ZHEJIANG, China, Aug. 14, 2018 /PRNewswire/ -- SORL Auto Parts,
Inc. (NASDAQ: SORL) ("SORL" or the "Company"), a leading
manufacturer and distributor of automotive brake systems as well as
other key safety-related auto parts in China, today announced its unaudited financial
results for the second quarter of 2018 and the first six months
ended June 30, 2018.
Second Quarter 2018 Financial Highlights
- Net sales increased 40.1% to $128.5
million compared with $91.7
million in the second quarter last year;
- Gross profit increased 39.5% and the gross margin was 26.8% in
the second quarter of 2018 compared to 26.9% in the same period of
2017;
- Diluted earnings per share were $0.35 compared with $0.31 in the same quarter last year.
First Six Months of 2018 Financial Highlights
- Net sales increased 41.9% to $236.2
million compared with $166.5
million in same period of last year;
- Operating income increased 29.4% to $23.8 million from $18.4
million in the same period in 2017;
- Net income attributable to stockholders increased 16.9% to
$15.0 million or $0.78 per basic and diluted, compared with
$12.8 million, or $0.67 per basic and diluted share in the same
period of 2017.
Mr. Xiaoping Zhang, SORL's Chief
Executive Officer and Chairman, stated, "We continue to achieve
strong growth in all three business lines with a 35.0% gain in the
OEM market and a 70.5% increase in aftermarket sales. Our sales are
outperforming the markets as we continue to increase our market
share and profits. In addition, our cash flow is strengthening our
financial resources even as we reduce our debt."
Second Quarter 2018 Financial Performance
For the second quarter of 2018, net sales increased by 40.1% to
$128.5 million from $91.7 million for the second quarter of 2017.
Revenues from the Company's domestic OEM customers increased by
35.0% to $62.6 million from
$46.4 million in the second quarter
of 2017. Commercial vehicle production and sales increased in the
second quarter of 2018 and SORL continued to increase its leading
market position. Sales from China's domestic aftermarket increased 70.5%
to $42.8 million in the second
quarter of 2018 from $25.1 million in
the same quarter of 2017. Higher aftermarket product sales were
generated due to the growing number of OEM warranties that expired
from prior new vehicle sales in China. Also, the Chinese government's
increased support for public transportation due to greater
urbanization, expanded SORL's bus aftermarket sales. Revenues from
international markets increased 13.9% to $23.1 million from $20.2
million in the second quarter of 2017 primarily due to a
larger customer base.
The gross profit for the second quarter of 2018 increased 39.5%
to $34.4 million from $24.7 million for the second quarter of 2017.
Gross margin for the second quarter of 2018 was 26.8%, compared
with a gross margin of 26.9% in the same quarter of 2017. The
decrease in gross margin was primarily due to increased sales
promotion during the second quarter of 2018.
Operating expenses increased 66.8% to $27.0 million from $16.2
million in the second quarter of 2017. Operating expenses
rose due to higher research and development, and increased selling
and distribution expenses and higher general and administrative
expenses related to higher sales in the second quarter of 2018. As
a percentage of revenue, operating expenses were 21.0% in the
second quarter of 2018, compared with 17.6% in the second quarter
of 2017.
- Selling and distribution expenses were $14.0 million, or 10.9% of quarterly revenues,
compared with $9.0 million, or 9.8%
in the same quarter of 2017. The increase in expenses was mainly
due to higher packaging and repair expenses and increased warranty
fees.
- General and administrative ("G&A") expenses in the second
quarter of 2018 were $7.7 million, or
6.0% of revenue, compared with $4.7
million, or 5.1% in the second quarter of 2017.
- Research and development ("R&D") expenses were $5.3 million in the second quarter of 2018
compared with $2.5 million in the
same quarter of 2017. As a percentage of revenue, R&D was 4.1%
in the second quarter of 2018 and compared with 2.7% of revenue in
the second quarter of 2017. The R&D program mainly focused on
the development of new, higher-margin, electronically controlled
products, products for new energy vehicles and upgrading legacy
brake products to enhance the Company's market leadership.
Income from operations increased 11.9% to $9.8 million in the second quarter of 2018
compared with $8.8 million in the
same quarter of 2017.
Interest income was $0.8 million
in the second quarter of 2018, compared with $0.01 million in the same quarter in 2017.
Financial expenses were $3.5
million in the second quarter of 2018, compared with
$0.5 million in the second quarter of
2017. The increase was due to a rise in interest rates and a higher
amount of average loans outstanding.
Exchange differences were $1.1
million in the second quarter of 2018, compared with
negative $0.4 million in the same
quarter in 2017.
Income before income taxes was $8.7
million for the second quarter of 2018, compared to
$7.9 million for the second quarter
of 2017. The pretax income margin was 6.8% in the second quarter of
2018, compared with 9.6% in the second quarter of 2017.
The provision for income taxes was $1.2
million in the second quarter of 2018, compared with
$1.3 million in the second quarter of
2017.
Net income attributable to stockholders for the second quarter
of 2018 increased to $6.7 million, or
$0.35 per basic and diluted share,
compared with $5.9 million, or
$0.31 on per basic and diluted share,
in the second quarter of 2017.
First Six Months 2018 Financial Performance
Net sales for the first six months of 2018 increased 41.9% to
$236.2 million from $166.5 million for the first six months of 2017.
Net sales from the Company's China OEM market increased 34.4% to
$114.4 million from $85.2 million in the same period in 2017.
Revenues from China's domestic
aftermarket increased 71.1% to $80.9
million from $47.1 million in
the first six months of 2017. Revenues from international markets
increased 19.5% to $40.9 million from
$34.2 million in the first six months
of 2017.
Gross profit for the first six months of 2018 increased 41.4% to
$64.6 million from $45.7 million in the same period in 2017. Gross
margin for the six months ended June 30,
2018, was 27.4% compared to 27.5% for the first six months
of 2017.
Operating income for the first six months of 2018 increased
29.4% to $23.8 million from
$18.4 million in the same period in
2017. Operating margin was 10.1% versus 11.1% in first six months
of 2017.
Net income attributable to stockholders for the first six months
of 2018 was $15.0 million, or
$0.78 per basic and diluted share,
compared with $12.8 million, or
$0.67 per basic and diluted share, in
the same period in 2017.
Balance Sheet
As of June 30, 2018, the Company
had cash and cash equivalents of $24.5
million up from $22.7 million
at March 31, 2018 and $4.2 million at December
31, 2017. Cash and cash equivalents plus restricted cash was
$76.4 million on June 30, 2018, up from $69.3 million at March 31,
2018 and up from $4.6 million
at December 31, 2017. Inventories
increased to $136.9 million at
June 30, 2018 from $114.3 million at December
31, 2017. Bank acceptance notes from customers increased to
$129.7 million on June 30, 2018 from $116.0
million, and accounts receivables were $183.1 million compared with $134.4 million on December
31, 2017. Short-term bank loans declined to $162.2 million from $239.6
million at March 31, 2018, and
was $125.4 million at December 31, 2017. Total equity was $214.0 million at June 30,
2018. On June 30, 2018,
working capital was $87.4
million.
Business Outlook
For the fiscal year 2018, management has reiterated its
expectation for annual net sales to be approximately $450 million and net income to be approximately
$28.0 million. These targets are
based on the Company's current views on the operating and market
conditions, which are subject to change.
Conference Call
Management will host a conference call on Tuesday, August 14, 2018 at 8:00 P.M. EDT which is
also 8:00 A.M. Beijing Time on
Wednesday, August 15, 2018 to discuss its 2018 second quarter and six
months results. Listeners may access the call by dialing U.S. toll
free number +1-877-407-0778 and +1-201-689-8565 for international
callers, and Mainland China toll free +86-400-120-2840. A live web
cast of the conference call will also be available at
http://www.sorl.cn.
A replay of the call will be available shortly after the
conference call through 8:00 P.M. EDT
on September 14, 2018, or
8:00 A.M. Beijing Time on
September 15, 2018. The replay
dial-in numbers are: U.S. toll free number +1-877-481-4010 or the
international number +1-919-882-2331; using Conference ID "36631"
to access the replay.
About SORL Auto Parts, Inc.
As a global tier one supplier of brake and control systems to
the commercial vehicle industry, SORL Auto Parts, Inc. is the
market leader for commercial vehicles brake systems, such as trucks
and buses in China. The Company
distributes products both within China and internationally under the SORL
trademark. SORL is listed among the top 100 auto component
suppliers in China, with a product
range that includes 65 categories with over 2000 specifications in
brake systems and others. The Company has four authorized
international sales centers in UAE, India, the United
States and Europe. SORL is
working to establish a broader global sales network. For more
information, please visit http://www.sorl.cn.
Safe Harbor Statement
This press release may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
the use of forward-looking terminology such as "expects,"
"anticipates," "believes," "targets," "goals," "projects,"
"intends," "plans," "seeks," "estimates," "may," "will," "should"
or similar expressions. For example, when the Company describes the
evaluation of the preliminary non-binding proposal letter, it is
using forward-looking statements. These forward-looking statements
may also include statements about the Company's proposed
discussions related to its business or growth strategy, which are
subject to change. Such information is based upon expectations of
the Company's management that were reasonable when made, but may
prove to be incorrect. All of such assumptions are inherently
subject to uncertainties and contingencies beyond the Company's
control and upon assumptions with respect to future business
decisions, which are subject to change. The Company does not
undertake to update the forward-looking statements contained in
this press release. These risks and uncertainties may include, but
are not limited to general political, economic and business
conditions which may impact the demand for commercial vehicles or
passenger vehicles in China and
the other significant markets where the Company's products are
sold, uncertainty regarding such political, economic and business
conditions, trends in consumer debt levels and bad debt write-offs,
general uncertainty related to possible recessions, natural
disasters, the political stability of China and the impact of any of those events on
demand for commercial or passenger vehicles, changes in consumer
confidence, new product development and introduction, competitive
products and pricing, seasonality, availability of alternative
sources of supply in the case of the loss of any significant
supplier or any supplier's inability to fulfill the Company's
orders, cost of labor and raw materials, the loss of or curtailed
sales to significant customers, the Company's dependence on key
employees and officers, the ability to secure and protect
trademarks, patents and other intellectual property rights,
potential effects of competition in the Company's business, the
dependency of the Company upon the normal operation of its sole
manufacturing facility, potential effect of the economic and
currency instability in China and
countries to which the Company sold its products, the ability of
the Company to successfully manage its expenses on a continuing
basis, the continued availability to the Company of financing and
credit on favorable terms, business disruptions, disease, general
risks associated with doing business in China or other countries including, without
limitation, foreign trade policies, import duties, tariffs, quotas,
political and economic stability, and the other factors discussed
in the Company's Annual Report on Form 10-K and other filings with
the Securities and Exchange Commission. For additional information
regarding known material factors that could cause the Company's
results to differ from its projected results, please see its
filings with the SEC, including its Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
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.
Contact Information
Phyllis Huang
+86-151-6770-5972
+86-577-6581-7721
phyllis@sorl.com.cn
Kevin Theiss
Investor Relations
Awaken Advisors
646-726-6511
kevin.theiss@awakenlab.com
-tables follow –
SORL Auto Parts,
Inc. and Subsidiaries
Consolidated
Balance Sheets
June 30, 2018 and
December 31, 2017
|
|
|
|
June 30,
2018
|
|
December 31,
2017
|
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and cash
equivalents
|
US$
|
24,525,413
|
US$
|
4,221,940
|
Accounts receivable,
net, including $1,503,376 and $1,297,734
from related party at June 30, 2018 and December 31, 2017,
respectively
|
|
183,072,448
|
|
134,384,961
|
Bank acceptance notes
from customers
|
|
129,662,579
|
|
116,040,688
|
Inventories
|
|
136,914,131
|
|
114,300,564
|
Prepayments, current,
including $3,440,141 and $999,527
to related party at June 30, 2018 and December 31, 2017,
respectively
|
|
26,885,985
|
|
8,826,004
|
Restricted
cash
|
|
51,858,438
|
|
376,236
|
Advances to related
parties
|
|
31,997,128
|
|
72,318,224
|
Other current assets,
net
|
|
9,608,654
|
|
5,555,568
|
Total
Current Assets
|
|
594,524,776
|
|
456,024,185
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
84,281,312
|
|
79,828,006
|
Land use rights,
net
|
|
22,266,453
|
|
14,912,134
|
Intangible assets,
net
|
|
-
|
|
3,341
|
Deposits on loan
agreements
|
|
10,579,452
|
|
10,712,865
|
Prepayments,
non-current
|
|
31,050,766
|
|
16,594,987
|
Deferred tax
assets
|
|
3,566,820
|
|
4,240,424
|
Total
Non-current Assets
|
|
151,744,803
|
|
126,291,757
|
Total
Assets
|
US$
|
746,269,579
|
US$
|
582,315,942
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts payable and
bank acceptance notes to vendors, including $7,397,162 and
$15,896,804 due to related parties at June 30, 2018 and December
31, 2017, respectively
|
US$
|
222,438,493
|
US$
|
118,051,633
|
Deposits received
from customers
|
|
62,481,147
|
|
43,087,473
|
Short term bank
loans
|
|
162,173,062
|
|
125,380,899
|
Current portion of
long term loans
|
|
23,938,329
|
|
24,266,031
|
Income tax
payable
|
|
1,348,557
|
|
3,249,727
|
Accrued
expenses
|
|
19,007,341
|
|
25,154,658
|
Due to related
party
|
|
11,536,621
|
|
1,572,963
|
Deferred
income
|
|
755,675
|
|
1,020,273
|
Other current
liabilities
|
|
3,403,573
|
|
2,857,130
|
Total
Current Liabilities
|
|
507,082,798
|
|
344,640,787
|
|
|
|
|
|
Long term loans, less
current portion and net of unamortized debt issuance
costs
|
|
25,177,921
|
|
37,383,224
|
Total
Non-current Liabilities
|
|
25,177,921
|
|
37,383,224
|
Total
Liabilities
|
|
532,260,719
|
|
382,024,011
|
|
|
|
|
|
Equity
|
|
|
|
|
Preferred stock - no
par value; 1,000,000 authorized; none issued and outstanding as of
June 30, 2018 and December 31, 2017
|
|
-
|
|
-
|
Common stock - $0.002
par value; 50,000,000 authorized, 19,304,921 issued and outstanding
as of June 30, 2018 and December 31, 2017
|
|
38,609
|
|
38,609
|
Additional paid-in
capital
|
|
(28,582,654)
|
|
(28,582,654)
|
Reserves
|
|
19,064,049
|
|
17,562,357
|
Accumulated other
comprehensive income
|
|
13,231,502
|
|
15,903,188
|
Retained
earnings
|
|
181,759,559
|
|
168,244,329
|
Total
SORL Auto Parts, Inc. Stockholders' Equity
|
|
185,511,065
|
|
173,165,829
|
Noncontrolling Interest In
Subsidiaries
|
|
28,497,795
|
|
27,126,102
|
Total
Equity
|
|
214,008,860
|
|
200,291,931
|
Total
Liabilities and Equity
|
US$
|
746,269,579
|
US$
|
582,315,942
|
SORL Auto Parts,
Inc. and Subsidiaries
Consolidated
Statements of Income and Comprehensive Income (Loss)
For the Three and
Six Months Ended June 30, 2018 and 2017 (Unaudited)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
Sales
|
US$
|
128,504,952
|
US$
|
91,729,568
|
US$
|
236,231,634
|
US$
|
166,475,962
|
Include: sales to
related parties
|
|
5,962,527
|
|
2,702,573
|
|
13,663,581
|
|
6,322,970
|
Cost of
sales
|
|
94,074,682
|
|
67,056,897
|
|
171,601,878
|
|
120,757,355
|
Gross
profit
|
|
34,430,270
|
|
24,672,671
|
|
64,629,756
|
|
45,718,607
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
13,956,009
|
|
8,985,562
|
|
23,993,870
|
|
14,594,185
|
General and
administrative expenses
|
|
7,694,411
|
|
4,710,522
|
|
12,468,189
|
|
8,755,435
|
Research and
development expenses
|
|
5,331,956
|
|
2,481,563
|
|
8,922,358
|
|
4,536,659
|
Total operating
expenses
|
|
26,982,376
|
|
16,177,647
|
|
45,384,417
|
|
27,886,279
|
|
|
|
|
|
|
|
|
|
Other operating
income, net
|
|
2,379,227
|
|
288,472
|
|
4,576,551
|
|
578,709
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
9,827,121
|
|
8,783,496
|
|
23,821,890
|
|
18,411,037
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
811,580
|
|
11,475
|
|
2,299,844
|
|
22,025
|
Government
grants
|
|
609,592
|
|
84,395
|
|
743,525
|
|
113,304
|
Other
income
|
|
175,627
|
|
50
|
|
202,693
|
|
714
|
Interest
expenses
|
|
(3,529,416)
|
|
(542,176)
|
|
(6,883,127)
|
|
(1,023,336)
|
Exchange
differences
|
|
1,091,208
|
|
(417,118)
|
|
489,922
|
|
(509,850)
|
Other
expenses
|
|
(254,271)
|
|
(25,490)
|
|
(1,145,085)
|
|
(140,289)
|
|
|
|
|
|
|
|
|
|
Income before income
taxes provision
|
|
8,731,441
|
|
7,894,632
|
|
19,529,662
|
|
16,873,605
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
1,238,752
|
|
1,311,509
|
|
2,844,193
|
|
2,597,683
|
|
|
|
|
|
|
|
|
|
Net income
|
US$
|
7,492,689
|
US$
|
6,583,123
|
US$
|
16,685,469
|
US$
|
14,275,922
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest in subsidiaries
|
|
749,269
|
|
658,312
|
|
1,668,547
|
|
1,427,592
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
US$
|
6,743,420
|
US$
|
5,924,811
|
US$
|
15,016,922
|
US$
|
12,848,330
|
|
|
|
|
|
|
|
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
Net income
|
US$
|
7,492,689
|
US$
|
6,583,123
|
US$
|
16,685,469
|
US$
|
14,275,922
|
Foreign currency
translation adjustments
|
|
(11,013,074)
|
|
3,223,520
|
|
(2,968,540)
|
|
4,134,952
|
Comprehensive income
(loss)
|
|
(3,520,385)
|
|
9,806,643
|
|
13,716,929
|
|
18,410,874
|
Comprehensive income
(loss) attributable to noncontrolling interest in
subsidiaries
|
|
(352,038)
|
|
980,664
|
|
1,371,693
|
|
1,841,087
|
Comprehensive income
(loss) attributable to common stockholders
|
US$
|
(3,168,347)
|
US$
|
8,825,979
|
US$
|
12,345,236
|
US$
|
16,569,787
|
|
|
|
|
|
|
|
|
|
Weighted average
common share - basic
|
|
19,304,921
|
|
19,304,921
|
|
19,304,921
|
|
19,304,921
|
|
|
|
|
|
|
|
|
|
Weighted average
common share - diluted
|
|
19,304,921
|
|
19,304,921
|
|
19,304,921
|
|
19,304,921
|
|
|
|
|
|
|
|
|
|
EPS -
basic
|
US$
|
0.35
|
US$
|
0.31
|
US$
|
0.78
|
US$
|
0.67
|
|
|
|
|
|
|
|
|
|
EPS -
diluted
|
US$
|
0.35
|
US$
|
0.31
|
US$
|
0.78
|
US$
|
0.67
|
|
SORL Auto Parts,
Inc. and Subsidiaries
Consolidated
Statements of Cash Flows
For the Six Months
Ended June 30, 2018 and 2017 (Unaudited)
|
|
|
|
Six Months Ended
June 30,
|
|
|
2018
|
|
2017
|
Cash Flows From
Operating Activities
|
|
|
|
|
Net income
|
US$
|
16,685,469
|
US$
|
14,275,922
|
Adjustments to
reconcile net income to net cash
provided by (used
in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
doubtful accounts
|
|
1,445,353
|
|
381,715
|
Depreciation and
amortization
|
|
5,832,558
|
|
4,187,811
|
Amortization of debt
issuance costs
|
|
697,633
|
|
4,566
|
Gain on disposal of
fixed assets
|
|
(73,809)
|
|
-
|
Deferred income
tax
|
|
642,345
|
|
-
|
Changes in assets
and liabilities:
|
|
|
|
|
Account
receivable
|
|
(52,930,675)
|
|
(16,819,493)
|
Bank acceptance notes
from customers
|
|
36,822,604
|
|
3,181,918
|
Other currents
assets
|
|
(5,158,214)
|
|
(3,197,226)
|
Inventories
|
|
(24,642,342)
|
|
(16,436,720)
|
Prepayments,
current
|
|
(25,749,865)
|
|
4,815,945
|
Accounts payable and
bank acceptance notes to vendors
|
|
99,655,568
|
|
(395,358)
|
Income tax
payable
|
|
(1,918,494)
|
|
438,458
|
Deposits received
from customers
|
|
20,470,159
|
|
8,402,222
|
Deferred
income
|
|
(259,132)
|
|
-
|
Other current
liabilities and accrued expenses
|
|
(5,426,422)
|
|
(2,087,738)
|
Net Cash Flows
Provided By (Used In) Operating Activities
|
|
66,092,736
|
|
(3,247,978)
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
Acquisition of
property, equipment and land use rights
|
|
(33,712,960)
|
|
(29,561,593)
|
Advances to related
parties
|
|
(190,438,634)
|
|
-
|
Repayments of
advances to related parties
|
|
222,337,244
|
|
-
|
Net Cash Flows
Used In Investing Activities
|
|
(1,814,350)
|
|
(29,561,593)
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
Proceeds from short
term bank loans
|
|
296,959,191
|
|
41,540,998
|
Repayments of short
term bank loans
|
|
(256,944,835)
|
|
(23,035,449)
|
Proceeds from related
parties
|
|
311,026,410
|
|
62,786,671
|
Repayments to related
parties
|
|
(328,443,191)
|
|
(54,076,148)
|
Repayments of long
term loans
|
|
(12,800,786)
|
|
-
|
Net Cash Flows
Provided By Financing Activities
|
|
9,796,789
|
|
27,216,072
|
|
|
|
|
|
Effects on changes in
foreign exchange rate
|
|
(2,289,500)
|
|
314,449
|
|
|
|
|
|
Net change in cash,
cash equivalents, and restricted cash
|
|
71,785,675
|
|
(5,279,050)
|
|
|
|
|
|
Cash, cash
equivalents, and restricted cash - beginning of the
period
|
|
4,598,176
|
|
13,533,776
|
|
|
|
|
|
Cash, cash
equivalents, and restricted cash - end of the period
|
US$
|
76,383,851
|
US$
|
8,254,726
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash
Flow Disclosures:
|
|
|
|
|
Interest
paid
|
US$
|
5,521,273
|
US$
|
785,502
|
Income taxes
paid
|
US$
|
4,120,342
|
US$
|
2,154,659
|
|
|
|
|
|
Non-cash Investing
and Financing Transactions
|
|
|
|
|
|
|
|
|
|
Loans from related
parties in the form of bank acceptance notes
|
US$
|
33,721,267
|
US$
|
14,375,855
|
Repayments to related
party in the form of bank acceptance notes
|
US$
|
5,846,083
|
US$
|
-
|
Repayments from
related party in the form of bank acceptance notes
|
US$
|
19,612,146
|
US$
|
-
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents, and restricted cash to the consolidated
balance sheets
|
|
|
|
|
Cash and cash
equivalents
|
US$
|
24,525,413
|
US$
|
7,892,336
|
Restricted
cash
|
|
51,858,438
|
|
362,390
|
Total cash, cash
equivalents, and restricted cash
|
US$
|
76,383,851
|
US$
|
8,254,726
|
View original
content:http://www.prnewswire.com/news-releases/sorl-auto-parts-reports-40-top-line-growth-in-the-second-quarter-and-diluted-earnings-per-share-of-0-78-for-the-first-six-months-of-2018--300697071.html
SOURCE SORL Auto Parts, Inc.