Huaxing Machinery Corp. Reports Consolidated Financial Results for the Year Ended December 31, 2013
May 05 2014 - 12:17PM
Marketwired
Huaxing Machinery Corp. Reports Consolidated Financial Results for
the Year Ended December 31, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 5, 2014) -
Huaxing Machinery Corp. (TSX-VENTURE:HUA) ("Huaxing" or the
"Company") reports its audited consolidated financial results as at
and for the year ended December 31, 2013 in accordance with
International Financial Reporting Standards ("IFRS"). All dollar
amounts are expressed in Canadian dollars.
The Company's audited financial results for the year ended
December 31, 2013 in comparison to those of the year ended December
31, 2012 are as follows:
|
Year Ended December 31, 2013 |
Year Ended December 31, 2012 |
Increase from 2012 to 2013 |
|
(Audited) |
$ |
% |
|
Sales |
35,981,702 |
26,740,159 |
9,241,543 |
34.56 |
% |
Cost of sales |
27,164,957 |
20,013,108 |
7,151,849 |
35.74 |
% |
Gross profit |
8,816,745 |
6,727,051 |
2,089,694 |
31.06 |
% |
Income from operations |
4,137,476 |
3,069,020 |
1,068,456 |
34.81 |
% |
Net income |
3,483,504 |
3,256,514 |
226,990 |
6.97 |
% |
Net income attributable to equity holders of the Company |
2,683,653 |
2,523,661 |
159,992 |
6.34 |
% |
|
|
|
|
|
|
Total revenue, gross profit and net income increased
significantly, as we sold more units of Robotic Welding System.
During 2013 the Company declared and paid total cash dividends
of $756,086, or $0.01 per common and preferred share.
Basic and diluted earnings per share were $0.06 for the years
ended December 31, 2013 and 2012.
At December 31, 2013, the Company had cash and cash equivalent
of $1,037,670 and working capital of $10,881,664 compared to cash
and cash equivalents of $2,425,082 and working capital of
$7,717,030 at December 31, 2012.
"With the economic growth slowdown in China, 2013 was a
challenging year for many companies including Huaxing," said Mr.
Xianhua Sun, Chairman of Huaxing. "On the backdrop of economic
conditions, it is very encouraging that our company still achieved
substantial growth in revenue and net income, thanks to the sales
growth of our Robotic Welding System, which is now gaining industry
acceptance in China. Due to foreign exchange controls in China, the
dividend payment by the Company has been temporarily put on hold,
while management works on obtaining regulatory approval on profit
repatriation from the State Administration for Foreign
Exchange."
About Huaxing Machinery Corp.
Huaxing is a manufacturer of stone processing equipment and
steel structure fabrication equipment. Through its wholly owned
subsidiary Gold Rhino Limited, Huaxing holds an 80% controlling
equity interest in Shandong Gold Rhino Huaxing Machinery Corp., the
operating entity that holds the manufacturing facilities located in
Boxing County, Shandong Province, China. Its main products are
stone sawing, cutting, polishing and processing machinery, and
robotic welding system for steel structure fabrication. The
processed stones and steel structures are both used in the building
and infrastructure construction industry.
Forward-Looking Statements
Certain information regarding Huaxing Machinery Corp. contains
herein may constitute forward-looking statements within the meaning
of applicable securities laws. Forward-looking statements may
include estimates, plans, expectations, opinions, forecasts,
projections, guidance or other statements that are not statements
of fact. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to have been
correct. The Company cautions that actual performance will be
affected by a number of factors, many of which are beyond the
Company's control, and that future events and results may vary
substantially from what the Company currently foresees. The Company
assumes no obligation to update such forward-looking statements,
except as required by applicable securities laws or exchange
regulations. The Company's forward-looking statements are expressly
qualified in their entirety by this cautionary statement. The
Company seeks safe harbour.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Huaxing Machinery Corp.Xinlin HuangCFO778-373-1485
(TSXV:HUA)
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