SAN DIEGO and SHENZHEN, China, Aug.
13, 2019 /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, 2019.
Second Quarter 2019 Highlights (all results compared to prior
year period)
- Net sales increased 16.8% to $75.8
million from $64.9
million.
- Lithium business net sales increased 28.4% to $62.3 million from $48.5
million.
- Gross margin increased to 24.2% of net sales compared to
17.4%.
- Net income attributable to the Company was $4.7 million, or earnings of $0.3 per diluted share, compared to net income
attributable to the Company of $2.7
million, or earnings of $0.17
per diluted share.
Mr. George Pan, Chairman and CEO
of Highpower International, commented, "During the second quarter
of 2019, net sales in our lithium ion battery and battery solution
business continued to see strong growth. Our gross margin also
improved compared to that of the same period of 2018 due to our
continued efforts to optimize our product mix and improve our
efficiency while raw material costs stayed at a relatively low
level."
"At the same time, our top line began to feel pressure from the
uncertain macro environment, including a general economic slowdown,
an ongoing trade war, and increasingly fierce competition in the
industry. We will continue to pursue efficiencies in our operations
and ensure that we have the right talent, technology, and capacity.
We will remain adaptable to market forces while focusing on our
mission to provide clean, safe, and efficient power solutions to
meet society's needs," concluded Mr. Pan.
Second Quarter and First Half 2019 Financial Results
Net Sales
Net sales for the second quarter of 2019 increased 16.8% to
$75.8 million from $64.9 million in the prior year period. The
increase was driven by sales of the Company's lithium business,
which grew 28.4%, or $13.8 million,
during the quarter. Sales in the Ni-MH business decreased 17.5%, or
$2.9 million, year over year.
Net sales increased 16.7% to $133.9
million in the first half of 2019 compared to $114.7 million in the first half of 2018. The
increase in net sales was mainly due to the optimization of the
Company's sales structure.
Gross Profit
Gross profit for the second quarter of 2019 increased 62.4% to
$18.4 million from $11.3 million in the prior year period due. Gross
margin for the second quarter of 2019 was 24.2% compared to 17.4%
in the prior year period. This increase was attributable to the
product mix and improvement in the Company's labor efficiency.
Gross profit for the first half of 2019 increased 64.4% to
$31.0 million from $18.9 million in the prior year period. Gross
margin was 23.2% and 16.5% for first half of 2019 and 2018,
respectively.
Operating Expenses
- Research and development (R&D) expenses for
the second quarter of 2019 were $4.4
million compared to $3.6
million in the prior year period. As a percentage of net
sales, R&D expenses increased to 5.8% from 5.5% in the prior
year period due to the Company's continued investments in
R&D.
Research and development expenses
were $7.4 million, or 5.5% of net
sales, for the first half of 2019 compared to $6.2 million, or 5.4% of net sales, for the first
half of 2018.
- Selling and distribution expenses for the
second quarter of 2019 were $3.3
million compared to $2.1
million in the prior year period. As a percentage of net
sales, selling and distribution expenses increased to 4.3% from
3.3% in the prior year period.
Selling and distribution expenses
were $6.1 million, or 4.5% of net
sales, for the first half of 2019 compared to $4.1 million, or 3.6% of net sales, for the first
half of 2018. The increase in expenses was mainly driven by
marketing expenses to acquire more branded customers.
- General and administrative expenses for the
second quarter of 2019 were $5.0
million compared to $3.9
million in the prior year period. As a percentage of net
sales, general and administrative expenses increased to 6.6% from
6.0% in the prior year period.
General and administrative
expenses were $9.9 million, or 7.4%
of net sales, for the first half of 2019 compared to $8.0 million, or 7.0% of net sales, for the first
half of 2018. The increase was due to increases in payroll and
amortization of share-based compensation.
Net Income
Net income attributable to the Company for the second quarter of
2019 was $4.7 million compared to
$2.7 million in the prior period. Net
income attributable to the Company per diluted share for the second
quarter of 2019 was $0.30 compared to
$0.17 in the prior year period.
For the second quarter of 2019, the Company's weighted average
diluted shares outstanding used in computing diluted share was
15,626,265.
Net income attributable to the Company for the first half of
2019 increased to $5.0 million from
$1.6 million in the prior year
period. Net income attributable to the Company per diluted share
for the first half of 2019 increased to $0.32 from $0.10 in
the prior year period.
For the first half of 2019 and 2018, the Company's weighted
average diluted shares outstanding used in computing diluted share
was 15,615,590 and 15,619,771, respectively.
EBITDA
EBITDA for the second quarter of 2019 increased 48.1% to
$7.4 million from $5.0 million in the prior year period. EBITDA for
the first half of 2019 increased 82.7% to $10.1 million from $5.6
million in the prior year period.
A table reconciling EBITDA to the appropriate GAAP measure is
included with the Company's financial information below.
Balance Sheet
Highlights
|
|
|
|
|
($ in millions,
except per share data)
|
|
June 30,
|
|
December 31,
|
2019
|
|
2018
|
|
|
(Unaudited)
|
|
|
|
|
$
|
|
$
|
Cash
|
|
18.1
|
|
24.9
|
Total Current
Assets
|
|
178.9
|
|
215.0
|
Total
Assets
|
|
269.1
|
|
288.1
|
|
|
|
|
|
Total Current
Liabilities
|
|
178.5
|
|
210.8
|
Total
Liabilities
|
|
186.9
|
|
210.8
|
Total Equity
|
|
82.2
|
|
77.3
|
Total Liabilities and
Equity
|
|
269.1
|
|
288.1
|
Book Value Per
Share
|
|
5.28
|
|
4.97
|
Financial Outlook
For the third quarter of 2019, the Company expects net revenues
to grow slightly year over year. Gross margin is expected to be
similar or slightly lower than that of the second quarter of
2019.
Going Private Transaction Update
Highpower announced in June 2019
that it has entered into a definitive Agreement and Plan of Merger
(the "Merger Agreement") with HPJ Parent Limited, an entity owned
by Mr. Dang Yu Pan, our CEO and
Chairman of the Board, Mr. Wen Liang
Li, a director of the Company, Mr. Wen Wei Ma, a stockholder of the Company, and
Essence International Capital Limited, a company incorporated in
Hong Kong (the "Buyer Group"),
pursuant to which all of the outstanding shares, other than shares
held by the Buyer Group and their affiliates or stockholders who
have validly exercised their appraisal rights, will be converted
into the right to receive $4.80 in
cash without interest. The transaction is expected to close during
the fourth quarter of 2019, pending approval by Highpower
stockholders and satisfaction of certain other closing
conditions.
No Conference Call
Given the pending merger agreement with HPJ Parent Limited,
management will not be hosting a conference call to discuss its
financial results for the second quarter and first half ended
June 30, 2019, and does not expect to
do so for future quarters.
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 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 10 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 are reconciled in the tables
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 outlook on net
revenues and gross margins, business and financial expectations and
anticipated growth during 2019. 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 termination of the Merger Agreement; the inability
to consummate the Merger due to the failure to obtain stockholder
approval of the Merger Agreement (including the affirmative vote of
at least a majority of all outstanding shares unaffiliated with the
Consortium) or the failure to satisfy other conditions to
completion of the proposed transaction; risks related to the
disruption of management's attention from the Company's ongoing
business operations due to the proposed transaction; the effect of
the announcement of the proposed transaction on the Company's
relationships with its customers, suppliers and business generally;
and the outcome of lawsuits that may be brought by certain
purported stockholders seeking to rescind the Merger Agreement or
enjoin the consummation of the transaction; inability to
successfully expand our production capacity and improve production
efficiency; 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; impact of trade
relations between China and the
U.S. and other countries where we sell our products; unexpected
fluctuations in exchange rates and our ability to successfully
manage hedging; our ability to continue R&D development to keep
up with technological changes, and adverse changes in legal,
regulatory and economic factors generally. 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 Annual Report for the year
ended December 31, 2018 on Form 10-K
and other 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,
|
|
|
|
2019
|
|
2018
|
|
|
|
(Unaudited)
|
|
|
|
|
|
$
|
|
$
|
ASSETS
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash
|
|
|
18,092,242
|
|
24,916,484
|
|
Restricted
cash
|
|
|
29,154,304
|
|
44,495,633
|
|
Accounts receivable,
net
|
|
|
68,999,026
|
|
77,279,817
|
|
Amount due from a
related party
|
|
|
146,119
|
|
477,663
|
|
Notes
receivable
|
|
|
3,664,108
|
|
256,712
|
|
Advances to
suppliers
|
|
|
463,891
|
|
2,292,843
|
|
Prepayments and other
receivables
|
|
|
6,419,803
|
|
10,457,789
|
|
Inventories
|
|
|
51,980,426
|
|
54,790,461
|
|
Total Current
Assets
|
|
|
178,919,919
|
|
214,967,402
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
65,089,990
|
|
56,523,177
|
|
Long-term
prepayments
|
|
|
2,373,543
|
|
2,617,419
|
|
Land use right,
net
|
|
|
2,406,173
|
|
2,445,751
|
|
Other
assets
|
|
|
770,717
|
|
643,128
|
|
Deferred tax assets,
net
|
|
|
935,443
|
|
865,370
|
|
Long-term
investments
|
|
|
8,387,618
|
|
9,993,852
|
|
Right-of-use
assets
|
|
|
10,213,704
|
|
-
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
269,097,107
|
|
288,056,099
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
|
64,413,566
|
|
66,486,690
|
|
Deferred government
grants
|
|
|
680,915
|
|
464,206
|
|
Short-term
loans
|
|
|
24,662,933
|
|
24,856,744
|
|
Non-financial
institution borrowing
|
|
|
-
|
|
8,761,426
|
|
Notes
payable
|
|
|
60,168,272
|
|
73,607,284
|
|
Foreign exchange
derivative liabilities
|
|
|
932,378
|
|
521,509
|
|
Amount due to related
parties
|
|
|
101,869
|
|
6,116,851
|
|
Other payables and
accrued liabilities
|
|
|
21,818,077
|
|
25,860,703
|
|
Income taxes
payable
|
|
|
3,394,112
|
|
4,124,719
|
|
Lease liabilities,
current
|
|
|
2,334,110
|
|
-
|
|
Total Current
Liabilities
|
|
|
178,506,232
|
|
210,800,132
|
|
|
|
|
|
|
|
|
Long-term
payable
|
|
|
359,033
|
|
-
|
|
Lease liabilities,
non current
|
|
|
8,040,487
|
|
-
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
186,905,752
|
|
210,800,132
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
-
|
|
-
|
|
|
|
|
|
|
|
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Stated in US
Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December
31,
|
|
|
|
2019
|
|
2018
|
|
|
|
(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, 15,567,953 shares issued
and outstanding at June 30, 2019 and 15,559,658 at December 31,
2018,
respectively)
|
|
|
1,557
|
|
1,556
|
|
Additional paid-in
capital
|
|
|
14,257,469
|
|
13,863,282
|
|
Statutory and other
reserves
|
|
|
8,012,052
|
|
8,012,052
|
|
Retained
earnings
|
|
|
61,169,856
|
|
56,173,912
|
|
Accumulated other
comprehensive loss
|
|
|
(1,249,579)
|
|
(794,835)
|
|
|
|
|
|
|
|
|
TOTAL
EQUITY
|
|
|
82,191,355
|
|
77,255,967
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
|
|
269,097,107
|
|
288,056,099
|
|
|
|
|
|
|
|
|
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,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
$
|
|
$
|
|
$
|
|
$
|
Net sales
|
75,807,093
|
|
64,923,960
|
|
133,920,573
|
|
114,707,413
|
Cost of
sales
|
(57,436,018)
|
|
(53,614,034)
|
|
(102,888,969)
|
|
(95,831,160)
|
Gross
profit
|
18,371,075
|
|
11,309,926
|
|
31,031,604
|
|
18,876,253
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
(4,380,399)
|
|
(3,592,760)
|
|
(7,367,108)
|
|
(6,154,597)
|
Selling and
distribution expenses
|
(3,279,570)
|
|
(2,121,650)
|
|
(6,072,432)
|
|
(4,096,746)
|
General and
administrative expenses
|
(5,027,418)
|
|
(3,910,188)
|
|
(9,850,907)
|
|
(8,024,998)
|
Foreign currency
transaction gain (loss)
|
1,213,623
|
|
1,670,932
|
|
(37,272)
|
|
656,239
|
Total operating
expenses
|
(11,473,764)
|
|
(7,953,666)
|
|
(23,327,719)
|
|
(17,620,102)
|
|
|
|
|
|
|
|
|
Income from
operations
|
6,897,311
|
|
3,356,260
|
|
7,703,885
|
|
1,256,151
|
|
|
|
|
|
|
|
|
Changes in fair value
of foreign exchange derivatives
|
(996,012)
|
|
(1,125,140)
|
|
(608,912)
|
|
(421,425)
|
Government
grants
|
729,204
|
|
988,679
|
|
950,639
|
|
1,318,499
|
Other
income
|
15,550
|
|
56,581
|
|
82,248
|
|
80,142
|
Equity in (loss)
earnings of investees
|
(1,177,639)
|
|
160,070
|
|
(1,595,843)
|
|
316,320
|
Interest expenses,
net
|
(38,675)
|
|
(312,814)
|
|
(509,098)
|
|
(554,666)
|
Income before
taxes
|
5,429,739
|
|
3,123,636
|
|
6,022,919
|
|
1,995,021
|
|
|
|
|
|
|
|
|
Income taxes
expenses
|
(741,516)
|
|
(409,321)
|
|
(1,026,975)
|
|
(399,642)
|
Net income
|
4,688,223
|
|
2,714,315
|
|
4,995,944
|
|
1,595,379
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
|
|
|
|
Net income
|
4,688,223
|
|
2,714,315
|
|
4,995,944
|
|
1,595,379
|
Foreign currency
translation loss
|
(2,160,506)
|
|
(4,168,216)
|
|
(454,744)
|
|
(1,331,660)
|
Comprehensive income
(loss)
|
2,527,717
|
|
(1,453,901)
|
|
4,541,200
|
|
263,719
|
|
|
|
|
|
|
|
|
Earnings per share of
common stock
|
|
|
|
|
|
|
|
- Basic
|
0.30
|
|
0.17
|
|
0.32
|
|
0.10
|
- Diluted
|
0.30
|
|
0.17
|
|
0.32
|
|
0.10
|
|
|
|
|
|
|
|
|
Weighted average
number of common stock outstanding
|
|
|
|
|
|
|
|
- Basic
|
15,567,953
|
|
15,556,361
|
|
15,567,220
|
|
15,533,139
|
- Diluted
|
15,626,265
|
|
15,629,413
|
|
15,615,590
|
|
15,619,771
|
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Stated in US
Dollars)
|
|
|
|
|
|
Six Months
Ended June 30,
|
|
2019
|
|
2018
|
|
(Unaudited)
|
|
(Unaudited)
|
|
$
|
|
$
|
Cash flows from
operating activities
|
|
|
|
Net income
|
4,995,944
|
|
1,595,379
|
Adjustments to
reconcile net income to net cash provided by (used in)
operating
activities:
|
|
|
|
Depreciation and
amortization
|
3,616,314
|
|
3,003,872
|
Bad debt
expense
|
93,576
|
|
(472,799)
|
Loss on disposal of
property, plant and equipment
|
94,147
|
|
159,458
|
Impairment of plant
and equipment
|
75,783
|
|
-
|
Deferred
taxes
|
(73,794)
|
|
(498,878)
|
Changes in fair value
of foreign exchange derivatives
|
608,912
|
|
955,790
|
Equity in loss
(earnings) of investees
|
1,595,843
|
|
(316,320)
|
Share based
compensation
|
394,188
|
|
488,117
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
8,198,062
|
|
(3,877,577)
|
Notes
receivable
|
(3,459,522)
|
|
986,591
|
Advances to
suppliers
|
1,848,529
|
|
(2,154,883)
|
Prepayments and other
receivables
|
4,064,320
|
|
(4,921,059)
|
Amount due from a
related party
|
334,879
|
|
740,408
|
Amount due to related
parties
|
(138,767)
|
|
-
|
Inventories
|
2,668,278
|
|
(27,915,901)
|
Accounts
payable
|
(7,588,132)
|
|
21,683,401
|
Deferred government
grants
|
221,572
|
|
469,895
|
Other payables and
accrued liabilities
|
(3,379,969)
|
|
3,578,815
|
Income
taxes payable
|
(727,876)
|
|
(1,140,753)
|
Net cash flows
provided by (used in) operating activities
|
13,442,287
|
|
(7,636,444)
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Acquisitions of plant
and equipment
|
(6,700,225)
|
|
(5,681,723)
|
Payment for long-term
investment
|
(310,201)
|
|
(328,927)
|
Net cash flows
used in investing activities
|
(7,010,426)
|
|
(6,010,650)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
short-term bank loans
|
14,771,485
|
|
15,664,587
|
Repayments of
short-term bank loans
|
(14,882,292)
|
|
-
|
Proceeds from a
related party
|
2,954,297
|
|
-
|
Repayment of loan from
a related party
|
(8,589,619)
|
|
-
|
Repayments of
non-financial institution borrowing
|
(8,862,891)
|
|
(1,566,318)
|
Proceeds from notes
payable
|
58,314,662
|
|
53,584,205
|
Repayments of notes
payable
|
(71,701,335)
|
|
(55,920,682)
|
Payment of derivative
instruments
|
(190,062)
|
|
-
|
Net cash flows
(used in) provided by financing activities
|
(28,185,755)
|
|
11,761,792
|
Effect of foreign
currency translation on cash
|
(411,677)
|
|
(1,130,850)
|
Net decrease in cash
and restricted cash
|
(22,165,571)
|
|
(3,016,152)
|
Cash and restricted
cash- beginning of year
|
69,412,117
|
|
40,456,117
|
Cash and restricted
cash- end of year
|
47,246,546
|
|
37,439,965
|
|
|
|
|
Supplemental
disclosures for cash flow information:
|
|
|
|
Cash paid
for:
|
|
|
|
Income
taxes
|
1,960,545
|
|
2,039,273
|
Interest
expenses
|
1,394,561
|
|
1,002,653
|
Non-cash investing
and financing activities:
|
|
|
|
Shares issued for
legal case settlement
|
-
|
|
212,500
|
Purchase of plant and
equipment financed by accounts payable
|
5,715,931
|
|
-
|
Reconciliation of
cash and restricted cash:
|
|
|
|
Cash
|
18,092,242
|
|
7,280,576
|
Restricted
cash
|
29,154,304
|
|
30,159,389
|
Total cash and
restricted cash shown in the condensed consolidated statements
of
cash flows
|
47,246,546
|
|
37,439,965
|
Reconciliation of
Net Income to EBITDA
|
|
|
|
|
|
Three months
ended
June
30,
|
|
Six months
ended
June
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
$
|
|
$
|
|
$
|
|
$
|
Net income
|
4,688,223
|
|
2,714,315
|
|
4,995,944
|
|
1,595,379
|
|
|
|
|
|
|
|
|
Interest expenses,
net
|
38,675
|
|
312,814
|
|
509,098
|
|
554,666
|
Income taxes
expenses
|
741,516
|
|
409,321
|
|
1,026,975
|
|
399,642
|
Depreciation and
Amortization
|
1,886,874
|
|
1,528,644
|
|
3,616,314
|
|
3,003,872
|
|
|
|
|
|
|
|
|
EBITDA
|
7,355,288
|
|
4,965,094
|
|
10,148,331
|
|
5,553,559
|
View original
content:http://www.prnewswire.com/news-releases/highpower-international-reports-unaudited-second-quarter-and-first-half-2019-financial-results-300900589.html
SOURCE Highpower International, Inc.