gross margin was 17.4% compared to
23.2%.
- Net income attributable to the Company decreased 37.9% to net
income of $2.7 million, or
$0.17 per diluted share, compared to
net income attributable to the Company of $4.4 million, or $0.28 per diluted share. Excluding GZ Highpower,
net income attributable to the Company was $2.7 million compared to net income attributable
to the Company of $4.2 million.
Mr. George Pan, Chairman and CEO
of Highpower International, commented, "We are pleased to exceed
our top-line guidance for the quarter, driven by growth in both our
lithium and Ni-MH businesses. New and existing customers in the
high-end consumer product, industrial application, and artificial
intelligence product industries in particular grew our lithium
business. In addition, our Ni-MH business benefited from increased
demand generated by the trend of consumer electronics providers
switching from one-time-use batteries to re-chargeable
batteries.
"We will continue to drive our business forward in the second
half of the year by producing higher quality and safer battery
products and services to grow Top-line sales. At the same time, we
will manage our prices, operations, and customer expectations to
maintain a balance between growth and margins. We remain optimistic
about the growth of our industry and our ability to be a leading
provider of clean, safe, and efficient power solutions to meet
society's needs," Mr. Pan concluded.
Second Quarter and First Half 2018 Financial Results
Net Sales
Net sales for the second quarter of 2018 increased 25.6% to
$64.9 million from $51.7 million in the prior year period. The
increase was driven by sales of the Company's lithium business,
which grew 31.1%, or $11.5 million,
during the quarter. In addition, sales in the Ni-MH business grew
39.3%, or $4.6 million, year over
year. Excluding the impact of GZ Highpower, net sales increased
32.8% to $64.9 million from
$48.9 million.
Net sales increased 22.6% to $114.7
million in the first half of 2018 compared to $93.6 million in the first half of 2017.
Excluding the impact of GZ Highpower, net sales increased 28.9% to
$114.7 million in the first half of
2018.
Gross Profit
Gross profit for the second quarter of 2018 decreased 6.3% to
$11.3 million from $12.1 million in the prior year period due to
high raw material prices. Gross margin for the second quarter of
2018 was 17.4% compared to 23.3% in the prior year period.
Excluding GZ Highpower, gross margin was 17.4% compared to
23.2%.
Gross profit for the first half of 2018 decreased 14.2% to
$18.9 million from $22.0 million in the prior year period. Gross
margin was 16.5% and 23.5% for first half of 2018 and 2017,
respectively. Excluding GZ Highpower, gross margin for the first
half of 2018 was 16.5% compared to 23.2% in the prior year
period.
Operating Expenses
- Research and development (R&D) expenses for
the second quarter of 2018 were $3.6
million compared to $2.1
million in the prior year period. As a percentage of net
sales, R&D expenses increased to 5.5% from 4.1% in the prior
year period due to the Company's continued investments in
R&D.
Research and development expenses were $6.2 million, or 5.4% of net sales, for the first
half of 2018 compared to $4.0
million, or 4.2% of net sales, for the first half of
2017.
- Selling and distribution expenses for the second
quarter of 2018 were $2.1 million
compared to $1.7 million in the prior
year period. As a percentage of net sales, selling and distribution
expenses remained at 3.3% compared to the prior year period.
Selling and distribution expenses were $4.1 million, or 3.6% of net sales, for the first
half of 2018 compared to $3.4
million, or 3.6% of net sales, for the first half of
2017.
- General and administrative expenses for the
second quarter of 2018 were $3.9
million compared to $3.0
million in the prior year period. As a percentage of net
sales, general and administrative expenses increased to 6.0% from
5.8% in the prior year period.
General and administrative expenses were $8.0 million, or 7.0% of net sales, for the first
half of 2018 compared to $6.1
million, or 6.5% of net sales, for the first half of 2017.
The increase was due to the increase of payroll related and
amortization of share-based compensation.
Net Income
Net income attributable to the Company for the second quarter of
2018 was $2.7 million compared to
$4.4 million in the prior period. Net
income attributable to the Company per diluted share for the second
quarter of 2018 was $0.17 compared to
$0.28 in the prior year period.
Excluding GZ Highpower, net income attributable to the Company was
$2.7 million compared to $4.2 million in the prior year period.
For the second quarter of 2018, the Company's weighted average
diluted shares outstanding used in computing diluted share was
15,629,413.
Net income attributable to the Company for the first half of
2018 decreased to $1.6 million from
$7.0 million in the prior year
period. Net income attributable to the Company per diluted share
for the first half of 2018 decreased to $0.10 from $0.45 in
the prior year period. Excluding GZ Highpower, net income
attributable to the Company for the first half of 2018 was
$1.6 million compared to $6.5 million in the prior year period.
For the first half of 2018 and 2017, the Company's weighted
average diluted shares outstanding used in computing diluted share
was 15,619,771 and 15,304,773, respectively.
EBITDA
EBITDA for the second quarter of 2018 decreased 23.7% to
$5.0 million from $6.5 million in the prior year period. EBITDA for
the first half of 2018 decreased by 51.7% to $5.6 million from $11.5
million in the prior year period.
A table reconciling EBITDA to the appropriate GAAP measure is
included with the Company's financial information below.
Balance Sheet
Highlights
|
|
|
|
|
($ in millions,
except per share data)
|
|
June
30,
|
|
December 31,
|
2018
|
|
2017
|
|
|
(Unaudited)
|
|
|
|
|
$
|
|
$
|
Cash
|
|
$7.3
|
|
$14.5
|
Total Current
Assets
|
|
$187.6
|
|
$156.0
|
Total
Assets
|
|
$255.0
|
|
$220.3
|
|
|
|
|
|
Total Current
Liabilities
|
|
$186.8
|
|
$152.3
|
Total
Liabilities
|
|
$186.8
|
|
$153.1
|
Total
Equity
|
|
$68.2
|
|
$67.2
|
Total Liabilities and
Equity
|
|
$255.0
|
|
$220.3
|
Book Value Per
Share
|
|
$4.38
|
|
$4.33
|
Financial Outlook
For the third quarter of 2018, the Company expects net revenues
to grow around 30% year over year. Gross margin is expected to be
similar or better than that of the second quarter of 2018.
Conference Call Details
The Company will hold a conference call on August 13, 2018 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
https://78449.themediaframe.com/dataconf/productusers/hpj/mediaframe/26046/indexl.html.
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
accompanying table 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. 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, 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; 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: yuanmei@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,
|
|
December
31,
|
|
|
|
2018
|
|
2017
|
|
|
|
(Unaudited)
|
|
|
|
|
|
$
|
|
$
|
ASSETS
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash
|
|
|
7,280,576
|
|
14,502,171
|
|
Restricted
cash
|
|
|
30,159,389
|
|
25,953,946
|
|
Accounts receivable,
net
|
|
|
61,440,575
|
|
58,252,999
|
|
Amount due from a
related party
|
|
|
432,320
|
|
1,165,838
|
|
Notes
receivable
|
|
|
1,611,947
|
|
2,606,517
|
|
Advances to
suppliers
|
|
|
8,031,483
|
|
6,050,531
|
|
Prepayments and other
receivables
|
|
|
9,401,564
|
|
4,268,527
|
|
Foreign exchange
derivative assets
|
|
|
-
|
|
236,436
|
|
Inventories
|
|
|
69,200,672
|
|
42,946,644
|
|
|
|
|
|
|
|
|
Total Current
Assets
|
|
|
187,558,526
|
|
155,983,609
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
48,135,151
|
|
46,520,776
|
|
Long-term
prepayments
|
|
|
3,992,080
|
|
3,715,445
|
|
Land use rights,
net
|
|
|
2,564,161
|
|
2,639,631
|
|
Other
assets
|
|
|
747,186
|
|
748,431
|
|
Deferred tax assets,
net
|
|
|
1,219,521
|
|
750,267
|
|
Long-term
investments
|
|
|
10,790,882
|
|
9,906,379
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
255,007,507
|
|
220,264,538
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
|
80,534,723
|
|
60,368,012
|
|
Deferred government
grant
|
|
|
758,059
|
|
309,638
|
|
Short-term
loans
|
|
|
25,080,521
|
|
10,128,646
|
|
Non-financial
institution borrowings
|
|
|
9,069,335
|
|
10,756,158
|
|
Notes
payable
|
|
|
51,710,779
|
|
54,859,478
|
|
Foreign exchange
derivative liabilities
|
|
|
689,790
|
|
-
|
|
Amount due to a
related party
|
|
|
423,236
|
|
-
|
|
Other payables and
accrued liabilities
|
|
|
15,338,570
|
|
12,243,345
|
|
Income taxes
payable
|
|
|
3,225,973
|
|
3,609,391
|
|
|
|
|
|
|
|
|
Total Current
Liabilities
|
|
|
186,830,986
|
|
152,274,668
|
|
|
|
|
|
|
|
|
Income taxes payable,
noncurrent
|
|
|
-
|
|
777,685
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
186,830,986
|
|
153,052,353
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
-
|
|
-
|
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Stated in US
Dollars)
|
|
|
|
June
30,
2018
|
|
December
31,
2017
|
|
|
(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, 15,559,658 shares issued and
outstanding at June 30, 2018 and 15,509,658 at December 31, 2017,
respectively)
|
|
1,556
|
|
1,551
|
|
Additional paid-in
capital
|
|
13,410,368
|
|
12,709,756
|
|
Statutory and other
reserves
|
|
6,549,815
|
|
6,549,815
|
|
Retained
earnings
|
|
46,076,947
|
|
44,481,568
|
|
Accumulated other
comprehensive income
|
|
2,137,835
|
|
3,469,495
|
|
|
|
|
|
TOTAL
EQUITY
|
|
68,176,521
|
|
67,212,185
|
|
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
|
255,007,507
|
|
220,264,538
|
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,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
$
|
|
$
|
|
$
|
|
$
|
Net sales
|
64,923,960
|
|
51,699,930
|
|
114,707,413
|
|
93,566,778
|
Cost of
sales
|
(53,614,034)
|
|
(39,628,164)
|
|
(95,831,160)
|
|
(71,560,178)
|
Gross
profit
|
11,309,926
|
|
12,071,766
|
|
18,876,253
|
|
22,006,600
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
(3,592,760)
|
|
(2,137,286)
|
|
(6,154,597)
|
|
(3,951,216)
|
Selling and
distribution expenses
|
(2,121,650)
|
|
(1,722,910)
|
|
(4,096,746)
|
|
(3,361,223)
|
General and
administrative expenses
|
(3,910,188)
|
|
(3,016,401)
|
|
(8,024,998)
|
|
(6,074,963)
|
Foreign currency
transaction gain (loss)
|
1,670,932
|
|
(514,624)
|
|
656,239
|
|
(828,502)
|
Total operating
expenses
|
(7,953,666)
|
|
(7,391,221)
|
|
(17,620,102)
|
|
(14,215,904)
|
|
|
|
|
|
|
|
|
Income from
operations
|
3,356,260
|
|
4,680,545
|
|
1,256,151
|
|
7,790,696
|
|
|
|
|
|
|
|
|
Changes in fair value
of warrant liability
|
-
|
|
31,811
|
|
-
|
|
259
|
Changes in fair value
of foreign exchange derivative assets
(liabilities)
|
(1,125,140)
|
|
-
|
|
(421,425)
|
|
-
|
Government
grants
|
988,679
|
|
209,297
|
|
1,318,499
|
|
558,812
|
Other
income
|
56,581
|
|
67,068
|
|
80,142
|
|
295,646
|
Equity in earnings
(loss) of investees
|
160,070
|
|
(41,607)
|
|
316,320
|
|
105,325
|
Gain on dilution in
equity method investee
|
-
|
|
491,325
|
|
-
|
|
491,325
|
Interest
expenses
|
(312,814)
|
|
(380,531)
|
|
(554,666)
|
|
(983,848)
|
Income before
taxes
|
3,123,636
|
|
5,057,908
|
|
1,995,021
|
|
8,258,215
|
|
|
|
|
|
|
|
|
Income taxes
expenses
|
(409,321)
|
|
(595,708)
|
|
(399,642)
|
|
(1,183,473)
|
Net income
|
2,714,315
|
|
4,462,200
|
|
1,595,379
|
|
7,074,742
|
|
|
|
|
|
|
|
|
Less: net income
attributable to non-controlling interest
|
-
|
|
90,963
|
|
-
|
|
167,856
|
Net income
attributable to the Company
|
2,714,315
|
|
4,371,237
|
|
1,595,379
|
|
6,906,886
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
|
|
|
|
Net income
|
2,714,315
|
|
4,462,200
|
|
1,595,379
|
|
7,074,742
|
Foreign currency
translation (loss) gain
|
(4,168,216)
|
|
1,508,714
|
|
(1,331,660)
|
|
1,484,713
|
Comprehensive (loss)
income
|
(1,453,901)
|
|
5,970,914
|
|
263,719
|
|
8,559,455
|
|
|
|
|
|
|
|
|
Less: comprehensive
income attributable to non-controlling
interest
|
-
|
|
98,795
|
|
-
|
|
178,346
|
Comprehensive (loss)
income attributable to the Company
|
(1,453,901)
|
|
5,872,119
|
|
263,719
|
|
8,381,109
|
|
|
|
|
|
|
|
|
Earnings per share of
common stock attributable to the
Company
|
|
|
|
|
|
|
|
- Basic
|
0.17
|
|
0.29
|
|
0.10
|
|
0.45
|
- Diluted
|
0.17
|
|
0.28
|
|
0.10
|
|
0.45
|
|
|
|
|
|
|
|
|
Weighted average
number of common stock outstanding
|
|
|
|
|
|
|
|
- Basic
|
15,556,361
|
|
15,317,101
|
|
15,533,139
|
|
15,218,820
|
- Diluted
|
15,629,413
|
|
15,479,357
|
|
15,619,771
|
|
15,304,773
|
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Stated in US
Dollars)
|
|
|
Six Months
Ended June 30,
|
|
2018
|
|
2017
|
|
(Unaudited)
|
|
(Unaudited)
|
|
$
|
|
$
|
Cash flows from
operating activities
|
|
|
|
Net income
|
1,595,379
|
|
7,074,742
|
Adjustments to
reconcile net income to net cash (used in) provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
3,003,872
|
|
2,429,982
|
(Reversal) allowance
for doubtful accounts
|
(472,799)
|
|
17,994
|
Loss on disposal of
property, plant and equipment
|
159,458
|
|
25,218
|
Deferred
tax
|
(498,878)
|
|
263,673
|
Changes in fair value
of foreign exchange derivative assets (liabilities)
|
955,790
|
|
-
|
Equity in earnings of
investees
|
(316,320)
|
|
(105,325)
|
Gain on dilution in
equity method investee
|
-
|
|
(491,325)
|
Share based
compensation
|
488,117
|
|
44,815
|
Changes in fair value
of warrant liability
|
-
|
|
(259)
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(3,877,577)
|
|
4,390,991
|
Notes
receivable
|
986,591
|
|
(1,057,366)
|
Advances to
suppliers
|
(2,154,883)
|
|
-
|
Prepayments and other
receivables
|
(4,921,059)
|
|
(3,799,960)
|
Amount due from a
related party
|
740,408
|
|
5,178,499
|
Amount due to a
related party
|
-
|
|
(1,480,335)
|
Inventories
|
(27,915,901)
|
|
(9,595,161)
|
Accounts
payable
|
21,683,401
|
|
(494,812)
|
Deferred government
grant
|
469,895
|
|
109,892
|
Other payables and
accrued liabilities
|
3,578,815
|
|
(2,145,295)
|
Income taxes
payable
|
(1,140,753)
|
|
(227,668)
|
Net cash flows (used
in) provided by operating activities
|
(7,636,444)
|
|
138,300
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Acquisitions of
property, plant and equipment
|
(5,681,723)
|
|
(5,199,130)
|
Payment for long-term
investment
|
(328,927)
|
|
-
|
Net cash flows used
in investing activities
|
(6,010,650)
|
|
(5,199,130)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
short-term loans
|
15,664,587
|
|
2,916,017
|
Repayments of
short-term loans
|
-
|
|
(2,841,696)
|
Proceeds from
non-financial institution borrowings
|
-
|
|
10,200,959
|
Repayments of
non-financial institution borrowings
|
(1,566,318)
|
|
(2,331,648)
|
Proceeds from notes
payable
|
53,584,205
|
|
40,861,835
|
Repayments of notes
payable
|
(55,920,682)
|
|
(31,049,819)
|
Proceeds from exercise
of employee options
|
-
|
|
623,806
|
Net cash flows
provided by financing activities
|
11,761,792
|
|
18,379,454
|
Effect of foreign
currency translation on cash and restricted cash
|
(1,130,850)
|
|
1,387,318
|
Net (decrease)
increase in cash and restricted cash
|
(3,016,152)
|
|
14,705,942
|
Cash and restricted
cash - beginning of period
|
40,456,117
|
|
20,538,033
|
Cash and restricted
cash - end of period
|
37,439,965
|
|
35,243,975
|
|
|
|
|
Supplemental
disclosures for cash flow information:
|
|
|
|
Cash paid
for:
|
|
|
|
Income
taxes
|
2,039,273
|
|
1,147,467
|
Interest
expenses
|
1,002,653
|
|
948,831
|
Non-cash
transactions
|
|
|
|
Shares issued for
legal case settlement
|
212,500
|
|
-
|
Offset of deferred
income related to government grant and property, plant and
equipment
|
-
|
|
85,571
|
Reconciliation of Net
Income (loss) to EBITDA
|
|
|
|
|
Three months
ended June 30,
|
|
Six
months ended June
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
$
|
|
$
|
|
$
|
|
$
|
Net income
attributable to the Company
|
2,714,315
|
|
4,371,237
|
|
1,595,379
|
|
6,906,886
|
|
|
|
|
|
|
|
|
Interest
expenses
|
312,814
|
|
380,531
|
|
554,666
|
|
983,848
|
Income taxes
expenses
|
409,321
|
|
595,708
|
|
399,642
|
|
1,183,473
|
Depreciation and
Amortization
|
1,528,644
|
|
1,155,648
|
|
3,003,872
|
|
2,429,982
|
|
|
|
|
|
|
|
|
EBITDA
|
4,965,094
|
|
6,503,124
|
|
5,553,559
|
|
11,504,189
|
View original
content:http://www.prnewswire.com/news-releases/highpower-international-reports-unaudited-second-quarter-and-first-half-2018-financial-results-300695886.html
SOURCE Highpower International, Inc.