UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
May 8, 2015 |
HIGHPOWER INTERNATIONAL, INC.
_____________________________________________________
(Exact name of registrant as specified in
its charter)
Delaware |
001-34098 |
20-4062622 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
Building A1, Luoshan Industrial Zone, Shanxia,
Pinghu, Longgang, Shenzhen, Guangdong, 518111, China
(Address,
including zip code, of principal executive offices)
Registrant’s telephone number, including area code |
(86) 755-89686238 |
(Former
name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On May 8, 2015, Highpower International, Inc. (the
“Company”) issued a press release announcing its financial results for the three months ended March 31, 2015. A copy
of the May 8, 2015 press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and the information therein is
incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On May 8, 2015, the Company issued a press release
announcing its financial results for the three months ended March 31, 2015. A copy of the May 8, 2015 press release is attached
to this Current Report on Form 8-K as Exhibit 99.1 and the information therein is incorporated herein by reference.
The information reported under Items 2.02 and 7.01
in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed filed for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of
that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. |
|
Description |
|
|
|
99.1 |
|
Highpower International, Inc. Press Release dated May 8, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 8, 2015 |
Highpower International, Inc. |
|
|
|
/s/ Henry Sun |
|
By: Henry
Sun |
|
Its: Chief
Financial Officer |
Exhibit 99.1
![](image_002.jpg)
Highpower International Reports Financial
Results
For the First Quarter Ended March
31, 2015
Company to Hold
Conference Call on May 8, 2015 at 10:00 a.m. Eastern Time / 7:00 a.m. Pacific Time
Reiterates 2015
Guidance of Revenues Between $160 - $170 Million; Net Income Between $4.0 - $5.0 Million; and
Non-GAAP Net
Income Between $5.0 - $6.0 Million
SAN FRANCISCO, USA and SHENZHEN, CHINA–May
8, 2015 - Highpower International, Inc. (NASDAQ: HPJ), a developer, manufacturer, and marketer of lithium and nickel-metal
hydride (Ni-MH) rechargeable batteries, and a battery management systems and battery recycling provider, today announced its financial
results for the 2015 first quarter ended March 31, 2015.
2015 First
Quarter Operating and Financial Highlights (all results are compared to prior year period)
|
· |
Net sales were $32.1 million, an increase of 10.2% compared to $29.2 million. |
|
· |
Lithium battery net sales increased 25.6% from $13.4 million to $16.8 million. |
|
· |
New materials net sales increased 97.3% from $282,567 to $557,550. |
|
· |
Gross margin was 17.3% compared to 20.3%. |
|
· |
EBITDA was $1.3 million, compared to $0.3 million; Adjusted EBITDA improved to $1.0 million, compared to $0.7 million. |
|
· |
Net loss attributable to the Company was $0.1 million, or $0.01 per diluted share, compared to net loss of $0.9 million or $0.07 per diluted share; non-GAAP net loss attributable to the Company was $0.3 million, or $0.02 per diluted share, compared to $0.5 million, or $0.06 per diluted share. |
|
· |
Received multi-million dollar order from an international customer for backup power products for iPhone 6. |
|
· |
Installed large format lithium batteries on 74 hybrid electric buses in addition to 81 buses installed in FY 2014. |
Management Commentary
Mr. George Pan,
Chairman and CEO of Highpower International, commented, "We are pleased to see strong year-over-year improvement in performance
of sales in lithium batteries and our new material business. This was a result of growing global demand for mobile and portable
products and electrical vehicles and increasing awareness of our value-added service from our customers. As we are reaching capacity
of our lithium battery production, we expect to further expand our lithium battery facilities on our Huizhou campus. We anticipate
continued growth throughout the remainder of 2015.”
2015 First Quarter Financial Review
Net Sales
Net sales for the first quarter ended March
31, 2015 were $32.1 million compared to $29.2 million for the same period in 2014. The 10.2% increase in net sales compared to
the same period in 2014 was mainly due to a $3.4 million improvement in net sales of Lithium batteries and $274,983 increase in
net sales from new materials business, offset by a decline of $0.7 million in sales of Ni-MH batteries.
Gross Profit
For the first quarter ended March 31, 2015,
the Company’s gross profit was $5.6 million, as compared with $5.9 million for the same period in 2014.
Gross Margin
Gross margin was 17.3% for the first quarter
ended March 31, 2015, compared to 20.3% in prior year period. This decrease was attributable to decrease in the average selling
price of its batteries. The Company is taking measures to control its production costs by reorganizing its production structure
to focus more attention on equipment automation and greater efficiency.
Net sales by segments and by geography
is set out as follows:
|
|
Three months ended |
|
|
|
|
|
|
March 31, |
|
|
|
|
|
|
2015 |
|
|
2014 |
|
|
Change in % |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
Ni-MH Batteries |
|
|
14,759,470 |
|
|
|
15,487,503 |
|
|
|
-4.70 |
% |
Lithium Batteries |
|
|
16,820,628 |
|
|
|
13,390,244 |
|
|
|
25.62 |
% |
New Materials |
|
|
557,550 |
|
|
|
282,567 |
|
|
|
97.32 |
% |
Total |
|
|
32,137,648 |
|
|
|
29,160,314 |
|
|
|
10.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
By Geography |
|
|
|
|
|
|
|
|
|
|
|
|
China |
|
|
43.6 |
% |
|
|
49.8 |
% |
|
|
|
|
Rest of Asia, incl. H.K. |
|
|
32.5 |
% |
|
|
19.1 |
% |
|
|
|
|
Europe |
|
|
18.1 |
% |
|
|
21.9 |
% |
|
|
|
|
North America |
|
|
4.8 |
% |
|
|
8.0 |
% |
|
|
|
|
Rest of the World |
|
|
1.0 |
% |
|
|
1.2 |
% |
|
|
|
|
Total |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
Research and Development (R&D)
R&D spending
was $1.7 million, or 5.2% of net sales, for the first quarter ended March 31, 2015, compared to $1.8 million, or 6.2% of net sales,
for the same period in 2014.
Selling & Distribution
Selling and distribution
expenses were $1.8 million, or 5.6% of net sales, for the first quarter ended March 31, 2015, as compared with $1.5 million, or
5.3% of net sales for the same period in 2014. The increase was due to the expansion of the sales force and marketing activities,
including participation in industry trade shows and international travels to promote and sell products globally.
General & Administrative
For the first
quarter ended March 31, 2015, general and administrative expenses were $3.0 million, or 9.4% of net sales, in comparison to $3.6
million, or 12.2% of net sales, for the first quarter of 2014. The decrease was due to non-cash share-based compensation expense
of $121,361, down from $400,946 in the prior year period.
Net Loss
For the first
quarter of 2015, net loss attributable to the Company was $0.1 million, or $0.01 per basic and diluted share based on 15.1 million
weighted average diluted shares outstanding, compared to net loss of $0.9 million, or $0.07 per basic and diluted share based on
14.0 million weighted average diluted shares outstanding. Non-GAAP net loss attributable to the Company was $0.3 million, or $0.02
per diluted share, compared to a non-GAAP net loss of $0.5 million, or $0.06 per diluted share in the prior year period.
EBITDA
EBITDA for the
first quarter ended March 31, 2015 improved to $1.3 million from $0.3 million in the prior year period.
A table reconciling
EBITDA, a non-GAAP (Generally Accepted Accounting Principles) financial measure, to the appropriate GAAP measure is included with
the Company’s financial information below.
Balance Sheet Highlights
($ in millions, except per share data) |
|
March 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
$ |
|
|
$ |
|
Cash and Cash Equivalents |
|
$ |
9.9 |
|
|
$ |
14.6 |
|
Total Current Assets |
|
$ |
86.6 |
|
|
$ |
89.2 |
|
Total Assets |
|
$ |
143.9 |
|
|
$ |
146.2 |
|
|
|
|
|
|
|
|
|
|
Total Current Liabilities |
|
$ |
100.2 |
|
|
$ |
101.4 |
|
Total Liabilities |
|
$ |
102.4 |
|
|
$ |
104.4 |
|
|
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
$ |
41.5 |
|
|
$ |
41.8 |
|
Total Liabilities and Shareholders’ Equity |
|
$ |
143.9 |
|
|
$ |
146.2 |
|
Book Value Per Share |
|
$ |
2.75 |
|
|
$ |
2.77 |
|
Outlook for
2015
Based on current
expectations for global demand in the rechargeable battery market in 2015 and the continued shift toward mobile power sources,
higher-value energy storage systems and transportation products, the Company is reaffirming its 2015 guidance of revenues to be
between $160 million to $170 million, and non-GAAP net income of between $5.0 million and $6.0 million, and net income of between
$4.0 million and $5.0 million.
Conference Call Details
The Company announced that it will
discuss financial results in a conference call on May 8, 2015 at 10:00 a.m. Eastern time / 7:00 a.m. Pacific time to discuss these
results.
The dial-in numbers are:
Live Participant Dial In (Toll Free): |
877-407-3108 |
Live Participant Dial In (International): |
201-493-6797 |
To listen to the live webcast, please go
to at www.highpowertech.com and click on the conference call link, or go to: http://highpowertech.equisolvewebcast.com/q1-2015.
This webcast will be archived and accessible through the Company’s website for approximately 30 days following the call.
The Company will also have an accompanying slide presentation available in PDF format on its homepage prior to the conference call.
About Highpower International, Inc.
Highpower International was founded in
2001 and produces high-quality Nickel-Metal Hydride (Ni-MH) and lithium-based rechargeable batteries used in a wide range of applications
such as electric buses, bikes, energy storage systems, power tools, medical equipment, digital and electronic devices, personal
care products, and lighting, etc. Highpower’s target customers are Fortune 500 companies and top 10 companies in each vertical
segment. With advanced manufacturing facilities located in Shenzhen, Huizhou, and Ganzhou of China, Highpower is committed to clean
technology, not only in the products it makes, but also in the processes of production. The majority of Highpower International's
products are distributed to worldwide markets mainly in the United States, Europe, China and Southeast Asia.
Use of Non-GAAP Measures
The Company has supplemented its reported
GAAP (generally accepted accounting principles) financial information with non-GAAP measures. EBITDA was derived by taking earnings
before interest expense (net), taxes, depreciation and amortization. Adjusted EBITDA and Non-GAAP (adjusted) net income or (loss)
exclude stock-based compensation expense. Adjusted EBITDA, as defined above, may not be similar to Adjusted EBITDA measures
used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute
for results prepared in accordance with U.S. GAAP. The Company believes these non-GAAP measures are useful to investors as
they provide a basis for evaluating the Company's operating results in the ordinary course of its operations.
These non-GAAP measures are not based on
any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that
they do not reflect all of the amounts associated with its results of operations as determined in accordance with U.S. GAAP and
that these measures should only be used to evaluate the Company's results of operations in conjunction with, and not in lieu of,
the corresponding GAAP measures. These non-GAAP financial measures are reconciled in the accompanying tables to the most directly
comparable measures as reported in accordance with GAAP.
Forward Looking Statements
This press release contains "forward-looking
statements" within the meaning of the “safe-harbor” provisions of the Private Securities Litigation Reform Act
of 1995 that are not historical facts. These statements can be identified by the use of forward-looking terminology
such as “believe,” “expect,” “may,” “will,” “should,” “project,”
“plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable
terminology, and include discussions of strategy, and statements about industry trends and the Company's future performance, operations
and products. Such statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual
results to differ materially from the results expressed or implied by such statements, including, without limitation, fluctuations
in the cost of raw materials; our dependence on, or inability to attract additional, major customers for a significant portion
of our net sales; our ability to increase manufacturing capabilities to satisfy orders from new customers; our ability to maintain
increased margins; our dependence on the growth in demand for portable electronic devices and energy storage systems and transportation
products and the success of manufacturers of the end applications that use our battery products; our responsiveness to competitive
market conditions; our ability to successfully manufacture our products in the time frame and amounts expected; the market acceptance
of our battery products, including our lithium products; our ability to successfully develop products for and penetrate the electric
transportation market; and our ability to continue R&D development to keep up with technological changes. For a discussion
of these and other risks and uncertainties see "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in the Company's public filings with the SEC. Although the Company believes
that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations
will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.
CONTACT:
Highpower International, Inc.
Henry Sun
CFO
+86-755-8968-6521
ir@highpowertech.com
INVESTOR RELATIONS:
The Equity Group Inc.
In China
Katherine Yao, Associate
+86-10-6587-6435
kyao@equityny.com
In U.S.
Adam Prior, Senior Vice President
+1 (212) 836-9606
aprior@equityny.com
HIGHPOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(Stated in US Dollars except Number of
Shares)
|
|
Three months ended March 31, |
|
|
|
2015 |
|
|
2014 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
Net sales |
|
|
32,137,648 |
|
|
|
29,160,314 |
|
Cost of sales |
|
|
(26,581,934 |
) |
|
|
(23,229,369 |
) |
Gross profit |
|
|
5,555,714 |
|
|
|
5,930,945 |
|
|
|
|
|
|
|
|
|
|
Research and development expenses |
|
|
(1,674,124 |
) |
|
|
(1,811,952 |
) |
Selling and distribution expenses |
|
|
(1,798,722 |
) |
|
|
(1,537,160 |
) |
General and administrative expenses |
|
|
(3,024,751 |
) |
|
|
(3,571,280 |
) |
Foreign currency transaction gain |
|
|
370,311 |
|
|
|
102,593 |
|
Loss on derivative instruments |
|
|
- |
|
|
|
(137,281 |
) |
Total operating expenses |
|
|
(6,127,286 |
) |
|
|
(6,955,080 |
) |
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(571,572 |
) |
|
|
(1,024,135 |
) |
Gain on change of fair value of warrant liability |
|
|
346,299 |
|
|
|
- |
|
Other income |
|
|
230,092 |
|
|
|
541,420 |
|
Interest expenses |
|
|
(268,642 |
) |
|
|
(595,381 |
) |
Income before taxes |
|
|
(263,823 |
) |
|
|
(1,078,096 |
) |
|
|
|
|
|
|
|
|
|
Income taxes benefit |
|
|
95,256 |
|
|
|
92,151 |
|
Net loss |
|
|
(168,567 |
) |
|
|
(985,945 |
) |
|
|
|
|
|
|
|
|
|
Less: net loss attributable to non-controlling interest |
|
|
(45,209 |
) |
|
|
(50,796 |
) |
Net loss attributable to the Company |
|
|
(123,358 |
) |
|
|
(935,149 |
) |
|
|
|
|
|
|
|
|
|
Comprehensive loss |
|
|
|
|
|
|
|
|
Net loss |
|
|
(168,567 |
) |
|
|
(985,945 |
) |
Foreign currency translation loss |
|
|
(204,761 |
) |
|
|
(341,186 |
) |
Comprehensive loss |
|
|
(373,328 |
) |
|
|
(1,327,131 |
) |
|
|
|
|
|
|
|
|
|
Less: comprehensive loss attributable to non-controlling interest |
|
|
(49,173 |
) |
|
|
(61,433 |
) |
Comprehensive loss attributable to the Company |
|
|
(324,155 |
) |
|
|
(1,265,698 |
) |
|
|
|
|
|
|
|
|
|
Earnings per share of common stock attributable to the Company |
|
|
|
|
|
|
|
|
-Basic and Diluted |
|
|
(0.01 |
) |
|
|
(0.07 |
) |
|
|
|
|
|
|
|
|
|
Weighted average number of common stock outstanding |
|
|
|
|
|
|
|
|
-Basic and Diluted |
|
|
15,086,169 |
|
|
|
13,978,106 |
|
HIGHPOWER INTERNATIONAL, INC.AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Stated in US Dollars except Number of
Shares)
|
|
March 31, |
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
$ |
|
|
$ |
|
ASSETS |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
9,922,960 |
|
|
|
14,611,892 |
|
Restricted cash |
|
|
15,959,357 |
|
|
|
15,396,827 |
|
Accounts receivable, net |
|
|
30,678,992 |
|
|
|
32,316,607 |
|
Notes receivable |
|
|
2,929,338 |
|
|
|
621,110 |
|
Prepayments |
|
|
4,709,013 |
|
|
|
3,283,520 |
|
Other receivables |
|
|
630,440 |
|
|
|
665,828 |
|
Inventories |
|
|
21,766,434 |
|
|
|
22,268,069 |
|
Total Current Assets |
|
|
86,596,534 |
|
|
|
89,163,853 |
|
Property, plant and equipment, net |
|
|
50,663,432 |
|
|
|
50,437,718 |
|
Land use right, net |
|
|
4,267,987 |
|
|
|
4,305,317 |
|
Intangible asset, net |
|
|
587,500 |
|
|
|
600,000 |
|
Deferred tax assets |
|
|
1,829,661 |
|
|
|
1,647,184 |
|
TOTAL ASSETS |
|
|
143,945,114 |
|
|
|
146,154,072 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
39,024,814 |
|
|
|
44,562,647 |
|
Deferred income |
|
|
1,881,694 |
|
|
|
1,887,409 |
|
Short-term loan |
|
|
15,173,864 |
|
|
|
15,195,040 |
|
Notes payable |
|
|
34,459,062 |
|
|
|
29,903,248 |
|
Other payables and accrued liabilities |
|
|
5,751,960 |
|
|
|
5,896,547 |
|
Income taxes payable |
|
|
2,002,313 |
|
|
|
1,968,656 |
|
Current portion of long-term loan |
|
|
1,953,316 |
|
|
|
1,959,248 |
|
Total Current Liabilities |
|
|
100,247,023 |
|
|
|
101,372,795 |
|
Warrant Liability |
|
|
721,375 |
|
|
|
1,067,674 |
|
Long-term loan |
|
|
1,464,987 |
|
|
|
1,959,247 |
|
TOTAL LIABILITIES |
|
|
102,433,385 |
|
|
|
104,399,716 |
|
EQUITY |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock |
|
|
|
|
|
|
|
|
(Par value: $0.0001, Authorized: 10,000,000 shares, Issued and outstanding: none) |
|
|
- |
|
|
|
- |
|
Common stock |
|
|
|
|
|
|
|
|
(Par value: $0.0001, Authorized: 100,000,000 shares, 15,088,297 shares issued and outstanding at March 31, 2015 and 15,084,746 shares issued and outstanding at December 31, 2014) |
|
|
1,509 |
|
|
|
1,508 |
|
Additional paid-in capital |
|
|
10,661,130 |
|
|
|
10,530,430 |
|
Statutory and other reserves |
|
|
3,611,501 |
|
|
|
3,611,501 |
|
Retained earnings |
|
|
20,551,663 |
|
|
|
20,675,021 |
|
Accumulated other comprehensive income |
|
|
5,427,860 |
|
|
|
5,628,657 |
|
Total equity for the Company’s stockholders |
|
|
40,253,663 |
|
|
|
40,447,117 |
|
Non-controlling interest |
|
|
1,258,066 |
|
|
|
1,307,239 |
|
TOTAL EQUITY |
|
|
41,511,729 |
|
|
|
41,754,356 |
|
TOTAL LIABILITIES AND EQUITY |
|
|
143,945,114 |
|
|
|
146,154,072 |
|
HIGHPOWER INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Stated in US Dollars)
|
|
Three months ended March 31, |
|
|
|
2015 |
|
|
2014 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
$ |
|
|
$ |
|
Cash flows from operating activities |
|
|
|
|
|
|
Net loss |
|
|
(168,567 |
) |
|
|
(985,945 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,246,043 |
|
|
|
1,011,801 |
|
Allowance for doubtful accounts |
|
|
21 |
|
|
|
- |
|
Loss on disposal of property, plant and equipment |
|
|
11,709 |
|
|
|
37,244 |
|
Loss on derivative instruments |
|
|
- |
|
|
|
137,281 |
|
Deferred income tax |
|
|
(187,373 |
) |
|
|
(418,906 |
) |
Share based payment |
|
|
121,361 |
|
|
|
400,946 |
|
Gain on change of fair value of warrant liability |
|
|
(346,299 |
) |
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,576,803 |
|
|
|
5,681,371 |
|
Notes receivable |
|
|
(2,309,732 |
) |
|
|
(521,988 |
) |
Prepayments |
|
|
(1,434,905 |
) |
|
|
(519,476 |
) |
Other receivable |
|
|
33,367 |
|
|
|
(24,811 |
) |
Inventories |
|
|
434,169 |
|
|
|
(493,677 |
) |
Accounts payable |
|
|
(5,404,188 |
) |
|
|
3,911,914 |
|
Deferred income |
|
|
- |
|
|
|
1,012,063 |
|
Other payables and accrued liabilities |
|
|
(127,282 |
) |
|
|
(237,561 |
) |
Income taxes payable |
|
|
39,612 |
|
|
|
319,409 |
|
Net cash flows used in (provided by) operating activities |
|
|
(6,515,261 |
) |
|
|
9,309,665 |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Acquisition of plant and equipment |
|
|
(1,664,663 |
) |
|
|
(2,403,047 |
) |
Net cash flows used in investing activities |
|
|
(1,664,663 |
) |
|
|
(2,403,047 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Proceeds from short-term bank loans |
|
|
- |
|
|
|
295,426 |
|
Repayment of short-term bank loans |
|
|
- |
|
|
|
(10,824,720 |
) |
Repayment of long-term bank loans |
|
|
(488,250 |
) |
|
|
(489,708 |
) |
Proceeds from notes payable |
|
|
16,882,947 |
|
|
|
6,192,247 |
|
Repayment of notes payable |
|
|
(12,237,353 |
) |
|
|
(12,159,236 |
) |
Proceeds from exercise of employee options |
|
|
9,339 |
|
|
|
- |
|
Change in restricted cash |
|
|
(609,041 |
) |
|
|
6,920,453 |
|
Net cash flows provided by (used in) financing activities |
|
|
3,557,642 |
|
|
|
(10,065,538 |
) |
Effect of foreign currency translation on cash and cash equivalents |
|
|
(66,650 |
) |
|
|
322,938 |
|
Net decrease in cash and cash equivalents |
|
|
(4,688,932 |
) |
|
|
(2,835,982 |
) |
Cash and cash equivalents - beginning of period |
|
|
14,611,892 |
|
|
|
7,973,459 |
|
Cash and cash equivalents - end of period |
|
|
9,922,960 |
|
|
|
5,137,477 |
|
Supplemental disclosures for cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for: |
|
|
|
|
|
|
|
|
Income taxes |
|
|
52,505 |
|
|
|
7,346 |
|
Interest expenses |
|
|
268,642 |
|
|
|
595,381 |
|
Non-cash transactions |
|
|
|
|
|
|
|
|
Accounts payable for construction in progress |
|
|
- |
|
|
|
797,753 |
|
HIGHPOWER INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES (Unaudited)
(Stated in US Dollars)
Reconciliation of Net loss to EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
|
March 31, |
|
|
|
2015 |
|
|
2014 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
$ |
|
|
$ |
|
Net loss attributable to the Company |
|
|
(123,358 |
) |
|
|
(935,149 |
) |
Non-GAAP Net Loss (1) |
|
|
(348,296 |
) |
|
|
(534,203 |
) |
|
|
|
|
|
|
|
|
|
Interest expenses, net |
|
|
232,570 |
|
|
|
322,149 |
|
Income tax expenses |
|
|
(95,256 |
) |
|
|
(92,151 |
) |
Depreciation and Amortization |
|
|
1,246,043 |
|
|
|
1,011,801 |
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
1,259,999 |
|
|
|
306,650 |
|
Non-GAAP EBITDA(2) |
|
|
1,035,061 |
|
|
|
707,596 |
|
(1) See table below for reconciliation of net loss attributable
to the Company to Non-GAAP net loss attributable to the Company.
(2) Excludes share-based compensation expense and gain on change
of fair value of warrant liability as set forth in the following table.
HIGHPOWER INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES (Unaudited)
(Stated in US Dollars)
Reconciliation of Net Loss Attributable to the Company
to Non-GAAP Net Loss Attributable to the Company
|
|
Three months ended |
|
|
|
March 31, |
|
|
|
2015 |
|
|
2014 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
$ |
|
|
$ |
|
Net loss attributable to the Company |
|
|
(123,358 |
) |
|
|
(935,149 |
) |
Stock-based compensation expense |
|
|
121,361 |
|
|
|
400,946 |
|
Gain on change of fair value of warrant liability |
|
|
(346,299 |
) |
|
|
- |
|
Non-GAAP net loss attributable to the Company |
|
|
(348,296 |
) |
|
|
(534,203 |
) |
|
|
|
|
|
|
|
|
|
Basic net loss per share of common stock attributable to the Company |
|
|
(0.01 |
) |
|
|
(0.07 |
) |
Stock-based compensation expense |
|
|
0.01 |
|
|
|
0.03 |
|
Gain on change of fair value of warrant liability |
|
|
(0.02 |
) |
|
|
- |
|
Non-GAAP loss per share of common stock attributable to the Company |
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
|
|
|
|
|
|
|
Diluted net loss per share of common stock attributable to the Company |
|
|
(0.01 |
) |
|
|
(0.07 |
) |
Stock-based compensation expense |
|
|
0.01 |
|
|
|
0.01 |
|
Gain on change of fair value of warrant liability |
|
|
(0.02 |
) |
|
|
- |
|
Non-GAAP loss per share of common stock attributable to the Company |
|
|
(0.02 |
) |
|
|
(0.06 |
) |
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding |
|
|
|
|
|
|
|
|
-Basic and Diluted |
|
|
15,086,169 |
|
|
|
13,978,106 |
|
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