ZHEJIANG, China, March 31, 2015 /PRNewswire/ -- SORL Auto
Parts, Inc. (NASDAQ: SORL) ("SORL" or the "Company"), a leading
manufacturer and distributor of automotive brake systems as well as
other key safety-related auto parts in China, announced today its financial results
for the fourth quarter of 2014 and the year ended December 31, 2014.
Fourth Quarter 2014 Financial Highlights
- Net sales for the fourth quarter increased by 14.4% to a fourth
quarter record high of $63.2 million;
- Gross profit increased 23.5% with a gross margin of 27.7%
compared with 25.6% in the fourth quarter of 2013;
- Net Income attributable to stockholders was $4.3 million, or $0.20 per diluted share from $0.8 million, or $0.05 per diluted share in the fourth quarter of
2013;
- Cash, cash equivalents and short-term investments were
$48.8 million with a current ratio of
3.4 to 1 at December 31, 2014.
2014 Full Year Highlights
- Net sales increased 13.9% to an annual record high of
$237.7 million;
- Gross margin was stable at 28.1%;
- Net income attributable to stockholders for fiscal 2014 was
$13.8 million, or $0.71 per diluted share, compared with
$9.4 million, or $0.49 per diluted earnings per share in
2013.
Mr. Xiaoping Zhang, SORL's Chief
Executive Officer and Chairman, stated, "We are very pleased to
have achieved record sales for the fourth quarter and the year in
an extremely challenging sales environment for commercial vehicles.
The enforcement of the National IV emission standard on commercial
vehicles in the second half of 2014 resulted in a reduction in the
sale of 'pre-buy' commercial vehicles that are not in compliance
with the National IV emission standard, especially trucks sales.
However, we continued to capture market share in 2014 as our 14.4%
quarterly sales growth surpassed the 2.3% decline in the commercial
vehicle sales market and the 5.9% lower truck sales in the fourth
quarter of 2014. Our annual sales growth of 13.9% far exceeded the
6.5% decline in total commercial vehicles and the 8.9% reduction in
truck sales in the 2014 year. All three of our market segments
achieved annual sales growth for the 2014 year led by a 31.9%
increase in aftermarket sales and followed by a 12.5% increase in
international sales."
"Our expanded product line of advanced braking systems led to
several new contracts. We were contracted to supply our three-pedal
braking system to the new model M3000 heavy-duty vehicles produced
by the Shaanxi Automotive Group. We are also supplying our first
advanced braking products to Sichuan Hyundai Motor Company for its
Chuanghu brand premium heavy-duty truck."
"We have also made a breakthrough in the end user market and
expanded beyond our traditional commercial vehicle markets as we
have become a qualified supplier to Changchun Railway Vehicles
(also known as China North Railway or CNR) in early 2015 for its
CRH3 bullet trains. We are supplying our energy absorbing systems,
and providing repair and replacement services for certain pneumatic
valve modules used throughout the train. We are also supplying
repair and replacement services for certain pneumatic valve modules
for the CRH5 bullet trains. The expanding railway system in
China provides additional growth
opportunities for our products. We continue to be focused on
increasing the technology in our products to capture market share
and sustain our high gross margins," Mr. Zhang concluded.
Fourth Quarter 2014 Financial Results
For the fourth quarter of 2014, net sales increased by 14.4% to
a fourth-quarter record high of $63.2
million compared with $55.3
million in the same quarter in 2013. Revenues from the
Company's domestic OEM customers were $27.6
million, a decrease of 5.8% from $29.3 million in the fourth quarter of 2013. The
lower OEM sales were mainly due to the reduction in the sale of
'pre-buy' vehicles before the January
2015 nationwide implementation of the new National IV
emission standards. Sales from China's domestic aftermarket increased by
58.0% to $18.4 million, compared with
$11.6 million in the same quarter of
2013. Aftermarket sales increased as the Company's expanded line of
advanced products serviced a larger number of vehicles passed their
warranty period. Revenues from international markets increased
19.4% to $17.2 million, compared to
$14.4 million in the same quarter of
2013.
The gross profit for the fourth quarter of 2014 increased 23.5%
to $17.5 million, compared with
$14.2 million a year ago. Gross
margin was 27.7%, an increase from a gross margin of 25.6% in the
same quarter of 2013.
In the fourth quarter of 2014, operating expenses decreased to
$12.5 million from $12.8 million in the same quarter of 2013. The
decrease reflected reduced selling and research and development
expenses partially offset by higher general and administrative
expenses. As a percentage of revenue, operating expenses were 19.8%
in the fourth quarter of 2014, compared with 23.1% in the fourth
quarter of 2013.
- Selling and distribution expenses were $5.6 million, or 8.9% of quarterly revenues,
compared with $6.3 million, or 11.4%
a year ago. The lower selling and distribution expenses as a
percentage of revenue in fourth quarter of 2014 was mainly due to
reduced costs for packaging materials.
- General and administrative ("G&A") expenses in the fourth
quarter of 2014 were $5.2 million, or
8.2% of revenue, compared with $4.3
million, or 7.8% a year ago. The increase in G&A
expenses was mainly due to higher labor cost and the increase of
other management expenditures.
- Research and development ("R&D") expenses were $1.7 million in the fourth quarter of 2014
compared with $2.2 million in the
fourth quarter of 2013. As a percentage of revenue, R&D
expenses declined to 2.6% in the fourth quarter of 2014 compared to
3.9% of revenue in the fourth quarter of 2013.
Financial expenses were $0.4
million, unchanged from the fourth quarter of 2013.
- Income before income taxes was $5.7
million for the fourth quarter of 2014 compared to
$1.9 million for the same quarter of
2013. The increase in income reflected higher operating income and
other income during the fourth quarter of 2014 compared to the
fourth quarter of 2013. The pretax income margin was 9.0% in the
fourth quarter of 2014, compared with 3.4% in the fourth quarter of
2013.
- The provision for income taxes increased to $1.3 million in the fourth quarter of 2014 from
$1.0 million in the fourth quarter of
last year.
- Net income attributable to stockholders for the fourth quarter
of 2014 was $4.0 million, or
$0.20 per basic and diluted share,
compared with $0.8 million, or
$0.05 per basic and diluted share a
year ago.
Full Year 2014 Financial Results
SORL's net sales for the fiscal year ended December 31, 2014 increased by 13.9% to an annual
record high of $237.7 million from
$208.6 million in 2013.
For the fiscal year ended December 31,
2014, the Company's sales to domestic OEM market increased
by 6.8% to $112.1 million from
$105 million in 2013. The 'pre-buy'
of the less expensive Chinese commercial vehicles compatible with
the National III emission standard vehicles resulted in higher
sales during 2013, before the nationwide enforcement of the more
stringent and more expensive National IV emission standard on
January 1, 2015. The pre-buy sales
reduction in the second half of 2014 was due to a growing number of
localities requiring commercial vehicles to comply with the
National IV emission standard. Aftermarket sales increased by 31.7%
to $61.5 million from $46.7 million in the year of 2013. Our sales of
new advanced products expanded our product portfolio providing more
solutions to more vehicles being passed their warranty period.
International sales increased by 12.5% to $64.0 million compared with $56.9 million last year as our foreign customer
base continued to expand.
SORL's gross profit increased 14.1% to $66.9 million in 2014 from $58.6 million in 2013 due to the increase in
sales. Gross margin was 28.1% in 2014 and 2013.
SORL's operational expenses increased to $49.3 million in 2014 from $45.8 million in 2013.
- Selling expenses increased by $2.8
million compared with 2013 primarily due to increased
freight expenses from higher unit sales. As a percentage of sales
revenue, selling expenses were 10.0% for the years ended
December 31, 2014 and 2013.
- G&A expenses increased by $0.6
million in 2014 mainly due to higher labor expenses. G&A
expenses decreased to 7.6% of sales revenue for the year ended
December 31, 2014, as compared to
8.3% for the 2013 year.
- R&D costs increased by $0.05
million from 2013 as SORL continued to build new products
and advance traditional technologies. The Company's focus was on
developing electronically controlled products to enhance braking
performance in 2014 especially as the Company expands its global
presence. As a percentage of sales revenue, R&D expenses were
3.2% for the year ended December 31,
2014 compared with 3.6% in the 2013 year.
Financial expenses decreased by 17.1% to $2.1 million from $2.6
million in 2013, mainly due to decreased bank loans.
Income before provision for income taxes was $18.0 million in 2014, compared with $12.6 million in 2013. The pretax income
margin was 7.6% versus 6.0% in 2013.
The provision for income taxes was $2.9
million, or a 15.9% tax rate in 2014, as compared to
$2.0 million, or a 16.3% tax rate in
2013.
The net income attributable to stockholders in 2014 was
$13.8 million compared with
$9.3 million in 2013. Earnings per
share, both basic and diluted, for the full year ended December 31, 2014 and 2013, were $0.71 and $0.49 per
share, respectively.
Balance Sheet
As of December 31, 2014, the
Company had cash, cash equivalents and short-term investments of
$48.8 million compared to
$28.2 million on December 31, 2013. Total equity increased to
$220.2 million at December 31, 2014 compared with $199.5 million at December
31, 2013. On December 31,
2014, working capital was $160.2
million with a current ratio of 3.4 to 1. Net cash flow from
operating activities increased to $22.6
million from $1.4 million last
year.
Recent Events
In February 2015, SORL announced
that it has become a qualified supplier to Changchun Railway
Vehicles Co., Ltd., for the supply, repair and replacement of the
Changke CRH3 and CRH5 series of bullet trains.
In January 2015, SORL announced
that the Company won its first "Excellent Supplier" award from
Shaanxi HANDE Axle Co., Ltd.
Business Outlook
For the fiscal year 2015, management expects net sales to be
approximately $256.0 million and net
income to be approximately $20.3
million. These targets are based on the Company's current
views on the operating and market conditions, which are subject to
change.
"We continue to capture market share as our investment in
R&D builds our portfolio of advanced braking products for the
commercial vehicle market. The higher technology our products
provide the better performance our products deliver for our
customers, which also creates a challenge for our competitors in
China. In addition, our advanced
products and our growing production efficiency help sustain our
higher margins. The bus market is stable and we are gaining more
shares in the Chinese aftermarket and further building our
international customer base. We are also beginning to penetrate the
railroad vehicle transportation system. We welcome the merger
between China North Railway (CNR) and China South Railway (CSR)
which will further increase the competitiveness of Chinese trains
in the global market. We believe that we are well positioned for
future growth opportunities," Ms. Jinrui
Yu, SORL's Chief Operating Officer,
stated.
Conference Call
Management will host a conference call on Tuesday, March 31, 2015 at 8:00 A.M. EDT/ 8:00
P.M. Beijing Time to discuss its 2014 fourth quarter and
fiscal year financial results. Listeners may access the call by
dialing U.S. toll free number +1-877-407-0778, or +1-201-689-8565
for international callers, and mainland China toll free +86 400 120 2840. A live web
cast of the conference call will also be available at
http://www.sorl.cn.
A replay of the call will be available shortly after the
conference call through 11:59 p.m.
EDT on May 1, 2015, or
11:59 a.m. Beijing Time on
May 2, 2015. The replay dial-in
numbers are: U.S. toll free number +1-877-660-6853, or
international number +1-201-612-7415; use Conference ID "13605042"
to access the replay.
About SORL Auto Parts,
Inc.
As a global tier one supplier of brake and control systems to
the commercial vehicle industry, SORL Auto Parts, Inc. is the
market leader for commercial vehicles brake systems, such as trucks
and buses in China. The Company
distributes products both within China and internationally under the SORL
trademark. SORL is listed among the top 100 auto component
suppliers in China, with a product
range that includes 65 categories with over 2000 specifications in
brake systems and others. The Company has four authorized
international sales centers in UAE, the
United States and Europe.
SORL is working to establish a broader global sales network. For
more information, please visit http://www.sorl.cn.
Safe Harbor Statement
This press release may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
the use of forward-looking terminology such as "expects,"
"anticipates," "believes," "targets," "goals," "projects,"
"intends," "plans," "seeks," "estimates," "may," "will," "should"
or similar expressions. These forward-looking statements may also
include statements about the Company's proposed discussions related
to its business or growth strategy, which are subject to change.
Such information is based upon expectations of the Company's
management that were reasonable when made, but may prove to be
incorrect. All of such assumptions are inherently subject to
uncertainties and contingencies beyond the Company's control and
upon assumptions with respect to future business decisions, which
are subject to change. The Company does not undertake to update the
forward-looking statements contained in this press release. These
risks and uncertainties may include, but are not limited to general
political, economic and business conditions which may impact the
demand for commercial vehicles or passenger vehicles in
China and the other significant
markets where the Company's products are sold, uncertainty
regarding such political, economic and business conditions, trends
in consumer debt levels and bad debt write-offs, general
uncertainty related to possible recessions, natural disasters, the
political stability of China and
the impact of any of those events on demand for commercial or
passenger vehicles, changes in consumer confidence, new product
development and introduction, competitive products and pricing,
seasonality, availability of alternative sources of supply in the
case of the loss of any significant supplier or any supplier's
inability to fulfill the Company's orders, cost of labor and raw
materials, the loss of or curtailed sales to significant customers,
the Company's dependence on key employees and officers, the ability
to secure and protect trademarks, patents and other intellectual
property rights, potential effects of competition in the Company's
business, the dependency of the Company upon the normal operation
of its sole manufacturing facility, potential effect of the
economic and currency instability in China and countries to which the Company sold
its products, the ability of the Company to successfully manage its
expenses on a continuing basis, the continued availability to the
Company of financing and credit on favorable terms, business
disruptions, disease, general risks associated with doing business
in China or other countries
including, without limitation, foreign trade policies, import
duties, tariffs, quotas, political and economic stability, and the
other factors discussed in the Company's Annual Report on Form 10-K
and other filings with the Securities and Exchange Commission. For
additional information regarding known material factors that could
cause the Company's results to differ from its projected results,
please see its filings with the SEC, including its Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on
Form 8-K. Copies of filings made with the SEC are available through
the SEC's electronic data gathering analysis retrieval system
(EDGAR) at http://www.sec.gov.
Contact Information
Raymond Lin
+86.139.6777.6556
+86.577.6581.7721
ljf@sorl.com.cn
Phyllis Huang
+86.151.6770.5972
+86.577.6581.7721
phyllis@sorl.com.cn
Kevin Theiss
Grayling
+1.646.284.9409
kevin.theiss@grayling.com
- Tables Follow -
SORL Auto Parts,
Inc. and Subsidiaries
|
Consolidated
Balance Sheets
|
December 31, 2014
and 2013
|
|
|
|
|
|
|
|
|
|
December 31, 2014
|
|
December 31, 2013
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
US$
|
14,009,597
|
US$
|
28,241,983
|
|
Short-term
investments
|
|
34,838,757
|
|
-
|
|
Accounts receivable,
net
|
|
68,171,387
|
|
57,912,384
|
|
Bank acceptance notes
from customers
|
|
17,626,704
|
|
20,186,787
|
|
Inventories
|
|
84,186,766
|
|
76,364,019
|
|
Prepayments,
including $83,206 and $- due from related parties at December 31,
2014 and 2013, respectively
|
|
4,663,002
|
|
3,773,750
|
|
Current portion of
prepaid capital lease interest
|
|
282,280
|
|
453,053
|
|
Other current
assets
|
|
1,282,182
|
|
2,537,300
|
|
Deferred tax
assets
|
|
1,868,371
|
|
1,392,955
|
|
Total
Current Assets
|
|
226,929,046
|
|
190,862,231
|
|
|
|
|
|
Non-Current
Assets
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
43,550,927
|
|
45,469,013
|
Land use rights,
net
|
|
14,421,729
|
|
14,409,170
|
|
Intangible assets,
net
|
|
37,661
|
|
50,271
|
|
Security deposits on
lease agreement
|
|
1,867,719
|
|
1,818,244
|
|
Non-current portion
of prepaid capital lease interest
|
|
99,180
|
|
371,355
|
|
Total Non-Current Assets
|
|
59,977,216
|
|
62,118,053
|
|
Total
Assets
|
US$
|
286,906,262
|
US$
|
252,980,284
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Accounts payable,
including $136,609 and $810,310 due to related parties at December
31, 2014 and 2013, respectively.
|
US$
|
13,867,316
|
US$
|
13,290,282
|
|
Deposits received
from customers
|
|
19,045,172
|
|
13,931,658
|
|
Short-term bank
loans
|
|
9,539,476
|
|
4,526,863
|
|
Income tax
payable
|
|
1,101,103
|
|
494,658
|
|
Accrued
expenses
|
|
13,561,163
|
|
10,066,969
|
|
Current portion of
capital lease obligations
|
|
3,735,438
|
|
3,636,488
|
|
Other current
liabilities, including $17,681 and $94,246 due to related parties
at December 31, 2014 and 2013, respectively.
|
|
2,131,527
|
|
256,430
|
|
Total
Current Liabilities
|
|
62,981,195
|
|
46,203,348
|
|
|
|
|
|
|
Non-Current
Liabilities
|
|
|
|
|
|
Non-current portion
of capital lease obligations
|
|
3,735,437
|
|
7,272,975
|
|
Total
Non-Current Liabilities
|
|
3,735,437
|
|
7,272,975
|
|
|
|
|
|
|
|
Total
Liabilities
|
US$
|
66,716,632
|
US$
|
53,476,323
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock - no
par value; 1,000,000 authorized; none issued and outstanding as of
December 31, 2014 and 2013
|
|
-
|
|
-
|
|
Common stock - $0.002
par value; 50,000,000 authorized,
|
|
|
|
19,304,921 issued and
outstanding as of
|
|
|
|
|
December 31, 2014 and
2013
|
|
38,609
|
|
38,609
|
|
Additional paid-in
capital
|
|
42,199,014
|
|
42,199,014
|
|
Reserves
|
|
12,019,532
|
|
10,609,435
|
|
Accumulated other
comprehensive income
|
|
27,516,206
|
|
22,465,720
|
|
Retained
earnings
|
|
116,935,053
|
|
104,544,120
|
|
Total SORL Auto
Parts, Inc. Stockholders' Equity
|
|
198,708,414
|
|
179,856,898
|
|
Noncontrolling
Interest In Subsidiaries
|
|
21,481,216
|
|
19,647,063
|
|
Total
Equity
|
|
220,189,630
|
|
199,503,961
|
|
Total Liabilities
and Equity
|
US$
|
286,906,262
|
US$
|
252,980,284
|
|
|
|
|
|
|
|
SORL Auto Parts,
Inc. and Subsidiaries
|
Consolidated
Statements of Income and Comprehensive Income
|
For Years Ended
December 31, 2014 and 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
US$
|
237,654,865
|
US$
|
208,571,812
|
Include: sales to
related parties
|
|
|
|
1,618,349
|
|
2,524,019
|
Cost of
sales
|
|
|
|
|
170,793,868
|
|
149,949,176
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
66,860,997
|
|
58,622,636
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
|
|
23,676,176
|
|
20,906,914
|
General and
administrative expenses
|
|
|
18,011,110
|
|
17,379,521
|
Research and
development expenses
|
|
|
|
7,601,342
|
|
7,550,010
|
Total operating
expenses
|
|
|
|
49,288,628
|
|
45,836,445
|
|
|
|
|
|
|
|
|
|
Other operating
income
|
|
|
|
|
2,270,147
|
|
2,074,520
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
|
|
19,842,516
|
|
14,860,711
|
|
|
|
|
|
|
|
|
|
Other
income
|
|
|
|
|
606,112
|
|
524,370
|
Interest
expense
|
|
|
|
|
(1,135,177)
|
|
(1,399,851)
|
Other
expense
|
|
|
|
|
(1,273,053)
|
|
(1,410,141)
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
|
18,040,398
|
|
12,575,089
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
|
2,872,912
|
|
2,048,056
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
US$
|
15,167,486
|
US$
|
10,527,033
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest in subsidiaries
|
1,366,456
|
|
1,164,068
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
US$
|
13,801,030
|
US$
|
9,362,965
|
|
|
|
|
|
|
|
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
US$
|
15,167,486
|
US$
|
10,527,033
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
5,518,183
|
|
505,247
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
|
20,685,669
|
|
11,032,280
|
|
|
|
|
|
|
|
|
|
Comprehensive income
attributable to noncontrolling interest in subsidiaries
|
1,834,153
|
|
1,223,603
|
|
|
|
|
|
|
|
|
|
Comprehensive income
attributable to common stockholders
|
US$
|
18,851,516
|
US$
|
9,808,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common share - Basic
|
|
|
19,304,921
|
|
19,304,921
|
|
|
|
|
|
|
|
|
|
Weighted average
common share - Diluted
|
|
|
19,304,921
|
|
19,304,921
|
|
|
|
|
|
|
|
|
|
EPS -
Basic
|
|
|
|
|
US$
|
0.71
|
US$
|
0.49
|
|
|
|
|
|
|
|
|
|
EPS -
Diluted
|
|
|
|
US$
|
0.71
|
US$
|
0.49
|
|
|
|
|
|
|
|
|
|
|
SORL Auto Parts,
Inc. and Subsidiaries
|
Consolidated
Statements of Cash Flows
|
For Years Ended
December 31, 2014 and 2013
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
Net income
|
|
|
|
US$
|
15,167,486
|
US$
|
10,527,033
|
Adjustments
to reconcile net income to net cash
|
|
|
|
provided by operating activities:
|
|
|
|
|
|
Allowance for
doubtful accounts
|
|
|
2,658,641
|
|
2,808,960
|
Depreciation
and amortization
|
|
|
7,386,953
|
|
7,188,064
|
Deferred income
taxes
|
|
|
|
(431,640)
|
|
(995,102)
|
Loss on
disposal of property and equipment
|
|
53,052
|
|
5,089
|
Write-down of
inventories
|
|
|
139,572
|
|
28,709
|
Changes in
assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
|
|
|
(11,017,981)
|
|
(3,916,133)
|
Bank acceptance notes
from customers
|
|
3,067,636
|
|
(10,050,861)
|
Other currents
assets
|
|
|
|
1,200,416
|
|
(2,779,274)
|
Inventories
|
|
|
|
|
(5,836,031)
|
|
(19,454,080)
|
Prepayments
|
|
|
|
(776,251)
|
|
2,207,828
|
Prepaid capital lease
interest
|
|
|
459,134
|
|
630,521
|
Accounts
payable
|
211,449
|
|
3,577,338
|
Income tax
payable
|
|
|
|
585,087
|
|
494,050
|
Deposits received
from customers
|
|
|
4,670,996
|
|
7,306,556
|
Other current
liabilities and accrued expenses
|
|
5,022,675
|
|
3,775,285
|
Net Cash
Flows Provided By Operating Activities
|
|
22,561,194
|
|
1,353,983
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
Acquisition of
property and equipment
|
|
(4,003,170)
|
|
(4,877,633)
|
Proceeds of disposal
of fixed assets
|
|
63,460
|
|
14,301
|
Change in security
deposit on lease agreement
|
|
|
|
-
|
|
66,170
|
Change in short term
investments
|
|
|
|
|
(34,371,133)
|
|
-
|
Net Cash
Flows Used In Investing Activities
|
|
(38,310,843)
|
|
(4,797,162)
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
Proceeds from bank
loans
|
|
|
34,318,277
|
|
60,979,931
|
Repayment of bank
loans
|
|
|
(29,524,282)
|
|
(70,935,757)
|
Repayment of capital
lease
|
|
|
(3,685,299)
|
|
(14,103,295)
|
Proceeds from capital
lease
|
|
|
-
|
|
14,527,922
|
Net Cash
Flows Provided By (Used In) Financing Activities
|
|
1,108,696
|
|
(9,531,199)
|
|
|
|
|
|
|
|
|
Effects on changes
in foreign exchange rate
|
|
408,567
|
|
(36,992)
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
(14,232,386)
|
|
(13,011,370)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents- beginning of the year
|
|
28,241,983
|
|
41,253,353
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents - end of the year
|
US$
|
14,009,597
|
US$
|
28,241,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash
Flow Disclosures:
|
|
|
|
|
Interest
paid
|
|
|
US$
|
1,135,177
|
US$
|
1,399,851
|
Income taxes
paid
|
|
|
|
US$
|
2,714,779
|
US$
|
2,418,239
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sorl-auto-parts-reports-record-sales-for-the-2014-fourth-quarter-and-year-300058303.html
SOURCE SORL Auto Parts, Inc.