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China Automotive Systems Reports 88% Revenue Growth in 2010

来源:918 发布日期2019-01-31


- Q1 diluted EPS $0.34, up 302% YoY -

WUHAN, China, May 6 /PRNewswire-Asia-FirstCall/ -- China Automotive Systems, Inc. (the "Company"), (Nasdaq: CAAS), a leading power steering components and systems supplier in China, today announced record financial results for the first 大发国际quarter ended March 31, 2010.

2010 First Quarter Highlights:

-- Net sales increased 88% YoY to a new first quarter sales record of

$84.2 million;

-- Gross margin was 26.8% versus 24.4% a year ago and 23.8% in Q4 2009;

-- Operating income climbed 124.1% YoY to a quarterly record $16 million;

-- Net income rose 357.6% YoY to a quarterly record $10.3 million; diluted

EPS at quarterly record $0.34;

-- Cash and equivalents were $51.1 million at March 31, 2010;

-- Net cash flow from operations was $13.5 million.

Net sales for the first quarter of 2010 represented an 88.5% year-over-year increase to $84.2 million, the highest first quarter sales in the Company's history, versus $44.7 million in the 2009 first quarter. All of the revenue increase was due to organic growth.

Gross profit in the first quarter of 2010 was $22.5 million, a 106.7% or $11.6 million year-over-year increase, compared with $10.9 million for the same quarter in 2009. The gross margin in the first quarter of 2010 was 26.8%, compared with 24.4% a year ago and 23.8% in the preceding quarter. The Company has reclassified warranty expenses from selling expenses to cost of goods sold. Without giving effect to this reclassification, gross margin in the first quarter of 2010 would have been 30.2%, compared with 27.3% a year ago and 29.0% in the preceding quarter. Details of the reclassification are set forth in the table below.

Selling expenses in the first quarter were $1.9 million as compared to $1.1 million in the same quarter a year ago, but declined from the $3.2 million reported in the 2009 fourth quarter. Selling expenses as a percentage of revenue for the first quarter of 2010 were 2.2% as compared to 2.4% for the same period in 2009.

Reclassification table:

First quarter, 2010 First quarter, 2009

Net sales $84,232,689 $44,697,446

Cost of goods sold before

reclassification 58,778,370 32,499,615

Gross profit before

reclassification 25,454,319 12,197,831

Gross margin before

reclassification 30.2% 27.3%

Warranty expenses 2,919,302 1,294,486

Cost of goods sold after

reclassification 61,697,672 33,794,101

Gross profit after

reclassification 22,535,017 10,903,345

Gross margin after

reclassification 26.8% 24.4%

Selling expenses before

reclassification 4,787,105 2,359,166

Minus: Warranty expenses 2,919,302 1,294,486

Selling expenses after

reclassification $1,867,803 $1,064,680

General and administrative (G&A) expenses in the first quarter were $3.6 million as compared to $1.8 million in the same quarter a year ago, but were lower than the $5.5 million in the 2009 fourth quarter. G&A expenses as a percentage of revenue for the first quarter of 2010 were 4.3% as compared to 4.0% for the same period in 2009. Research and development (R&D) expenses rose to $1.3 million in the 2010 first quarter from $439,922 for the first quarter of 2009 as the Company continues to invest in R&D for new products.

Operating income increased by 124.1% year-over-year to $15.9 million in the first quarter of 2010, compared with $7.1 million in the 2009 first quarter, and was 71.7% above the 2009 fourth quarter. The operating margin was almost 19% in the 2010 first quarter versus 15.9% in the same quarter in 2009 and rose significantly compared with 11.1% in the fourth quarter of 2009.

Net income attributable to common shareholders was $10.3 million for the first quarter, or $0.34 per diluted share, compared with $2.3 million, or $0.08 per diluted share in the same quarter in 2009. The net margin for net income attributable to common shareholders rose to 12.3% in the 2010 first quarter from 5.1% in the first quarter of 2009 and from 7.8% in the fourth quarter of 2009. The diluted weighted average shares outstanding were 31.6 million in the first quarter of 2009, compared with 31.9 million at the end of March in 2009.

As of March 31, 2010, total cash and cash equivalents were $51.5 million, as compared with $37.6 million as of March 31, 2009. Stockholders' equity increased to $116.0 million as of March 31, 2010 from $105.7 million as of December 31, 2009. Working capital grew by 67.5% versus a year ago and reached $70.0 million. Net cash flow from operations was $13.5 million for the three months ended March 31, 2010.

Mr. Qizhou Wu, Chief Executive Officer of China Automotive Systems, commented, "We are encouraged by our first quarter result and long term growth potential of world's largest auto nation. With the high saving account balance, Chinese consumers are increasing consumption of durable goods. Auto, as the second highest price tag after housing, remains a natural candidate for Chinese consumers. Auto is also the largest beneficiary of the changing life styles in China, as it gives Chinese people more freedom to travel within and outside of the cities."

"China Automotive Systems' near-term execution and long-term strategy remain intact. We continue to focus on expansion within existing customers and penetration into new customers. Our closer relationships with large OEMs help improve their margins and enhance their competitiveness in the marketplace. Our track record and progression with Chery Auto, BYD, Geely and Brilliance, all speak volumes for the successful implementation of our growth strategy. As we continue to win contracts from more high-quality OEMs who have proven growth records, we have gradually established a large customer base and ability to optimize production cycles to meet the surging needs of the top sellers. This is the reason why we can consistently outgrow the overall auto market in China," Mr. Wu concluded.

Recent Developments

On February 24, 2010, the Board of Directors increased the registered capital of Hengsheng, one of the Company's subsidiaries, to $16 million from $10 million. The additional investment has been completed and is planned for expanding the plant and the addition of new machinery and equipment. The investment was funded by the Company's working capital balances.

On January 24, 2010, the Company announced that its subsidiary Great Genesis Holdings Limited signed a definitive agreement to form a joint venture ("JV") with the Beijing Hainachuan Auto Parts Co. Ltd., subsidiary of Beijing Automobile Industrial Holdings ("Beijing Auto"). The new joint venture, Beijing Hailong Automotive System Co., Ltd., will design, develop and manufacture both hydraulic and electric power steering systems and parts at competitive prices to meet the growing power steering needs of Beijing Auto. A new production facility is expected to be completed and operational within 18 months with a designed capacity for 300,000 units of hydraulic and 200,000 units of electric power steering systems plus parts.

On January 22, 2010, the Company announced that its previously announced OEM in North America was Chrysler. Exports to the U.S. for the award-winning Jeep Wrangler had begun in mid-2009 and were continuing.

2010 Outlook

Management raised revenue guidance to 25% year-over-year growth for the 2010 year. This target is based on the Company's current views on operating and market conditions, which are subject to change.

Conference Call

Management will conduct a conference call on Thursday, May 6th at 8:00 a.m. Eastern Daylight Time to discuss these results. A question and answer session will follow management's presentation.

To participate, please call the following numbers 10 minutes before the call start time and ask to be connected to the "China Automotive Systems" conference call:

Phone Number: +1-877-407-9205 (North America)

Phone Number: +1-201-689-8054 (International)

In addition, the conference call will be broadcast live over the Internet at: http://www.caasauto.com or http://www.investorcalendar.com/IC/CEPage.asp?ID=158168

Please go to the web site at least 15 minutes early to register, download and install any necessary software.

A telephone replay of the call will be available after the conclusion of the conference call through 11:59 PM EDT on Thursday, May 20, 2010. The

dial-in details for the replay are: U.S. Toll Free Number +1-877-660-6853, International dial-in number +1-201-612- 7415; using Account "286" and Conference ID "350127" to access the replay. The internet audio stream will also be available until 11:59 pm EDT on Thursday, May 20th.

About China Automotive Systems, Inc.

Based in Hubei Province, People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through nine Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers 4 separate series of power steering with an annual production capacity of over 2.5 million sets, steering columns, steering oil pumps and steering hoses. Its customer base is comprised of leading Chinese auto manufacturers such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd.. For more information, please visit: http://www.caasauto.com .

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and condition and the impact of acquisitions on its financial performance. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products, pricing and new technology; changes in demand for the Company's products; changes in consumer preferences and tastes and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, delays and cost overruns related to developing and opening new production facilities; and other factors as discussed in the Company's reports filed with the Securities and Exchange Commission from time to time.

For further information, please contact:

Jie Li

Chief Financial Officer

China Automotive Systems

Email: jieli@chl.com.cn

Kevin Theiss

Investor Relations

Grayling

Tel: +1-646-284-9409

Email: kevin.theiss@grayling.com

China Automotive Systems, Inc.

Condensed Consolidated Balance Sheets

March 31, 2010 December 31, 2009

(US$, Unaudited)

ASSETS

Current assets:

Cash and cash equivalents $ 51,075,033 $ 43,480,176

Pledged cash deposits 13,976,353 12,742,187

Accounts and notes receivable, net,

including $1,526,905 and $1,441,939

from related parties at March 31,

2010 and December 31, 2009 168,252,346 154,863,292

Advance payments and other,

including $1,080,591 and $0 to

related parties at March 31,

2010 and December 31, 2009 7,549,606 2,413,556

Inventories 35,383,898 27,415,697

Current deferred tax assets 1,555,114 1,381,868

Total current assets $ 277,792,350 $ 242,296,776

Long-term Assets:

Property, plant and equipment, net $ 60,605,816 $ 60,489,798

Intangible assets, net 516,052 561,389

Other receivables, net, including

$332,955 and $65, 416 from related

parties at March 31, 2010 and

December 31, 2009 1,950,782 1,064,224

Advance payments for property,

plant and equipment, including

$1,962,472 and $2,579,319 to

related parties at March 31,

2010 and December 31, 2009 8,323,825 6,369,043

Long-term investments 79,106 79,084

Non-current deferred tax assets 2,447,578 2,172,643

Total assets $ 351,715,509 $ 313,032,957

LIABILITIES AND STOCKHOLDERS'

EQUITY

Current liabilities:

Bank loans $ 4,394,767 $ 5,125,802

Accounts and notes payable,

Including $2,685,916 and

$1,537,827 to related parties

at March 31, 2010 and December

31, 2009 124,659,294 107,495,833

Convertible notes payable 28,747,192 28,640,755

Derivative liabilities 730,981 880,009

Customer deposits 6,894,977 1,918,835

Accrued payroll and related costs 3,039,446 3,040,705

Accrued expenses and other payables 22,381,164 17,708,681

Accrued pension costs 3,859,241 3,778,187

Taxes payable 12,899,736 11,365,016

Amounts due to

shareholders/directors 186,888 --

Total current liabilities $ 207,793,686 $ 179,953,823

Long-term liabilities:

Advances payable 234,007 233,941

Total liabilities $ 208,027,693 $ 180,187,764

Significant concentrations

Related party transactions

Commitments and contingencies

Subsequent events

Stockholders' equity:

Preferred stock, $0.0001 par value -

Authorized - 20,000,000 shares

Issued and outstanding - None $ -- $ --

Common stock, $0.0001 par value -

Authorized - 80,000,000 shares

Issued and Outstanding -

27,046,244 shares at March 31,

2010 and December 31, 2009 2,704 2,704

Additional paid-in capital 27,515,064 27,515,064

Retained earnings -

Appropriated 8,324,533 8,324,533

Unappropriated 68,977,192 58,642,023

Accumulated other comprehensive

income 11,225,521 11,187,744

Total parent company stockholders'

equity 116,045,014 105,672,068

Non-controlling interests 27,642,802 27,173,125

Total stockholders' equity $ 143,687,816 $ 132,845,193

Total liabilities and stockholders'

equity $ 351,715,509 $ 313,032,957

China Automotive Systems, Inc.

Condensed Consolidated Statements of Operations (US$, Unaudited)

Three Months Ended March 31,

2010 2009

Net product sales, including $1,660,393

and $559,011 to related parties for

the three months ended March 31, 2010

and 2009 $ 84,232,689 $ 44,697,446

Cost of product sold, including

$4,347,288 and $2,126,737 purchased

from related parties for the three

months ended March 31, 2010 and 2009 61,697,672 33,794,101

Gross profit 22,535,017 10,903,345

Add: Gain on other sales 451,610 66,879

Less: Operating expenses -

Selling expenses 1,867,803 1,064,680

General and administrative expenses 3,604,784 1,801,702

R&D expenses 1,301,758 439,922

Depreciation and amortization 321,793 571,413

Total Operating expenses 7,096,138 3,877,717

Income from operations 15,890,489 7,092,507

Add: Other income, net 15,528 --

Financial income (expenses) net (368,011) (439,480)

Gain on change in fair value of

derivative 149,028 (1,560,848)

Income before income taxes 15,687,034 5,092,179

Less: Income taxes 2,285,522 1,449,670

Net income $ 13,401,512 $ 3,642,509

Net income attributable to

noncontrolling interest 3,066,343 1,383,697

Net income attributable to parent

company $ 10,335,169 $ 2,258,812

Net income per common share

attributable to parent company -

Basic $ 0.38 $ 0.08

Diluted $ 0.34 $ 0.08

Weighted average number of common

shares outstanding -

Basic 27,046,244 26,983,244

Diluted 31,564,462 31,947,823

China Automotive Systems, Inc.

Condensed Consolidated Statements of Cash Flows (US$, Unaudited)

Three Months Ended March 31,

2010 2009

Cash flows from operating

activities:

Net income $ 13,401,512 $ 3,642,509

Adjustments to reconcile net income

from continuing operations to

net cash provided by operating

activities:

Depreciation and amortization 2,358,266 2,026,816

Allowance for doubtful accounts 218,944 (650,590)

(Recovered)

Deferred income taxes assets (447,191) 112,451

Amortization for discount of

convertible note payable 106,437 122,347

(Gain) loss on change in fair value

of derivative (149,028) 1560,848

Other operating adjustments 99 (1,234)

Changes in operating assets and

liabilities:

(Increase) decrease in:

Pledged deposits (1,230,619) (1,102,026)

Accounts and notes receivable (13,455,446) (6,482,746)

Advance payments and other (5,135,625) (779,329)

Inventories (7,960,570) (1,379,040)

Accounts and notes payable 17,133,541 7,069,389

Customer deposits 4,976,051 280,763

Accrued payroll and related costs (2,105) 90,811

Accrued expenses and other payables 2,063,614 690,931

Accrued pension costs 80,002 (91,254)

Taxes payable 1,531,557 3,779,564

Net cash provided by operating

activities $ 13,489,439 $ 8,890,210

Cash flows from investing

activities:

(Increase) decrease in other

receivables (979,428) (111,395)

Cash received from equipment sales 237,457 34,020

Cash paid to acquire property, plant

and equipment (4,616,312) (4,296,391)

Cash paid to acquire intangible

assets (2,504) (292,573)

Net cash (used in) investing

activities $ (5,360,787) $ (4,666,339)

Cash flows from financing

activities:

Proceeds from (repayment of) bank

loans (732,462) (2,194,298)

Dividends paid to the non-controlling

interest holders of Joint-venture

companies -- (1,550,637)

(Decrease) in amounts due to

shareholders/directors 186,845 --

Net cash provided by (used in)

financing activities $ (545,617) $ (3,744,935)

Cash and cash equivalents effected

by foreign currency $ 11,822 $ (7,020)

Net increase in cash and cash

equivalents 7,594,857 471,916

Cash and cash equivalents at

beginning of period 43,480,176 37,113,375

Cash and cash equivalents at end of

period $ 51,075,033 $ 37,585,291

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