BEIJING, May 15, 2015 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-controlled steel producer in China, today announced its financial results
for the first quarter ended March 31,
2015.
Henry Yu, Chairman and Chief
Executive Officer of General Steel commented, "The first quarter of
2015 was very tough for China's
iron and steel industry, as the combination of the government's
stricter environmental enforcement and a slowdown in demand sharply
pressured average selling price and profitability. The average
price of rebar encountered a steep double-digit sequential decline
during the first quarter to the lowest price level in 13 years.
Correspondingly, we reduced production volume to preserve working
capital, and we took the opportunity to temporarily shut down in
the second half of the first quarter in order to perform
maintenance on our production equipment.
As the steel industry remains challenging, we believe our
accelerated business transformation strategy is on target. In the
first quarter, we established our RFID joint venture that in
April 2015 launched its first UHF
RFID tag, which has thus far received very positive feedback. We
anticipate rolling out deployment and commercialization in the
second half of 2015. We remain confident that the transformed
businesses will drive greater synergies and efficiency
enhancements."
John Chen, Chief Financial
Officer of General Steel, commented, "Facing macro-environment
challenges for steel operations, we continue to focus on those
factors that we can control, including management of our operating
expenses and working capital, closely aligning with SOEs and local
government for financial support, and continuing to optimize our
upgraded manufacturing equipment. As we march forward with our
business transformation strategy, we will allocate capital and
human resources into our RFID joint venture, as well as unlocking
hidden value in our land reserves in an effort to drive greater
value for our shareholders."
First Quarter 2015 Financial
Information
- Sales volume decreased by 27.6% year-over-year to approximately
0.95 million metric tons, compared with 1.32 million metric tons in
the first quarter of 2014.
- Sales totaled $328.2 million,
compared with $594.2 million in the
first quarter of 2014.
- Gross loss was $(32.1) million,
or (9.8%) of total sales, compared with $(22.6) million, or (3.8%) of total sales in the
first quarter of 2014.
- Loss from operations totaled $(55.7)
million, compared with $(43.7)
million in the first quarter of 2014.
- Net loss attributable to the Company was $(45.1) million, or $(0.73) per diluted share, compared with
$(43.6) million, or $(0.78) per share in the first quarter of
2014.
- As of March 31, 2015, the Company
had cash and restricted cash of $259.6
million.
First Quarter 2015 Financial and Operating Results
Total Sales
Total sales for the first quarter of 2015 decreased by 44.8%
year-over-year to $328.2 million,
compared with $594.2 million in the
first quarter of 2014. The year-over-year sales decrease was
primarily due to decreases in both total sales volume and average
selling price of rebar.
- Total sales volume in the first quarter of 2015 was 0.95
million metric tons, a decrease of 27.6% compared with 1.32 million
metric tons in the first quarter of 2014.
- The average selling price of rebar at Longmen Joint Venture in
the first quarter of 2015 decreased to approximately $343.8 per metric ton, down by 23.7% from
$450.9 per metric ton in the first
quarter of 2014.
Gross Loss
Gross loss for the first quarter of 2015 was $(32.1) million, or (9.8)% of total sales, as
compared with gross loss of $(22.6)
million, or (3.8)% of total sales in the first quarter of
2014. The decrease in gross margin was mainly due to a steeper
decrease in average selling price of rebar, compared with the
decrease in unit cost of manufactured rebar, as well as a higher
fixed manufacturing cost, as the Company proactively paused
production for maintenance during the first quarter of 2015.
Operating Expenses and Loss from Operations
Selling, general and administrative expenses for the first
quarter of 2015 were $17.4 million, a
decrease of 17.6% from $21.1 million
in the first quarter of 2014. General and administrative expenses
decreased to $11.0 million in the
first quarter of 2015, compared with $12.8
million in the first quarter of 2014. Selling expenses were
$6.4 million in the first quarter of
2015, compared with $8.3 million in
the same period of 2014.
The Company accrued unallocated overheads expenses of
$19.1 million in its operating
expenses for the first quarter of 2015, which was mainly due to the
reallocation of fixed overheads from cost of goods sold to general
and administrative in accordance with GAAP, as the Company had
temporarily shut down production for maintenance during the
period.
Other operating income from a change in the fair value of profit
sharing liability during the first quarter of 2015 was $12.9 million, compared with a loss on change in
fair value of profit sharing liability of $0.05 million in the same period of last
year.
Correspondingly, loss from operations for the first quarter of
2015 totaled $(55.7) million,
compared with $(43.7) million for the
first quarter of 2014.
Finance Expense
Finance and interest expense in the first quarter of 2015 was
$20.6 million, of which $5.2 million was the non-cash interest expense on
capital lease, as compared with $5.1
million in the same period of 2014, and $15.4 million was the interest expense on bank
loans and discounted note receivables, as compared with
$23.6 million in the same period of
2014.
Net Loss and Net Loss per Share
Net loss attributable to General Steel for the first quarter of
2015 was $(45.1) million, or
$(0.73) per diluted share, based on
62.0 million weighted average shares outstanding. This compares to
a net loss attributable to General Steel of $(43.6) million, or $(0.78) per share, based on 55.8 million weighted
average shares outstanding in the first quarter of 2014. The
increase in shares count of weighted average shares outstanding was
primarily due to the issuance of 5 million shares of the Company's
common stock pursuant to a $7.5
million private placement which closed in October 2014.
Balance Sheet
As of March 31, 2015, the Company
had cash and restricted cash of approximately $259.6 million, compared to $367.3 million as of December 31, 2014. The Company had an inventory
balance of $148.3 million as of
March 31, 2015, compared to
$156.3 million as of December 31, 2014.
Conference Call and Webcast:
General Steel will hold a corresponding conference call and live
webcast at 8:00 a.m. EDT on
Friday, May 15, 2015 (which
corresponds to 8:00 p.m. Beijing/Hong Kong Time on Friday, May 15, 2015) to discuss the results and
answer questions from investors. Listeners may access the call by
dialing:
US Toll
Free:
|
1-888-346-8982
|
International
Toll:
|
1-412-902-4272
|
China Toll
Free:
|
400-120-1203
|
Hong Kong Toll
Free:
|
800-905-945
|
Conference
ID:
|
General Steel
Holdings
|
The call will also be available as a live, listen-only Webcast
under the "Events and Presentations" page on the "Investor
Relations" section of the Company's Website at
http://www.corpasia.net/us/GSI/irwebsite/index.php?mod=event.
Following the live Webcast, an online archive of the Webcast will
be available for 90 days.
A replay of the conference call may be accessed through
May 22, 2015 by dialing:
US Toll
Free:
|
1-877-344-7529
|
|
International
Toll:
|
1-412-317-0088
|
|
Access
Code:
|
10065799
|
|
About General Steel Holdings, Inc.
General Steel Holdings, Inc. is a leading non-state-owned steel
maker headquartered in Beijing,
China. With seven million metric tons of crude steel
production capacity under management and operations in Tianjin municipality and China's Shaanxi and Guangdong provinces, the Company produces a
variety of steel products including rebar and high-speed wire.
In addition to its steel business, the Company also designs,
manufactures, and integrates radio frequency identification
("RFID") systems. The Company's RFID technology provides real-time
data on supplies, inventory, and goods, thereby greatly enhancing
its customers' administration and planning processes, as well as
asset tracking and supply chain management.
For more information, please visit www.gshi-steel.com. To be
added to the General Steel email list to receive Company news, or
to request a hard copy of the Company's Annual Report on Form 10-K,
please send your request to investor.relations@gshi-steel.com.
Forward-Looking Statements
This press release may contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on management's
current expectations or beliefs about future events and financial,
political and social trends and assumptions it has made based on
information currently available to it. The Company cannot assure
that any expectations, forecasts or assumptions made by management
in preparing these forward-looking statements will prove accurate,
or that any projections will be realized. Actual results could
differ materially from those projected in the forward-looking
statements as a result of inaccurate assumptions or a number of
risks and uncertainties. These risks and uncertainties are set
forth in the Company's filings under the Securities Act of 1933 and
the Securities Exchange Act of 1934 under "Risk Factors" and
elsewhere, including those disclosed in the Company's most recent
Annual Report on Form 10-K, filed with the United States Securities
and Exchange Commission. Forward-looking statements contained
herein speak only as of the date of this release. The Company does
not undertake any obligation to update or revise publicly any
forward-looking statements, whether to reflect new information,
future events or otherwise.
Contact Us
General Steel Holdings, Inc.
Joyce Sung
Tel: +1-347-534-1435
Email: joyce.sung@gshi-steel.com
Asia Bridge Capital Limited
Carene Toh
Tel: +1-888-957-3362
Email: generalsteel@asiabridgegroup.com
|
GENERAL STEEL
HOLDINGS, INC. AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(UNAUDITED)
(In
thousands)
|
|
|
|
|
|
|
March 31,
|
|
December
31,
|
ASSETS
|
|
|
2015
|
|
2014
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash
|
$
|
9,736
|
|
$
|
11,641
|
|
Restricted
cash
|
|
249,820
|
|
|
355,685
|
|
Notes
receivable
|
|
1,606
|
|
|
10,290
|
|
Restricted
notes receivable
|
|
80,889
|
|
|
111,801
|
|
Loan
receivable
|
|
42,569
|
|
|
36,001
|
|
Loans
receivable - related parties
|
|
6,728
|
|
|
34,713
|
|
Accounts
receivable, net
|
|
10,686
|
|
|
9,321
|
|
Accounts
receivable - related parties
|
|
160,286
|
|
|
8,498
|
|
Other
receivables, net
|
|
103,291
|
|
|
63,746
|
|
Other
receivables - related parties
|
|
6,364
|
|
|
39,670
|
|
Inventories
|
|
148,295
|
|
|
156,327
|
|
Advances on
inventory purchase
|
|
49,440
|
|
|
73,819
|
|
Advances on
inventory purchase - related parties
|
|
11,243
|
|
|
45,617
|
|
Prepaid expense
and other
|
|
5,279
|
|
|
4,803
|
|
Prepaid
taxes
|
|
5,851
|
|
|
5,789
|
|
Short-term
investment
|
|
7,503
|
|
|
2,688
|
TOTAL CURRENT
ASSETS
|
|
|
899,586
|
|
|
970,409
|
|
|
|
|
|
|
|
|
|
PLANT AND
EQUIPMENT, net
|
|
1,561,511
|
|
|
1,543,136
|
|
|
|
|
|
|
|
|
|
OTHER
ASSETS:
|
|
|
|
|
|
|
Advances on
equipment purchase
|
|
5,270
|
|
|
11,438
|
|
Investment in
unconsolidated entities
|
|
16,705
|
|
|
16,823
|
|
Long-term
deferred expense
|
|
|
|
452
|
|
|
458
|
|
Intangible
assets, net of accumulated amortization
|
|
22,885
|
|
|
22,960
|
TOTAL OTHER
ASSETS
|
|
|
45,312
|
|
|
51,679
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
$
|
2,506,409
|
|
$
|
2,565,224
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
DEFICIENCY
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
Short term
notes payable
|
$
|
448,362
|
|
$
|
661,635
|
|
Accounts
payable
|
|
608,678
|
|
|
612,801
|
|
Accounts
payable - related parties
|
|
226,964
|
|
|
207,783
|
|
Short term
loans - bank
|
|
232,148
|
|
|
257,502
|
|
Short term
loans - others
|
|
51,995
|
|
|
60,717
|
|
Short term
loans - related parties
|
|
217,397
|
|
|
46,380
|
|
Other payables and
accrued liabilities
|
|
51,985
|
|
|
55,488
|
|
Other payable -
related parties
|
|
96,277
|
|
|
87,252
|
|
Customer
deposits
|
|
139,106
|
|
|
92,974
|
|
Customer
deposits - related parties
|
|
148,176
|
|
|
132,616
|
|
Deposit due to
sales representatives
|
|
19,361
|
|
|
17,871
|
|
Deposit due to
sales representatives - related parties
|
|
2,553
|
|
|
2,509
|
|
Taxes
payable
|
|
9,393
|
|
|
5,201
|
|
Deferred lease
income, current
|
|
2,179
|
|
|
2,176
|
|
Capital lease
obligations, current
|
|
8,678
|
|
|
8,508
|
|
TOTAL CURRENT
LIABILITIES
|
|
2,263,252
|
|
|
2,251,413
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES:
|
|
|
|
|
|
|
Long-term loans
- related party
|
|
352,850
|
|
|
339,549
|
|
Deferred lease
income, noncurrent
|
|
72,258
|
|
|
72,713
|
|
Capital lease
obligations, noncurrent
|
|
397,416
|
|
|
393,252
|
|
Profit sharing
liability
|
|
57,538
|
|
|
70,422
|
|
TOTAL
NON-CURRENT LIABILITIES
|
|
880,062
|
|
|
875,936
|
TOTAL
LIABILITIES
|
|
|
|
3,143,314
|
|
|
3,127,349
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEFICIENCY:
|
|
|
|
|
|
|
Preferred stock, $0.001
par value, 50,000,000 shares
authorized, 3,092,899 shares issued and outstanding as
of March 31, 2015 and December 31, 2014
|
|
3
|
|
|
3
|
|
Common stock, $0.001
par value, 200,000,000 shares
authorized, 64,458,588 shares issued and 61,986,282
shares outstanding as of March 31, 2015 and December
31, 2014, respectively
|
|
64
|
|
|
64
|
|
Treasury stock, at
cost, 2,472,306 shares as of March 31,
2015 and December 31, 2014
|
|
(4,199)
|
|
|
(4,199)
|
|
Paid-in-capital
|
|
115,563
|
|
|
115,494
|
|
Statutory
reserves
|
|
6,539
|
|
|
6,472
|
|
Accumulated
deficits
|
|
(508,674)
|
|
|
(463,521)
|
|
Accumulated
other comprehensive income
|
|
163
|
|
|
644
|
|
TOTAL
GENERAL STEEL
HOLDINGS, INC. DEFICIENCY
|
|
|
(390,541)
|
|
|
(345,043)
|
|
|
|
|
|
|
|
|
|
NONCONTROLLING
INTERESTS
|
|
(246,364)
|
|
|
(217,082)
|
|
TOTAL
DEFICIENCY
|
|
|
(636,905)
|
|
|
(562,125)
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
DEFICIENCY
|
|
|
$
|
2,506,409
|
|
$
|
2,565,224
|
GENERAL STEEL
HOLDINGS, INC. AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
|
|
(UNAUDITED)
|
|
(In thousands, except
per share data)
|
|
|
|
For the
Three months ended
March 31,
|
|
|
|
2015
|
|
2014
|
|
SALES
|
|
$
|
270,769
|
|
$
|
512,005
|
|
SALES - RELATED
PARTIES
|
|
|
57,395
|
|
|
82,206
|
|
TOTAL
SALES
|
|
|
328,164
|
|
|
594,211
|
|
|
|
|
|
|
|
|
|
COST OF GOODS
SOLD
|
|
|
297,565
|
|
|
530,744
|
|
COST OF GOODS SOLD -
RELATED PARTIES
|
|
|
62,746
|
|
|
86,028
|
|
TOTAL COST OF
GOODS SOLD
|
|
|
360,311
|
|
|
616,772
|
|
|
|
|
|
|
|
|
|
GROSS LOSS
|
|
|
(32,147)
|
|
|
(22,561)
|
|
|
|
|
|
|
|
|
|
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES
|
|
|
(17,355)
|
|
|
(21,053)
|
|
UNALLOCATED OVERHEADS
EXPENSES
|
|
|
(19,134)
|
|
|
-
|
|
CHANGE IN FAIR VALUE
OF PROFIT
SHARING LIABILITY
|
|
|
12,924
|
|
|
(49)
|
|
|
|
|
|
|
|
|
|
LOSS FROM
OPERATIONS
|
|
|
(55,712)
|
|
|
(43,663)
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
|
|
Interest
income
|
|
|
2,331
|
|
|
3,192
|
|
Finance/interest expense
|
|
|
(20,570)
|
|
|
(28,695)
|
|
Gain on
disposal of equipment and intangible assets
|
|
|
16
|
|
|
46
|
|
Income from
equity investments
|
|
|
(37)
|
|
|
13
|
|
Foreign
currency transaction loss
|
|
|
(873)
|
|
|
(854)
|
|
Lease
income
|
|
|
543
|
|
|
546
|
|
Other
non-operating income (expense), net
|
|
|
223
|
|
|
(176)
|
|
Other expense, net
|
|
|
(18,367)
|
|
|
(25,928)
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE PROVISION
FOR INCOME
TAXES AND
NONCONTROLLING INTEREST
|
|
|
(74,079)
|
|
|
(69,591)
|
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME
TAXES
|
|
|
30
|
|
|
5
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
|
(74,109)
|
|
|
(69,596)
|
|
Less: Net loss income
attributable to
noncontrolling interest
|
|
|
(28,956)
|
|
|
(26,032)
|
|
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE
TO GENERAL
STEEL HOLDINGS, INC.
|
|
$
|
(45,153)
|
|
$
|
(43,564)
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
$
|
(74,109)
|
|
$
|
(69,596)
|
|
OTHER COMPREHENSIVE
LOSS
|
|
|
|
|
|
|
|
Foreign
currency translation adjustments
|
|
|
(853)
|
|
|
4,670
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
LOSS
|
|
|
(74,962)
|
|
|
(64,926)
|
|
Less: Comprehensive
loss attributable to
noncontrolling interest
|
|
|
(29,328)
|
|
|
(24,226)
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE LOSS
ATTRIBUTABLE
TO GENERAL STEEL HOLDINGS, INC.
|
|
$
|
(45,634)
|
|
$
|
(40,700)
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
NUMBER OF SHARES
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
61,986
|
|
|
55,813
|
|
|
|
|
|
|
|
|
|
LOSS PER
SHARE
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
$
|
(0.73)
|
|
$
|
(0.78)
|
|
|
|
GENERAL STEEL
HOLDINGS, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
(In
thousands)
|
|
For the
Three months ended
March 31,
|
|
2015
|
|
2014
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(74,109)
|
|
$
|
(69,596)
|
|
Adjustments to
reconcile net loss to cash provided by (used in) operating
activities:
|
|
|
|
|
|
Depreciation,
amortization and depletion
|
|
25,164
|
|
|
24,346
|
|
|
Change in fair value
of derivative liabilities
|
|
(12,924)
|
|
|
49
|
|
|
Gain loss on disposal
of equipment and intangible assets
|
|
(16)
|
|
|
(46)
|
|
|
Provision for
doubtful accounts
|
|
1,279
|
|
|
(251)
|
|
|
Reservation of mine
maintenance fee
|
|
113
|
|
|
242
|
|
|
Stock issued for
services and compensation
|
|
69
|
|
|
150
|
|
|
Amortization of
deferred financing cost on capital lease
|
|
4,966
|
|
|
5,086
|
|
|
Income (loss) from
equity investments
|
|
37
|
|
|
(13)
|
|
|
Foreign currency
transaction (gain) loss
|
|
873
|
|
|
854
|
|
|
Deferred lease
income
|
|
(543)
|
|
|
(546)
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
Notes
receivable
|
|
32,504
|
|
|
(70,354)
|
|
|
Accounts
receivable
|
|
(1,373)
|
|
|
(102)
|
|
|
Accounts receivable -
related parties
|
|
(151,218)
|
|
|
(1,569)
|
|
|
Other
receivables
|
|
(40,476)
|
|
|
355
|
|
|
Other receivables -
related parties
|
|
33,231
|
|
|
(4,219)
|
|
|
Inventories
|
|
7,327
|
|
|
(730)
|
|
|
Advances on inventory
purchases
|
|
24,380
|
|
|
176
|
|
|
Advances on inventory
purchases - related parties
|
|
28,436
|
|
|
(38,419)
|
|
|
Prepaid expense and
other
|
|
(468)
|
|
|
(516)
|
|
|
Long-term deferred
expense
|
|
7
|
|
|
56
|
|
|
Prepaid
taxes
|
|
(54)
|
|
|
4,963
|
|
|
Accounts
payable
|
|
(7,706)
|
|
|
59,351
|
|
|
Accounts payable -
related parties
|
|
18,856
|
|
|
16,986
|
|
|
Other payables and
accrued liabilities
|
|
(3,625)
|
|
|
15,300
|
|
|
Other payables -
related parties
|
|
8,960
|
|
|
(12,676)
|
|
|
Customer
deposits
|
|
45,848
|
|
|
20,043
|
|
|
Customer deposits -
related parties
|
|
15,341
|
|
|
113,895
|
|
|
Taxes
payable
|
|
4,171
|
|
|
2,708
|
|
|
Net cash (used in)
provided by operating activities
|
|
(40,950)
|
|
|
65,523
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Restricted
cash
|
|
105,911
|
|
|
(32,943)
|
|
Loan to unrelated
parties
|
|
(6,500)
|
|
|
-
|
|
Repayments from
related parties
|
|
33,791
|
|
|
-
|
|
Cash proceeds from
short term investment
|
|
81
|
|
|
164
|
|
Payments for short
term investment
|
|
(4,875)
|
|
|
-
|
|
Cash proceeds from
sales of equipment and intangible assets
|
|
-
|
|
|
24
|
|
Equipment purchase
and intangible assets
|
|
(31,589)
|
|
|
(56,861)
|
|
|
Net cash provided by
(used in) investing activities
|
|
96,819
|
|
|
(89,616)
|
|
|
|
|
|
|
|
|
CASH FLOWS FINANCING
ACTIVITIES:
|
|
|
|
|
|
|
Restricted notes
receivable
|
|
30,934
|
|
|
131,971
|
|
Borrowings on short
term notes payable
|
|
96,525
|
|
|
439,342
|
|
Payments on short
term notes payable
|
|
(309,823)
|
|
|
(485,455)
|
|
Borrowings on short
term loans - bank
|
|
61,023
|
|
|
95,120
|
|
Payments on short
term loans - bank
|
|
(87,471)
|
|
|
(165,711)
|
|
Borrowings on short
term loan - others
|
|
74,517
|
|
|
9,853
|
|
Payments on short
term loans - others
|
|
(54,275)
|
|
|
(14,426)
|
|
Borrowings on short
term loan - related parties
|
|
75,641
|
|
|
24,528
|
|
Payments on short
term loans - related parties
|
|
(569)
|
|
|
(5,849)
|
|
Deposits due to sales
representatives
|
|
1,462
|
|
|
(425)
|
|
Deposit due to sales
representatives - related parties
|
|
41
|
|
|
-
|
|
Borrowings on
long-term loans - related party
|
|
56,063
|
|
|
-
|
|
Payments on long-term
loans - related party
|
|
(813)
|
|
|
-
|
|
Principal payment on
capital lease obligation
|
|
(1,074)
|
|
|
-
|
|
|
Net cash used in
financing activities
|
|
(57,819)
|
|
|
(28,948)
|
EFFECTS OF EXCHANGE
RATE CHANGE IN CASH
|
|
45
|
|
|
(444)
|
(DECREASE) INCREASE
IN CASH
|
|
(1,905)
|
|
|
4,411
|
CASH, beginning of
period
|
|
11,641
|
|
|
31,967
|
CASH, end of
period
|
$
|
9,736
|
|
$
|
36,378
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/general-steel-reports-first-quarter-2015-financial-results-300084028.html
SOURCE General Steel Holdings, Inc.