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Kandi Technologies Reports SecondQuarter 2016 Financial Results
2016-8-9 10:14:00  (Page Views:2301)
 

                                                           - Q2 2016 revenue increased 15.1% YoY to $55.2 million
                              - Q2 JV’s EV products sales exceed expectations by 20%, reaching 7,200, a 61.9% YoY increase
                                       -Q2 2016 Non-GAAP net income increased 114.8% YoY to $10.5 million, or $0.22 EPS
 
 
JINHUA, CHINA-- (August 9, 2016) - Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI) today announced its financial results for the secondquarter of 2016.
 
Second Quarter Highlights
 
·Total revenues grew 15.1% to $55.2 million for the second quarter of 2016,compared with $48.0 million for the same period of 2015;
·Electric Vehicle (“EV”) parts sales increased 15.4% to $53.8 million for the second quarter of 2016, compared with $46.6 million in the same period of 2015;
·Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"), sold 7,200 units of EV products, including 5,072 EV products to the Micro Public Transportation (MPT) program and 2,128 EV products to the direct sales program, a61.9% increase compared to the same period last year;
 
GAAP net income for the second quarter of 2016 was $2.8 million, or $0.06 per fully?diluted share, compared with $5.4 million, or $0.12 per fully?diluted share in the same period of 2015;
Non-GAAP adjusted net income[1], which excludes stock award expenses and changes in the fair value of financial derivatives, was $10.5 million in the second quarter of 2016, compared with $4.9 million of the same period of 2015. Non-GAAP adjusted earnings per share1 was approximately $0.22 per fully?diluted share for the first quarter of 2016 compared with $0.10 per fully?diluted share for the same quarter of 2015; and
Working capital surplus was $67.4 million as of June30, 2016.Cash, cash equivalents and restricted cash totaled $34.1million as of June 30, 2016.
 
“After more than 3 months of waiting, the JV Company finally obtained the approval for a purchase tax exemption for its“Global Hawk” EV products and hada positive sales performance in May and June.The total number of EV products sold in the second quarter was 7,200, a 61.9% increase compared to the same period of 2015 and exceeded our guidance by 20%,”commented Mr. HuXiaoming, Chairman and Chief Executive Officer of Kandi. “Notably, Zhejiang Geely Holding Group, the parent company of Geely Automobile Holdings Ltd., is planning to purchase 50% of the equity of Shanghai Maple Guorun Automobile Co., Ltd. at a premium price (a purchase price exceeding the cash amount of the aggregate of the original investment and the shared profits over the years), which will support the future growth ofthe JV Company and also create better conditions for the JV Company to apply for its EV production license and pursue public listing in China. Recently Zhejiang Zuozhongyou Electric Vehicles Service Co., Ltd. (the “Service Company”) expanded its micro public transportation program into two new cities, Tianjin and Jiangyin. Pang Da Automobile Trade Co., Ltd. (“Pang Da”) has also signed a frameworksales agreement pursuant to which Pang Da is to buy at least 60,000 EVs in the next four years from the JV Company for its Green Campus Drive Electric Campaign. We are excited to see progress andcontinued business growth in the future.”
 
“We have performed very well financially during the second quarter of 2016,”added Mr. Wang Cheng (Henry), Chief Financial Officer of Kandi. “Our margin improved compared to the same quarter last year, and our non-GAAP net income reached $10.5 million, a 114.8% increase compared to $4.9 million in the same period of 2015. We realized positive cash flow of $3.2 million in the first half of 2016, compared to negative cash flow of $17.0 million in the same period of 2015.”
 
Net Revenues and Gross Profit

 

2Q16

1Q16

2Q15

Q-o-Q%

Y-o-Y%

净收入(百万美元)

$55.2

$50.7

$48.0

9.0%

15.1%

毛利(百万美元)

$8.5

$6.7

$6.5

25.9%

30.2%

毛利率

15.3%

13.3%

13.5%

-

-

 
Net revenues for the second quarter of 2016 increased 15.1% compared to the same quarter last year. This increase in net revenues wasmainlydue to the growth in EV parts sales.  Gross margin was 15.3%, 1.8% higher compared to 13.5% for the same quarter of 2015, which was the result of  cost reduction on batteries purchased.

Operating Income (Loss)

 

2016第二季度

2016第一季度

2015第二季度

与上季度比较

与去年同期比较

营业费用(百万美元)

$10.8

$8.3

$4.5

31.0%

141.5%

营业收益(损失)(百万美元) 

($2.4)

($1.6)

$2.0

-

-

营业利润率

-4.3%

-3.1%

4.2%

-

-

Non-GAAP营业收益(损失)(百万美元)

$5.9

$5.3

$5.5

10.4%

7.2%

 
Total operating expensesin the second quarterof 2016 were $10.8 million, compared with $4.5 million in the samequarter of 2015. The increase in total operating expenses was due to an increase in stock compensation expenses, which were $8.3 million in this quarter, compared with $3.5 million in the same quarter last year. Excluding stock compensation expenses, operating expensesinthe second quarter of 2016were $2.6 million,compared with $1.0 million in the same quarter last year.This increase was mainly due to the maintenance expensesof batteries and a one-time expense reversal in the second quarter of 2015.
 
GAAP Net Income

 

2016第二季度

2016第一季度

2015第二季度

与上季度比较

与去年同期比较

净利润(百万美元)

$2.8

$0.1

$5.4

3059.0%

-48.5%

每股收益

$0.06

$0.00

$0.12

-

-

摊薄的每股收益

$0.06

$0.00

$0.12

-

-

股权奖励费用

$8.3

$6.9

$3.5

20.1%

137.5%

金融工具公允价值变动损益

($0.5)

($3.3)

($4.0)

-

-

Non- GAAP净利润

$10.5

$3.7

$4.9

185.5%

114.8%

 
Net income was $2.8 million in the second quarter of 2016, compared with $5.4 million in the same quarter of 2015.Net income was affected by significantincreases in stock option expense amortization, gain from the JV Company and change inthe fair value of financial derivatives.
Non-GAAP net income was $10.5 million, a 114.8% increase in the second quarter of 2016 compared to $4.9 millionin the same quarter of 2015. The increase in Non-GAAP net income was attributable to growth in revenue and gross profits, net profits fromthe JV company and government subsidy income.
Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”)Financial Results
In the secondquarter of 2016, the JV Company sold 7,200 EV products, an increase of 61.9% compared to 4,446 EV products sold in the same quarter of 2015.
The condensed financial income statement of for JV Companyfor the second quarter of 2016is below:
 

 

2016第二季度

2015第二季度

与去年同期比较

净收入(百万美元)

$111.8

$69.0

62.1%

毛利(百万美元)

$14.7

$10.7

37.7%

毛利率

13.1%

15.4%

-

净利润

$8.6

$1.6

444.0%

占净收入比率

7.7%

2.3%

-

 
Revenue for the JV Company was $111.8 million in the second quarter of 2016, an increase of 62.1% compared to the same quarter of 2015. Net income was $8.6 million, a 444.0% increase compared to the same quarter of 2015.
Kandi’s investments in the JV Company are accounted for using the equity method of accounting becauseKandi has a 50% ownership interest in the JV Company. As a result, Kandi recorded 50% of the JV Company’s income, $4.3 million, forthis quarter. After eliminating intra-entity profits and losses, Kandi’s share of the after-tax income of the JV Company was $4.9 million for thesecond quarter of 2016.
 
Second Quarter of 2016Conference Call Details
The Company has scheduled a conference call and live webcast to discuss the financial results at 8:00 AM (U.S. Eastern time) on August 9, 2016 (8:00 PM Beijing time on August 9, 2016). Mr. HuXiaoming, Chief Executive Officer, and Mr. Wang Cheng (Henry), Chief Financial Officer, will deliver prepared remarks followed by a question and answer session.
 
The dial-in details for the conference call are as follows:
· TOLL-FREE   1-877-407-3982
· TOLL/INTERNATIONAL   1-201-493-6780
· Webcast and replay:http://public.viavid.com/index.php?id=120673
The live audio webcast of the call can also be accessed by visiting Kandi's investor relations website at http://en.kandivehicle.com. An archive of the webcast will be available on the Company's website following the live call.
 
[1]Non-GAAP measures, including the Non-GAAP net income and Non-GAAP EPS, are defined as the financial measuresexcluding the change of the fair value of financial derivatives and the effects of stock award expense. We supply non-GAAP information because we believe it allows our investors to obtain a clearer understanding of our operations.  Any non-GAAP measures should not be considered as a substitute for, and should only be read in conjunction with, measures of financial performance prepared in accordance with GAAP.

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