Kandi Technologies Announces Second Quarter and Six Months 2012 Financial Results
1st Half 2012 Revenue Increases 37.5% YoY to $25.42 Million; 1st Half 2012 Operating Income Increases 20.1% YoY to $2.00 Million; Company Gained Significant Increase in ATV and Go-Kart Sales
(firmenpresse) - JINHUA, CHINA -- (Marketwire) -- 08/14/12 -- Kandi Technologies, Corp. (the 'Company' or 'Kandi') (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced its financial results for the second quarter and six months ended June 30, 2012.
Revenue for the six months ended June 30, 2012 grew 37.5% to $25.42 million from $18.48 last year as compared to the six months last year ATV sales grew 71.6% to $2.96 million and go-kart sales grew approximately 41.1% to $15.73 million;
Revenue for the second quarter grew 9.1% to $11.06 million from $10.14 last year as compared to the second quarter last year ATV sales grew 209.0% to $0.96 million;
Gross profit for the first half of 2012 increased 16.5% to $5,129,107 compared to $4,403,148 at the same period of last year, as a result of increased revenue;
ATV unit sales grew to 7,078 units in the first half, up 165.6% from 2,665 units a year ago, while go-kart unit sales increased 49.0% year over year to 16,982 units up from 11,394 units in last year's first half;
Operating income rose 20.1% to $2.00 million compared with $1.67 million in the same period of last year;
GAAP net income in the second quarter was $3.29 million, or $0.11per diluted share, compared to a net income of $9.56 million, or $0.33 per diluted share, in the same period last year;
A working capital surplus of $23.37 million was achieved at quarter-end, slightly increase from a reported working capital surplus of $23.01 million as of September 30, 2010;
Cash, cash equivalents and restricted cash totaled $30.78 million at quarter-end, a 12.3% increase from $8.93 million at the end of 2011.
Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We are delighted that we solidly grew our revenue and generated significant cash from operations. The sales of ATV and Go-kart will continue with the high growth. The EV sales have begun to boost as the strong government support and our brand and technologies of pure EV started to be introduced in many cities throughout China."
During the quarter, the Company continued to achieve new milestones in its developing pure EV business, including:
On August 11th, Hangzhou 20,000 pure EV rental program was officially launched and is expected to be completed at the end of 2013. The Hangzhou municipal government will provide the financial subsidies to spur interest and demand for EVs.
On August 10th, Kandi signed a cooperation framework agreement with Zhejiang Guoxin Car Rental Co., Ltd in Hangzhou to promote the public transportation project of self-driving EV rentals in Hangzhou.
On August 10th, Kandi participated in the 2012 China International Green Vehicle Industry Expo in Hangzhou, and showcased for the first time the "smart" vertical pure EVs parking system, with functions of charging and exchanging batteries, jointly developed by the Company and Zhejiang Leimeng Machinery and equipment Co., Ltd.
On July 13th, the Company signed a framework agreement with the government of Weifang Binhai Economic Development Zone in Wei Fang City of Shandong Province to produce key components and parts for 100,000 electrical vehicles annually.
On May 16th, Kandi attended a seminar in Beijing along with top Chinese government officials, and other environmental and transportation experts to review a nine-month long feasibility study of Kandi's innovative plan for a comprehensive Pure EV rental system for reducing traffic, parking and pollution problems in cities throughout China.
On April 23rd, the Chairman and CEO of Kandi, Mr. Xiaoming Hu transferred his personally owned intellectual property rights relating to eleven key pure electric vehicle (EV) patents to Kandi.
"We are very excited by the growing momentum for EV demand and continue to see strong growth from ATV and go-kart sales. We will continue to work diligently with the regional government and industry partners to expand our EV sales distribution and network. With the official launch of Hangzhou 20,000 pure EV rental program and other cooperative letter of intent we have signed recently, we are confident about the future growth of our EVs and becoming the leader in this market," Mr. Hu concluded.
Kandi Technologies, Corp. (KNDI) is a manufacturer and exporter of a variety of vehicles in China, making it a world leader in the production of popular off-road vehicles (ORVs). It also ranks among the leading manufacturers in China of all-terrain vehicles (ATVs), specialized utility vehicles (UTVs), and a recently introduced second-generation high mileage, two-seat three-wheeled motorcycle. Another major company focus has been on the manufacture and sale of the COCO electric vehicle (EV), a highly economical, beautifully designed, all-electric super mini-car for neighborhood driving and commuting. The convertible and hardtop models of the COCO EV are available in the United States and other countries, while the Chinese government has approved the sale of Kandi EVs in China since 2010. More information can be viewed at its corporate website is .
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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Datum: 14.08.2012 - 11:19 Uhr
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