Shengkai Innovations, Inc. (Nasdaq:VALV)
("the Company", "we", or "our"), a leading ceramic
valve manufacturer in the People's Republic of China (the "PRC"),
today announced results for its fiscal year of 2012 ("FY2012")
third quarter and nine months ended March 31, 2012.
FY2012 Third Quarter Highlights
- Revenues were approximately $5.7 million compared with
approximately $26.6 million in the third quarter of fiscal year of
2011 ("FY2011");
- Revenues from the electric power segment were approximately
$1.3 million compared with approximately $15.5 million in the third
quarter of FY2011;
- Revenues from the petrochemical and chemical segment were
approximately $4.0 million compared with approximately $8.5 million
in the third quarter of FY2011; and
- Gross profit was approximately $2.6 million with a gross margin
of 46.2%, compared with approximately $15.2 million and 57.0% in
the third quarter of FY2011.
FY2012 Nine Months Highlights
- Revenues were approximately $27.0 million compared with $66.2
million in the first nine months in FY2011;
- Revenues from the electric power segment were approximately
$7.5 million compared with $42.7 million in the first nine months
in FY2011;
- Revenues from the petrochemical and chemical segment were
approximately $17.8 million compared with $19.1 million in the
first nine months in FY2011;
- Gross profit was approximately $11.8 million with a 43.6% gross
margin, compared with $38.4 million and 58.0% in the first nine
months of FY2011;
- Net income was approximately $2.6 million, or $0.14 earnings
per diluted share; and
- Non-GAAP net income was approximately $5.0 million, or $0.27
non-GAAP earnings per share, after adjusting for non-cash items of
share-based compensation and gain resulting from changes in the
fair value of instruments.
The earnings (losses) per share data and the weighted average
shares outstanding for all periods have been retroactively restated
to reflect the 1-for-2 reverse stock split effected on March 9,
2012.
FY2012 Third Quarter Results
Revenues in the third quarter were approximately $5.7 million as
compared to approximately $26.6 million in the third quarter of
FY2011. Quarterly ceramic valves output was 905 sets as compared to
6,751 sets a year ago. Shengkai continues the transition of
operations from the electric power industry to domestic and
international petrochemical and chemical industry.
During the third quarter of FY2012, electric power industry,
petrochemical and chemical industry, and other industries accounted
for 23.1%, 70.2% and 6.8% of the quarterly revenues, respectively,
compared with 58.4%, 32.0% and 9.6% in the third quarter of
FY2011.
Specifically, revenues from the electric power industry were
approximately $1.3 million compared with $15.5 million in the third
quarter of FY2011. The decrease was primarily due to the general
slowdown in economy and the increase in the sales price of our
products, as well as the ongoing operational transition into the
petrochemical and chemical industry. As previously disclosed,
revenues from the electric power industry would continue to
decrease in future fiscal quarters and major sales contribution
would come from the petrochemical and chemical industry.
During the third quarter, revenues from the petrochemical and
chemical industry were approximately $4.0 million compared with
$8.5 million in the third quarter of FY2011. The decrease was
primarily due to the general slowdown in economy and the increase
in the sales price of our products.
Revenues from other industries, including the aluminum and
metallurgy industries were approximately $0.4 million compared with
approximately $2.6 million in the third quarter of FY2011. Due to
its limited market potential, other industries will continue to
remain peripheral to the Company's core priorities. Orders related
to new blast furnace gas cleaning systems which led to temporary
increase in revenues in past periods have been completed by the end
of June 30, 2011.
In the third quarter, cost of sales decreased 73.3%
year-over-year to approximately $3.1 million from approximately
$11.5 million in the third quarter of FY2011. Cost of sales as a
percentage of revenues was 53.8% compared with 43.0% in the
comparable period a year ago due to both decrease in revenues and
increase in costs.
Gross profit in the third quarter was approximately $2.6 million
compared with approximately $15.2 million for the third quarter of
FY2011. This decrease was primarily attributable to decrease in
revenue and increase in depreciation expense and cost of raw
material, partially mitigated by the increase in product sales
price. Gross margin was 46.2%, compared with 57.0% for the third
quarter of FY2011. The decrease in gross margin was primarily due
to: 1) approximately $0.2 million increase in depreciation expenses
resulting from an addition of approximately $18.1 million to
property, plant and equipment during the past twelve months; 2) an
approximately 16% year-over-year price increase in steel raw
materials and steel die-casting components; and 3) costs spread
over a smaller revenue base, despite the increase in product sales
price.
Selling expenses in the third quarter decreased by 68.7%
year-over-year to approximately $0.7 million from approximately
$2.3 million for the comparable period in FY2011. Commissions paid
to agents for introducing new sales decreased year-over-year to
approximately $0.5 million from $2.1 million in the third quarter
of FY2011. Since minor components of selling expenses such as sales
staff's salaries and after-sale service expenses are flat-rate and
did not diminish proportionally to revenue decrease, selling
expenses as a percentage of quarterly sales increased to 12.8% from
8.7% in the third quarter of FY2011.
General and administrative ("G&A") expenses in the third
quarter were approximately $2.2 million, down from approximately
$5.3 million for the comparable period in FY2011. Excluding the
non-cash share-based compensation, G&A expenses in the third
quarter were approximately $1.2 million, compared with
approximately $1.2 million for the comparable period of FY2011.
Total operating expenses in the third quarter of FY2012 were
approximately $2.9 million compared with approximately $7.6 million
for the comparable period in FY2011. Operating loss in the third
quarter of FY2012 was approximately $0.3 million compared with
operating income of approximately $7.5 million for the comparable
period in FY2011.
Excluding the non-cash share-based compensation, non-GAAP
operating income was approximately $0.7 million, compared with
non-GAAP operating income of approximately $11.7 million for the
comparable period in FY2011.
Provision for income taxes in the third quarter was
approximately $0.3 million compared with approximately $1.9 million
in the third quarter of FY2011. In April 2010, Tianjin Shengkai,
the Company's operating entity in Tianjin, PRC, was awarded the
status of "High Technology" enterprise by the local government. The
tax rate for a "High Technology" enterprise is 15% and Tianjin
Shengkai was taxed at that rate from January 1, 2010 through
December 31, 2011. The Company expects to renew such treatment in
calendar 2012.
GAAP net loss was approximately $0.1 million compared with net
income of approximately $27.2 million in the third quarter of
FY2011. Diluted losses per share were $0.01 compared to diluted
earnings per share of $1.46 in the third quarter of FY2011.
Excluding the non-cash items of share-based compensation and
changes in fair value of instruments, non-GAAP net income was
approximately $0.8 million in the third quarter compared with
approximately $10.0 million in the third quarter of FY2011. The
decrease was primarily due to the decline in revenues resulting
from slowdown in economy, increase in product sales price and
operational transition, coupled with higher costs associated with
depreciation and raw material expenses. Non-GAAP earnings were
$0.05 per diluted share compared with $0.54 per diluted share in
the third quarter of FY2011.
FY2012 First Nine Months Results
Total revenues for the first nine months of FY2012 were
approximately $27.0 million compared with $66.2 million for the
first nine months of FY2011. The decrease in revenue was due to the
Company's operational transition and the general slowdown in
economy in the PRC and the increase in our product sales price. The
electric power, petrochemical and chemical, and other industries
each contributed 27.6%, 65.8% and 6.5%, respectively, of total
sales revenue during the nine months ended March 31, 2012.
Specifically, revenues from the electric power industry were
approximately $7.5 million. Revenues from the petrochemical and
chemical industries were approximately $17.8 million. Revenues from
other industries, including the aluminum and metallurgy industries
were approximately $1.8 million.
Gross profit for the first nine months of FY2012 was
approximately $11.8 million compared with approximately $38.4
million for the same period in FY2011. Gross margin was 43.6%
compared with 58.0% one year ago. The decrease in gross margin was
primarily due to: 1) approximately $1.6 million increase in
depreciation expenses resulting from an addition of approximately
$18.1 million to property, plant and equipment during the past
twelve months; 2) an approximate 12% year-over-year price increase
in steel raw material and steel die-casting components; and 3)
costs spread over a smaller revenue base, despite the increase in
product sale price.
Net income for the first nine months of FY2012 was approximately
$2.6 million, or diluted earnings per share of $0.14, compared with
a net income of approximately $69.0 million, or diluted net income
per share of $3.83 during the first nine months of FY2011.
Excluding non-cash items of share-based compensation and change
in fair value of instruments, non-GAAP net income for the first
nine months of FY2012 was approximately $5.0 million compared with
approximately $24.8 million for the comparable period in FY2011.
The decrease was primarily due to the decline in revenues resulting
from slowdown in economy in the PRC, increase in the product sales
price and operational transition, coupled with higher costs
associated with depreciation and raw material expenses.
Non-GAAP diluted earnings for the nine months ended March 31,
2012 were $0.27 per diluted share, compared to non-GAAP earnings of
$1.37 per diluted share for the comparable period in FY2011.
GAAP to Non-GAAP Reconciliation Table
(Unaudited) |
|
(in U.S. Dollars) |
|
|
For the Three Months Ended
March 31, |
For the Nine Months Ended March
31, |
|
2012 |
2011 |
2012 |
2011 |
GAAP Net Income (Loss) |
$(103,237) |
27,239,326 |
2,623,185 |
69,048,711 |
Add back/(Subtract): |
|
|
|
|
Share-based compensation – employee options
and stock awards |
1,011,742 |
4,118,435 |
4,180,178 |
6,351,696 |
Changes in fair value of instruments |
(79,808) |
(21,339,398) |
(1,836,530) |
(50,646,533) |
Non-GAAP Net Income |
$828,697 |
10,018,363 |
4,966,833 |
24,753,874 |
GAAP Earnings (Losses) per share
(diluted) |
$(0.01) |
1.46 |
0.14 |
3.83 |
Non-GAAP Earnings per share (diluted) |
$0.05 |
0.54 |
0.27 |
1.37 |
Financial Condition
As of March 31, 2012, the Company had cash and cash equivalents
of approximately $69.6 million and accounts receivable of
approximately $6.3 million compared to approximately $59.9 million
cash and cash equivalents and $12.6 million of accounts receivable
as of June 30, 2011. Total current liabilities as of March 31, 2012
were approximately $3.1 million, compared with approximately $9.6
million as of June 30, 2011. Additionally, the Company has no
short-term or long-term debts.
Net cash flow provided by operating activities was approximately
$7.7 million for the first nine months of FY2012 compared with
$21.1 million in the first nine months of FY2011. The decrease was
primarily attributable to the lower adjusted net income.
Business
Outlook
In response to the business disruptions and changes in the
application of ceramic in the valve industry, Shengkai management
has decided to gradually phase out its less profitable domestic
market segments including the electric power market and focus on
expanding the Company's presence in the more profitable domestic
and foreign oil and chemical industries where ceramic valve
products typically command higher prices than the domestic Chinese
market. Successful penetration into the international oil and
chemical markets, however, would require the Company to obtain
various industry-wide certifications, including but not limited to
ISO14000 and OHSAS18000 and other firm-specific supplier
qualifications, which will take time to go through various
application procedures, efforts in new product development and
investment in additional or different equipment.
As such, the Company expects that in the immediately following
quarter ended June 30, 2012, revenue from the electric power
industry would continue to drop, and major contribution to our
sales would be from the petrochemical and chemical industry. Such
decrease may persist until our marketing and sales efforts to some
new customers and projects pay off, and the expansion in the
international market picks up meaningfully.
Non GAAP Financial Measures
To supplement the Company's consolidated financial statements
for the three and nine months ended March 31, 2012 and 2011
presented on a GAAP basis, the Company provided non-GAAP financial
information in this release that excludes the impact of non-cash
items of i) share-based compensation costs related to the stock
options and stock awards granted to independent directors and
management staff, and (ii) changes in the fair value of
instruments as a result of adoption on July 1, 2009 of FASB ASC
Topic 815, "Derivative and Hedging" ("ASC 815"). The Company's
management believes that these non-GAAP measures, namely non-GAAP
operating and net income and non-GAAP diluted earnings per share,
provide investors with a better understanding of how the results
relate to the Company's current and historical performance. The
additional non-GAAP information is not meant to be considered in
isolation or as a substitute for GAAP financials. The non-GAAP
financial information that the Company provides also may differ
from the non-GAAP information provided by other companies.
Management believes that these non-GAAP financial measures are
useful to investors because they exclude non-cash expenses that
management excludes when it internally evaluates the performance of
the Company's business and makes operating decisions, including
internal budgeting, and performance measurement, because these
measures provide a consistent method of comparison to historical
periods. Moreover, management believes that these non-GAAP measures
reflect the essential operating activities of the Company. In
addition, the provision of these non-GAAP measures allows investors
to evaluate the Company's performance using the same methodology
and information as that used by the Company's management. Non-GAAP
measures are subject to inherent limitations because they do not
include all of the expenses included under GAAP and because they
involve the exercise of judgment of which charges are excluded from
the non-GAAP financial measure. However, the Company's management
compensates for these limitations by providing the relevant
disclosure of the items excluded.
About Shengkai Innovations, Inc.
Shengkai Innovations is primarily engaged in the design,
manufacture and sale of ceramic valves, high-tech ceramic materials
and the provision of technical consultation and related services.
The Company's industrial valve products are used by companies in
the electric power, petrochemical and chemical, metallurgy and
other industries as high-performance, more durable alternatives to
traditional metal valves. The Company was founded in 1994 and is
headquartered in Tianjin, PRC.
The Company is one of the few ceramic valve manufacturers in the
world with research and development, engineering, and production
capacity for structural ceramics and is able to produce large-sized
ceramic valves with calibers of 6" (150mm) or more. The Company's
product portfolio includes a broad range of valves that are sold
throughout the PRC, to Europe, North America, United Arab Emirates,
and other countries in the Asia-Pacific region. The Company has
over 200 customers, and is the only ceramic valve supplier
qualified to supply SINOPEC. The Company joined the supply network
of China National Petroleum Corporation ("CNPC") in 2006 and
subsequently received a CNPC Certificate of Material Supplier for
valve products in 2011.
Safe Harbor Statements
Under the Private Securities Litigation Reform Act of 1995: Any
statements set forth above that are not historical facts are
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements. Such factors include, but are not
limited to, the effect of political, economic, and market
conditions and geopolitical events, legislative and regulatory
changes, the Company's ability to expand and upgrade its production
capacity, the actions and initiatives of current and potential
competitors, and other factors detailed from time to time in the
Company's filings with the United States Securities and Exchange
Commission and other regulatory authorities. All forward-looking
statements attributable to the Company or to persons acting on its
behalf are expressly qualified in their entirety by these factors
other than as required under the securities laws. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
|
|
|
SHENGKAI INNOVATIONS,
INC. |
|
|
(F/K/A SOUTHERN SAUCE COMPANY, INC.)
AND SUBSIDIARIES |
|
|
CONSOLIDATED BALANCE
SHEETS |
|
|
AS AT MARCH 31, 2012 AND JUNE 30,
2011 |
|
|
(Stated in US Dollars) |
|
|
|
|
|
|
March 31, 2012 |
June 30, 2011 |
|
2012 |
2011 |
ASSETS |
|
|
Current Assets |
|
|
Cash and cash equivalents |
$69,562,772 |
$59,870,108 |
Restricted cash |
124,350 |
1,386,873 |
Accounts receivable, net |
6,349,763 |
12,623,359 |
Notes receivable |
39,566 |
217,502 |
Other receivables |
2,807,525 |
2,722,300 |
Advances to suppliers |
494,020 |
274,814 |
Inventories |
2,922,567 |
2,532,485 |
Total Current Assets |
82,300,563 |
79,627,441 |
Property, plant and equipment, net |
53,359,039 |
53,921,084 |
Construction in progress |
-- |
-- |
Land use rights, net |
2,547,103 |
2,534,059 |
Other intangible assets, net |
4,764,240 |
5,370,148 |
TOTAL ASSETS |
$142,970,945 |
$141,452,732 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current Liabilities |
|
|
Notes payable |
124,350 |
1,386,873 |
Accounts payable |
1,160,876 |
3,829,491 |
Advances from customers |
668,405 |
227,451 |
Other payables and accrued expenses |
819,255 |
2,350,144 |
Income tax payable |
296,905 |
1,816,995 |
Total Current
Liabilities |
3,069,791 |
9,610,954 |
Warrant liabilities |
41,237 |
168,442 |
Preferred (conversion option)
liabilities |
1,272,153 |
5,782,014 |
TOTAL LIABILITIES |
$4,383,181 |
$15,561,410 |
|
|
|
Commitments and
Contingencies |
$-- |
$-- |
|
|
|
SHENGKAI INNOVATIONS,
INC. |
|
|
(F/K/A SOUTHERN SAUCE COMPANY, INC.)
AND SUBSIDIARIES |
|
|
CONSOLIDATED BALANCE SHEETS
(Continued) |
|
|
AS AT MARCH 31, 2012 AND JUNE 30,
2011 |
|
|
(Stated in US Dollars) |
|
|
|
|
|
|
March 31,
2012 |
June 30,
2011 |
STOCKHOLDERS' EQUITY |
|
|
Preferred stock – $0.001 par value 15,000,000
shares authorized; 3,087,368 and 5,987,368 issued and outstanding
as of March 31, 2012 and June 30, 2011, respectively. |
$3,087 |
$5,987 |
Common stock -- $0.001 par value 100,000,000
shares authorized; 16,638,307 and 14,888,306 shares issued and
outstanding as of March 31, 2012 and June 30, 2011,
respectively.* |
16,638 |
14,889 |
Additional paid-in capital |
70,551,003 |
63,569,139 |
Statutory reserves |
11,196,604 |
11,196,604 |
Retained earnings |
45,292,775 |
42,669,590 |
Accumulated other comprehensive income |
11,527,657 |
8,435,113 |
TOTAL STOCKHOLDERS'
EQUITY |
138,587,764 |
125,891,322 |
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY |
$142,970,945 |
$141,452,732 |
* The number of shares of common stock has been retroactively
restated to reflect the Reverse Stock Split effected on March 9,
2012.
SHENGKAI INNOVATIONS,
INC. |
|
|
(F/K/A SOUTHERN SAUCE
COMPANY, INC.) AND SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME |
|
FOR THE THREE AND NINE
MONTHS ENDED MARCH 31, 2012 AND 2011 |
|
(Stated in US
Dollars) |
|
|
|
|
|
|
|
|
|
For the Three
Months Ended March 31, |
For the Nine
Months Ended March 31, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Revenues |
$5,680,510 |
$26,636,369 |
$26,985,465 |
$66,183,712 |
Cost of sales |
(3,058,282) |
(11,451,853) |
(15,221,094) |
(27,794,163) |
Gross profit |
2,622,228 |
15,184,516 |
11,764,371 |
38,389,549 |
Operating
expenses: |
|
|
|
Selling expenses |
(727,696) |
(2,325,547) |
(2,803,429) |
(5,914,514) |
General and administrative expenses |
(2,172,307) |
(5,319,344) |
(7,618,949) |
(9,829,357) |
Total operating
expenses |
(2,900,003) |
(7,644,891) |
(10,422,378) |
(15,743,871) |
Income (loss) from
operations |
(277,775) |
7,539,625 |
1,341,993 |
22,645,678 |
Other income, net |
20,802 |
160,066 |
74,843 |
217,661 |
Interest income, net |
371,290 |
106,937 |
717,972 |
140,566 |
Changes in fair value of instruments -
gain |
79,808 |
21,339,398 |
1,836,530 |
50,646,533 |
Income before income
taxes |
194,125 |
29,146,026 |
3,971,338 |
73,650,438 |
Income taxes |
(297,362) |
(1,906,700) |
(1,348,153) |
(4,601,727) |
Net income (loss) |
(103,237) |
27,239,326 |
2,623,185 |
69,048,711 |
Foreign currency translation adjustment |
881,061 |
1,254,302 |
3,092,543 |
3,824,630 |
Comprehensive income |
$777,824 |
$28,493,628 |
$5,715,728 |
$72,873,341 |
|
|
|
|
|
Basic earnings (loss) per share* |
$(0.01) |
$2.03 |
$0.16 |
$5.58 |
|
|
|
|
|
Diluted earnings (loss) per share* |
$(0.01) |
$1.46 |
$0.14 |
$3.83 |
|
|
|
|
|
Basic weighted average shares
outstanding* |
16,638,307 |
13,397,126 |
16,550,398 |
12,373,274 |
|
|
|
|
|
Diluted weighted average shares
outstanding* |
16,638,307 |
18,603,965 |
18,138,809 |
18,050,558 |
* The earnings (losses) per share data and the weighted average
shares outstanding for all periods have been retroactively restated
to reflect the 1-for-2 reverse stock split effected on March 9,
2012.
|
|
|
|
|
|
SHENGKAI INNOVATIONS,
INC. |
|
|
(F/K/A SOUTHERN SAUCE COMPANY, INC.)
AND SUBSIDIARIES |
|
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
FOR THE SIX MONTHS ENDED MARCH 31,
2012 AND 2011 |
|
|
(Stated in US Dollars) |
|
|
|
|
|
|
Nine months ended
March 31, |
|
|
2012 |
2011 |
|
|
|
Cash flows from operating
activities |
|
|
Net income |
$2,623,185 |
$69,048,711 |
Adjustments to reconcile net income
to net cash provided by operating activities: |
|
|
Depreciation |
2,819,280 |
1,055,894 |
Amortization |
768,943 |
755,458 |
Provision for doubtful accounts |
185,531 |
-- |
(Gain) on disposal of property, plant and
equipment |
(10,584) |
(3,320) |
Changes in fair value of instruments –
(gain) |
(1,836,530) |
(50,646,533) |
Stock based compensation |
4,180,178 |
6,351,696 |
Changes in operating assets and
liabilities: |
|
|
(Increase) decrease in
assets: |
|
|
Accounts receivable |
6,302,473 |
(6,121,940) |
Notes receivable |
183,875 |
(41,873) |
Other receivables |
18,132 |
(907,745) |
Advances to suppliers |
(213,519) |
192,572 |
Inventories |
(332,232) |
(692,866) |
Increase (decrease) in
liabilities: |
|
|
Notes payable |
(1,394,120) |
(999,199) |
Accounts payable |
(2,887,770) |
2,117,933 |
Advances from customers |
430,011 |
(648,322) |
Other payables and accrued expenses |
(1,561,822) |
806,187 |
Income tax payable |
(1,540,673) |
800,699 |
Net cash provided by operating
activities |
7,734,358 |
21,067,352 |
Cash flows from investing
activities |
|
|
Proceeds from disposition of property, plant
and equipment |
(487) |
517 |
Purchase of property, plant and
equipment |
(52,973) |
(70,553) |
Payment of construction in progress |
(494,230) |
(8,035,404) |
Purchase of intangible assets |
-- |
(1,966) |
Increase in advances to suppliers for
purchase of equipment and construction |
(132,035) |
(2,146,049) |
Decrease/(increase) in restricted cash |
1,276,189 |
175,038 |
Net cash provided by (used in)
investing activities |
596,464 |
(10,078,417) |
|
|
|
|
|
|
SHENGKAI INNOVATIONS,
INC. |
|
|
(F/K/A SOUTHERN SAUCE COMPANY, INC.)
AND SUBSIDIARIES |
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Continued) |
|
|
FOR THE SIX MONTHS ENDED MARCH 31,
2012 AND 2011 |
|
|
(Stated in US Dollars) |
|
|
|
|
|
|
Nine
months ended March 31, |
|
|
2012 |
2011 |
|
|
|
Cash flows from financing
activities |
|
|
Proceeds from issuance of common stock, net
of offering costs |
-- |
17,466,689 |
Net cash provided by financing
activities |
-- |
17,466,689 |
|
|
|
Net increase (decrease) in cash and
cash equivalents |
$8,330,822 |
$28,455,624 |
|
|
|
Effect of exchange rate changes on cash and
cash equivalents |
1,361,842 |
1,066,560 |
|
|
|
Cash and cash equivalents–beginning of
year |
59,870,108 |
20,995,182 |
|
|
|
Cash and cash equivalents–end of
year |
$69,562,772 |
$50,517,366 |
|
|
|
Supplementary cash flow
information: |
|
|
|
|
|
Interest received |
$717,972 |
$140,568 |
|
|
|
Taxes paid |
$2,888,824 |
$3,801,029 |
|
|
|
Non-cash transaction: |
|
|
Preferred stock conversion to common
stock |
$-- |
$-- |
Common stock issuance |
$-- |
$3,054,000 |
CONTACT: Shengkai Innovations, Inc.
Linbin Zhang, Interim CFO
+86-22-5883-8509
ir@shengkai.com
http://www.shengkaiinnovations.com
Shengkai Innovations (CE) (USOTC:VALV)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Shengkai Innovations (CE) (USOTC:VALV)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024