Haven't gone over the SEC Q yet.... This is the
Post# of 162
Posted On: 02/04/2015 6:04:15 AM
Haven't gone over the SEC Q yet....
This is the PR....
-- Quarterly revenue increased 157.8% YoY to $44.21 million --
-- EV parts sales grew 107.9% to $35.81 million from previous quarter --
-- GAAP net income increased 274.3% YoY to $13.53 Million with EPS of $0.31 --
-- Non-GAAP adjusted net income surged to $5.37 million with EPS of $0.12 --
JINHUA, China, Nov. 10, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi"
(KNDI), today announced its financial results for the third quarter ended September 30, 2014.
Financial Highlights:
Revenue for the third quarter grew 157.78% to $44.21 million from $17.15 million in the third quarter last year;
Electric Vehicle ("EV" Parts sales increased by107.9% to $35.81 million as compared to $17.22 million in the second quarter of 2014;
Gross profit for the third quarter of 2014 increased 33.9% to $5,51 million, compared to $4.11 million for the same period last year;
The quarterly sales for the JV Company* was $46.8 million and net income was $4.4 million. Based on Kandi's 50% equity ownership in the JV Company, Kandi recorded $2.04 million net income (after tax and intra-entity elimination) in the third quarter of 2014;
The JV Company sold 1,950 EV products during the third quarter of 2014;
GAAP net income for the third quarter was $13.53 million, or $0.31 per fully diluted share, an increase of 274.3% from a net loss of $7.76 million, or ($0.21) per fully diluted share, from the third quarter of 2013;
Third quarter Non-GAAP adjusted net income** , which excludes stock award expense and change in the fair value of financial derivatives, was $5.37 million, or approximately $0.12 per fully diluted shares, a 716.5% increase from net loss of $0.87 million for the same period of 2013;
Working capital surplus was $108.1 million as of September 30, 2014, compared to a working capital deficit of $24.0 million as of September 30, 2013;
Cash, cash equivalents and restricted cash totaled $62.5 million as of September 30, 2014 compared to $12.8 million as of December 31, 2013.
*Kandi Electric Vehicles Group Co., Ltd., a joint venture company established by the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. with Shanghai Maple Guorun Automobile Co., Ltd. ("Shanghai Maple" , a 99%-owned subsidiary of Geely Automobile Holdings Ltd. ("Geely Auto"
**Non-GAAP measures, including the Non-GAAP net income and Non-GAAP EPS are defined as the financial measures excluding the change of the fair value of financial derivatives and the effects of the 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.
"Our third quarter was another exciting quarter with strong top-line growth, improved financial condition and new strategic developments," commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi. "In particular, our EV manufacturing joint venture with Geely Auto, or the 'JV Company' achieved great quarterly net profit and net margin, despite the fact that the quarter was back-end loaded because the new EV purchase tax exemption did not become effective until September 1."
Mr. Hu continued: "During the quarter, we also made numerous business initiatives, including the initial delivery of Kandi brand EVs to Shanghai public pure EV sharing program, the unveiling of our new 4-seat pure EV model KD17 'Cyclone', and the successful completion of our $71 million registered direct offering. Given the increasing opportunities and demand for electric cars in China, as well as Kandi's solid foundation and financial strength, we believe we are in a great position to continue executing our current business strategy."
"Looking forward to the fourth quarter, we are confident that our business model is beginning to gain traction in both top-line and bottom-line growth," concluded Mr. Hu. "The Car-Share Program has been highly recognized and well received by the customers, we believe our EV business model will be expanded to more EV pilot cities in China. We are also thrilled with our recent partnership with Ant Financial Services Group to launch Alipay, including Alipay Wallet services and technology platform, to Kandi's EV end users. We hope to raise the market awareness of the Kandi brand through the 300 million registered Alipay users."
About the Car-Share Program
Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY" is the first in market to initiate the public pure EV sharing program (the "Car-Share" Program). Kandi, through its 50% ownership interest in Kandi Electric Vehicles Group Co., Ltd. (the "JV Company" , indirectly holds a 9.5% interest in ZZY.
Individually driven pure EVs are widely used in the Car-Share Program. The charging/parking stations which provide a variety of services, such as charging, maintenance, battery recycling, are located at airports, train stations, hotels, business centers, selected residential areas and other places that are typically congested. A network system provides EV rental service to individual drivers in and around the city. It also provides EV maintenance and battery charging to self-service users. Lastly, a tracking system allows the Car-Share Program management to keep a close watch at the status and precise location of each vehicle.
This Car-Share Program model has been implemented in Hangzhou since the second half of 2013, and has now begun to expand into other major cities in China.
The Group Long-term Lease Program is a lease model that uses enterprise, community or village as lease units and each unit leases a minimum of 100 EVs with a group lease term at a minimum of three years.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as the one of the world's largest manufacturers of pure electric vehicle ("EV" products, Go-Kart vehicles, three-wheel motorcycles and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com. Kandi routinely posts important information on its website.
This is the PR....
-- Quarterly revenue increased 157.8% YoY to $44.21 million --
-- EV parts sales grew 107.9% to $35.81 million from previous quarter --
-- GAAP net income increased 274.3% YoY to $13.53 Million with EPS of $0.31 --
-- Non-GAAP adjusted net income surged to $5.37 million with EPS of $0.12 --
JINHUA, China, Nov. 10, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi"
(KNDI), today announced its financial results for the third quarter ended September 30, 2014. Financial Highlights:
Revenue for the third quarter grew 157.78% to $44.21 million from $17.15 million in the third quarter last year;
Electric Vehicle ("EV"
Parts sales increased by107.9% to $35.81 million as compared to $17.22 million in the second quarter of 2014; Gross profit for the third quarter of 2014 increased 33.9% to $5,51 million, compared to $4.11 million for the same period last year;
The quarterly sales for the JV Company* was $46.8 million and net income was $4.4 million. Based on Kandi's 50% equity ownership in the JV Company, Kandi recorded $2.04 million net income (after tax and intra-entity elimination) in the third quarter of 2014;
The JV Company sold 1,950 EV products during the third quarter of 2014;
GAAP net income for the third quarter was $13.53 million, or $0.31 per fully diluted share, an increase of 274.3% from a net loss of $7.76 million, or ($0.21) per fully diluted share, from the third quarter of 2013;
Third quarter Non-GAAP adjusted net income** , which excludes stock award expense and change in the fair value of financial derivatives, was $5.37 million, or approximately $0.12 per fully diluted shares, a 716.5% increase from net loss of $0.87 million for the same period of 2013;
Working capital surplus was $108.1 million as of September 30, 2014, compared to a working capital deficit of $24.0 million as of September 30, 2013;
Cash, cash equivalents and restricted cash totaled $62.5 million as of September 30, 2014 compared to $12.8 million as of December 31, 2013.
*Kandi Electric Vehicles Group Co., Ltd., a joint venture company established by the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. with Shanghai Maple Guorun Automobile Co., Ltd. ("Shanghai Maple"
, a 99%-owned subsidiary of Geely Automobile Holdings Ltd. ("Geely Auto" **Non-GAAP measures, including the Non-GAAP net income and Non-GAAP EPS are defined as the financial measures excluding the change of the fair value of financial derivatives and the effects of the 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.
"Our third quarter was another exciting quarter with strong top-line growth, improved financial condition and new strategic developments," commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi. "In particular, our EV manufacturing joint venture with Geely Auto, or the 'JV Company' achieved great quarterly net profit and net margin, despite the fact that the quarter was back-end loaded because the new EV purchase tax exemption did not become effective until September 1."
Mr. Hu continued: "During the quarter, we also made numerous business initiatives, including the initial delivery of Kandi brand EVs to Shanghai public pure EV sharing program, the unveiling of our new 4-seat pure EV model KD17 'Cyclone', and the successful completion of our $71 million registered direct offering. Given the increasing opportunities and demand for electric cars in China, as well as Kandi's solid foundation and financial strength, we believe we are in a great position to continue executing our current business strategy."
"Looking forward to the fourth quarter, we are confident that our business model is beginning to gain traction in both top-line and bottom-line growth," concluded Mr. Hu. "The Car-Share Program has been highly recognized and well received by the customers, we believe our EV business model will be expanded to more EV pilot cities in China. We are also thrilled with our recent partnership with Ant Financial Services Group to launch Alipay, including Alipay Wallet services and technology platform, to Kandi's EV end users. We hope to raise the market awareness of the Kandi brand through the 300 million registered Alipay users."
About the Car-Share Program
Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. ("ZZY"
is the first in market to initiate the public pure EV sharing program (the "Car-Share" Program). Kandi, through its 50% ownership interest in Kandi Electric Vehicles Group Co., Ltd. (the "JV Company" , indirectly holds a 9.5% interest in ZZY. Individually driven pure EVs are widely used in the Car-Share Program. The charging/parking stations which provide a variety of services, such as charging, maintenance, battery recycling, are located at airports, train stations, hotels, business centers, selected residential areas and other places that are typically congested. A network system provides EV rental service to individual drivers in and around the city. It also provides EV maintenance and battery charging to self-service users. Lastly, a tracking system allows the Car-Share Program management to keep a close watch at the status and precise location of each vehicle.
This Car-Share Program model has been implemented in Hangzhou since the second half of 2013, and has now begun to expand into other major cities in China.
The Group Long-term Lease Program is a lease model that uses enterprise, community or village as lease units and each unit leases a minimum of 100 EVs with a group lease term at a minimum of three years.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as the one of the world's largest manufacturers of pure electric vehicle ("EV"
products, Go-Kart vehicles, three-wheel motorcycles and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com. Kandi routinely posts important information on its website. 
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