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China Automotive Systems Reports 2006 Third Quarter Results

发布日期:2018-10-01 作者:918


Third Quarter 2006 Highlights:

-- Total net sales for the period increased to US$22.7 million, reflecting

a 54% year-over-year growth;

-- Net sales from steering components for passenger and light-duty

vehicles increased to US$13.6 million, reflecting a 49% year-over-year

growth;

-- Net sales from steering components for commercial vehicles increased to

US$6.4 million, reflecting an 73% increase year-over-year;

-- Operating income for the third quarter of 2006 increased to $3.4

million, reflecting a 22% year-over-year growth;

-- Net income rose to $1.5 million, reflecting a 42% year-over-year

growth; and

-- Diluted earnings per share was US$0.07, an increase of 40% year-over-

year.

WUHAN, Hubei, China, Nov. 13 /Xinhua-PRNewswire/ -- China Automotive

Systems, Inc. (Nasdaq: CAAS), a leading power steering components and systems

supplier in China, today announced 2006 third quarter financial results.

(Logo: /uploads/allimg/180930/20180930161420pmask1wjhag41941.jpg )

Total net sales for the third quarter of 2006 was $22.7 million, compared

with $14.8 million reported in the same period of 2005 and $ 24.7 million for

the second quarter of 2006, reflecting a 54% year-over-year growth and an 8%

quarter-over-quarter decline respectively. Net income for the third quarter

of 2006 was $1.5 million, or $0.07 per diluted share, compared with $1.1

million, or $0.05 per diluted share in the same period last year and $0.75

million, or $0.03 per diluted share, for the second quarter of 2006,

reflecting a 40% year-over-year growth and a 104% quarter-over-quarter

increase, respectively.

Net sales from steering products for passenger and light-duty vehicles

for the third quarter of 2006 increased to $13.6 million, compared with $9.1

million reported in the same period of 2005 and $ 15.8 million for the second

quarter of 2006, reflecting a 49% year-over-year growth and a 14% quarter-

over-quarter decline respectively. Net sales from steering products for

commercial vehicles for the third quarter of 2006 increased to $6.4 million

as compared with $3.7 million reported in the same period of 2005 and $6.0

million for the second quarter of 2006, reflecting a 73% increase year-over-

year and a 7% quarter-over-quarter increase, respectively.

"Third quarter is normally a slow season in Chinese passenger vehicle

market due to the summer. However, we see little sign of slow-down in the

sedan market. Our key customers, Chery Auto and Geely Auto continue to gain

market share in China’s domestic market with their economy cars. Due to the

roll-out of consumption taxes, luxury and mid size sedan sector experienced

further pricing pressure while the economy cars held in the third quarter. On

the export front, we are excited to report that our products have been

installed in Geely and Chery’s exported vehicles. With the further economic

development and growing export, the commercial vehicle sector is also

experiencing further recovery. Our sales to commercial vehicle sector rose to

30% of our total revenue in this quarter.” said Mr. Hanlin Chen, Chairman

and Chief Executive Officer of China Automotive Systems.

Gross profit for the third quarter of 2006 increased to $8.2 million,

compared with $5.7 million reported in the same period for 2005 and $9.3

million for the second quarter of 2006, reflecting a 45% increase year-over-

year and a 12% quarter-over-quarter decline, respectively. Operating income

for the third quarter of 2006 was $3.4 million, compared with $2.8 million

reported in the same period of 2005 and $ 3.0 million for the second quarter

of 2006, reflecting a 22% year-over-year growth and a 12% quarter-over-

quarter growth respectively.

Total cash and cash equivalents as of September 30, 2006 totaled $18.4

million as compared to $12.4 million as of December 31, 2005. Stockholder’s

equity increased to $46.1 million as of September 30, 2006 from $36.9 million

as of December 31, 2005.

Mr. Daming Hu, Chief Financial Officer stated, “During this quarter, we

incurred higher Selling, General and Administrative expenses (SG&A) as

compared to the same period last year. Our rapid sales growth and facility

expansion triggered higher SG&A expenses including selling expenditure,

doubtful debt provision and depreciation. We carefully measure the expenses

in accordance with our top line growth. With the solid relationship with our

customers, we are confident that we will be able to collect the payment.

Meanwhile, as we increase technology investment, government raised subsidy to

our interest payment to the local commercial banks. As a result, our

non-operating income increased as compared to the same period last year.”

About CAAS

Based in Hubei Province, People’s Republic of China, China Automotive

Systems, Inc. is a leading supplier of power steering components and systems

to the Chinese automotive industry, operating through seven Sino-foreign

joint ventures. The Company offers a full range of steering system parts for

passenger automobiles and commercial vehicles. The Company currently offers

4 separate series of power steering and 307 models of power steering with an

annual production capacity of 800,000 sets, steering columns, steering oil

pumps and steering hoses. Its customer base is comprised of leading Chinese

auto manufacturers such as China FAW Group, Corp., Donfeng Auto Group Co.,

Ltd., Brilliance China Automotive Holdings Ltd., Beiqi Foton Motor Co., Ltd.

and Chery Automobile Co., Ltd. etc. For more information, please visit:

http://www.caasauto.com .

Safe Harbor Statement

This news release contains forward-looking statements within the meaning

of the Private Securities Litigation Reform Act of 1995. These forward-

looking statements are based on current expectations or beliefs, including,

but not limited to, statements concerning the Company’s operations,

financial performance and, condition. For this purpose, statements that are

not statements of historical fact may be deemed to be forward-looking

statements. The Company cautions that these statements by their nature

involve risks and uncertainties, and actual results may differ materially

depending on a variety of important factors, including, among others, the

impact of competitive products, pricing and new technology; changes in

consumer preferences and tastes; and effectiveness of marketing; changes in

laws and regulations; fluctuations in costs of production, and other factors

as those discussed in the Company’s reports filed with the Securities and

Exchange Commission from time to time.

China Automotive Systems, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended September 30,

2006 2005

Operating revenue:

Net product sales $ 22,399,673 $ 14,262,933

Net other sales 341,225 525,167

22,740,898 14,788,100

Operating cost:

Cost of product sales 14,266,514 8,754,017

Cost of other sales 284,991 373,010

14,551,505 9,127,027

Gross profit 8,189,393 5,661,073

Operating expenses:

Selling expenses 1,540,030 1,151,638

General and

administrative

expenses 2,139,440 846,238

R&D expenses 206,732 261,711

Depreciation and

amortization 904,622 607,392

4,790,824 2,866,979

Income from operations 3,398,569 2,794,094

Non-operating income 93,632 18,518

Financial (expenses) (295,121) (333,885)

Income before income

taxes 3,197,080 2,478,727

Income taxes 470,617 597,427

Income before minority

interests 2,726,463 1,881,300

Minority interests 1,194,340 804,388

Net income $ 1,532,123 $ 1,076,912

Basic $ 0.07 $ 0.05

Diluted $ 0.07 $ 0.05

Weighted average

number of common

shares outstanding -

Basic 23,287,049 22,574,542

Diluted 23,287,782 22,574,207

China Automotive Systems, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

Nine Months Ended September 30,

2006 2005

Operating revenue:

Net product sales $ 68,112,037 $ 45,002,692

Net other sales 1,154,242 1,248,758

69,266,279 46,251,450

Operating cost:

Cost of product sales 43,762,536 28,496,684

Cost of other sales 897,406 1,048,245

44,659,942 29,544,929

Gross profit 24,606,337 16,706,521

Operating expenses:

Selling expenses 5,419,420 3,818,669

General and administrative

expenses 6,529,130 4,010,754

R&D expenses 647,873 757,660

Depreciation and amortization 2,846,716 1,992,163

15,443,139 10,579,246

Income from operations 9,163,198 6,127,275

Non-operating income 94,257 27,183

Financial (expenses) (806,984) (941,486)

Income before income taxes 8,450,471 5,212,972

Income taxes 1,522,067 1,150,750

Income before minority

interests 6,928,404 4,062,222

Minority interests 3,550,247 1,617,073

Net income $ 3,378,157 $ 2,445,149

Basic $ 0.15 $ 0.11

Diluted $ 0.15 $ 0.11

Weighted average number of

common shares outstanding -

Basic 23,076,215 22,574,542

Diluted 23,084,675 22,585,732

China Automotive Systems, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

September 30, December 31,

2006 2005

ASSETS

Current assets:

Cash and cash equivalents $ 18,424,513 $ 12,374,944

Pledged cash deposits 3,533,732 1,185,660

Accounts and notes receivable, net 50,702,026 41,580,320

Advance payments and other 1,475,131 1,029,892

Inventories 17,514,260 12,385,833

Total current assets 91,649,662 68,556,649

Long-term Assets:

Property, plant and equipment, net 38,349,268 39,796,033

Intangible assets, net 3,111,854 3,503,217

Other receivables, net 5,104,002 6,503,629

Advance payment for property,

plant and equipment 3,040,858 1,096,121

Long-term investments 67,832 74,074

Total assets $ 141,323,476 $ 119,529,723

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Bank loans $ 16,229,713 $ 14,814,815

Accounts and notes payable 35,103,991 31,375,599

Customer deposits 288,564 157,919

Accrued payroll and related

costs 1,504,462 1,418,093

Accrued expenses and other

payables 6,119,563 5,191,617

Accrued pension costs 2,900,333 2,653,064

Taxes payable 5,206,614 4,172,212

Amounts due to

shareholders/directors 259,525 766,642

Total current liabilities 67,612,765 60,549,961

Long-term liabilities:

Advances payable 301,552 301,614

Total liabilities $ 67,914,317 $ 60,851,575

Minority interests 27,343,634 21,751,043

Stockholders’ equity:

Preferred stock, $0.0001 par

value-

Authorized - 20,000,000 shares

Issued and outstanding - None

Common stock, $0.0001 par

value-

Authorized - 80,000,000 shares

Issued and outstanding-

23,289,495 and 22,574,543

shares at September 30, 2006

and December 31, 2005,

respectively

Common stock, $0.0001 par

value- 2,329 2,257

Additional paid-in capital 23,305,514 18,146,721

Retained earnings-

Appropriated 5,078,584 4,923,262

Unappropriated 15,745,015 12,522,181

Accumulated other comprehensive

income 1,934,083 1,332,684

Total stockholders’ equity 46,065,525 36,927,105

Total liabilities and

stockholders’ equity $ 141,323,476 $ 119,529,723

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