/C O R R E C T I O N -- Ossen Innovation Co., Ltd./
In the news release, Ossen Innovation Announces First Quarter 2016 Financial Results, issued
Ossen Innovation Announces First Quarter 2016 Financial Results
Earnings Conference Call is Scheduled for 8:30 am ET on June 30, 2016
Dr.
Three Months Ended
For the Three Months Ended December 31, |
||||||
($ millions, except per share data) |
2016 |
2015 |
% Change |
|||
Revenues |
$30.1 |
$26.8 |
12.4% |
|||
Gross profit |
$3.1 |
$3.6 |
-13.8% |
|||
Gross margin |
10.4% |
13.5% |
-3.2% |
|||
Operating income |
$1.5 |
$1.7 |
-8.4% |
|||
Operating margin |
5.1% |
6.2% |
-1.2% |
|||
Net income attributable to Ossen Innovation |
$0.5 |
$0.9 |
-46.5% |
|||
EPS |
$0.02 |
$0.04 |
-46.3% |
For the three months ended
Gross profit decreased by
Selling expenses increased by
Operating income decreased by
Net income decreased by
After deducting net income attributable to non-controlling interest, net income attributable to
Balance Sheet and Cash Flows
As of
Net cash used in operating activities was
Conference Call
To attend the call, please use the information below for either dial-in access or webcast access. When prompted on dial-in, ask for "Ossen Innovation First Quarter 2016 Earnings Conference Call" or be prepared to utilize the conference ID.
Conference Call |
|
Date: |
Thursday, June 30, 2016 |
Time: |
8:30 am ET, U.S. |
Conference Line Dial-In (U.S.): |
+1-845-675-0437 |
International Toll Free: |
United States: +1-866-519-4004 |
Conference ID: |
30698312 |
Please dial in at least 10 minutes before the call to ensure timely participation. A playback will be available through
This call is being webcast and can be accessed by clicking on this link: http://edge.media-server.com/m/p/n9rbnmd2
About
Safe Harbor Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the
For more information, please contact:
Email: feng.peng@ossencorp.com
Phone: +86-21-6888-8886
Web: www.osseninnovation.com
Investor Relations
Phone: +1-917-609-0333
Email: tina.xiao@weitian-ir.com
OSSEN INNOVATION CO., LTD AND SUBSIDIARIES |
|||||
CONSOLIDATED BALANCE SHEETS |
|||||
March 31, |
December 31, |
||||
2016 |
2015 |
||||
(Unaudited) |
|||||
ASSETS |
|||||
Current Assets |
|||||
Cash and cash equivalents |
$ |
889,484 |
$ |
812,277 |
|
Restricted cash |
11,163,981 |
8,780,443 |
|||
Notes receivable – bank acceptance notes |
- |
8,010,228 |
|||
Accounts receivable, net of allowance for doubtful accounts of $838,357 and $738,101 at March 31, 2016 and December 31,2015, respectively |
53,664,888 |
43,247,974 |
|||
Inventories |
20,924,578 |
27,276,221 |
|||
Advance to suppliers |
62,438,218 |
55,730,089 |
|||
Other current assets |
390,942 |
915,041 |
|||
Total Current Assets |
149,472,091 |
144,772,273 |
|||
Property, plant and equipment, net |
5,379,777 |
5,557,176 |
|||
Land use rights, net |
3,912,846 |
3,911,084 |
|||
TOTAL ASSETS |
$ |
158,764,714 |
$ |
154,240,533 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current Liabilities |
|||||
Notes payable – bank acceptance notes |
$ |
14,885,106 |
$ |
12,477,471 |
|
Short-term bank loans |
17,830,630 |
17,714,928 |
|||
Accounts payable |
863,125 |
1,899,400 |
|||
Customer deposits |
545,710 |
309,147 |
|||
Income tax payable |
556,618 |
414,250 |
|||
Other payables and accrued expenses |
2,974,130 |
1,669,670 |
|||
Due to related party |
- |
65,769 |
|||
Due to shareholder |
282,499 |
282,499 |
|||
Bond payable |
15,411,925 |
15,273,177 |
|||
Total Current Liabilities |
53,349,743 |
50,106,311 |
|||
TOTAL LIABILITIES |
53,349,743 |
50,106,311 |
|||
EQUITY |
|||||
Shareholders' Equity |
|||||
Ordinary shares, $0.01 par value: 100,000,000 shares authorized, 20,000,000 shares issued; 19,828,790 shares outstanding as of March 31, 2016 and December 31, 2015, respectively |
200,000 |
200,000 |
|||
Additional paid-in capital |
33,971,455 |
33,971,455 |
|||
Statutory reserve |
5,700,717 |
5,631,373 |
|||
Retained earnings |
50,650,925 |
50,258,265 |
|||
Treasury stock, at cost: 171,210 shares as of March 31, 2016 and December 31, 2015, respectively |
(155,343) |
||||
(155,343) |
|||||
Accumulated other comprehensive income |
3,298,090 |
2,596,227 |
|||
TOTAL SHAREHOLDERS' EQUITY |
93,665,844 |
92,501,977 |
|||
Non-controlling interest |
11,749,127 |
11,632,245 |
|||
TOTAL EQUITY |
105,414,971 |
104,134,222 |
|||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
158,764,714 |
$ |
154,240,533 |
OSSEN INNOVATION CO., LTD AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
|
|||||
Three Months Ended March 31, |
|||||
2016 |
2015 |
||||
REVENUES |
$ |
30,087,939 |
$ |
26,768,356 |
|
COST OF GOODS SOLD |
26,960,453 |
23,141,983 |
|||
GROSS PROFIT |
3,127,486 |
3,626,373 |
|||
Selling expenses |
232,226 |
124,435 |
|||
General and administrative expenses |
1,367,866 |
1,833,670 |
|||
Total Operating Expenses |
1,600,092 |
1,958,105 |
|||
INCOME FROM OPERATIONS |
1,527,394 |
1,668,268 |
|||
Financial expenses, net |
(837,473) |
(753,917) |
|||
Other income, net |
33,179 |
139,314 |
|||
INCOME BEFORE INCOME TAX |
723,100 |
1,053,665 |
|||
INCOME TAX |
(144,214) |
(182,357) |
|||
NET INCOME |
578,886 |
871,308 |
|||
LESS: NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST |
116,882 |
7,164 |
|||
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
462,004 |
864,144 |
|||
OTHER COMPREHENSIVE INCOME |
|||||
Foreign currency translation gain |
701,863 |
436,796 |
|||
TOTAL OTHER COMPREHENSIVE INCOME |
701,863 |
436,796 |
|||
COMPREHENSIVE INCOME |
$ |
1,163,867 |
$ |
1,300,940 |
|
EARNINGS PER ORDINARY SHARE |
|||||
Basic and diluted |
$ |
0.02 |
$ |
0.04 |
|
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING |
|||||
Basic and diluted |
19,828,790 |
19,901,959 |
OSSEN INNOVATION CO., LTD. AND SUBSIDIARIES |
|||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
(Unaudited) |
|||||
Three Months Ended March 31, |
|||||
2016 |
2015 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|||||
Net income |
$ |
578,886 |
$ |
871,308 |
|
Adjustments to reconcile net income to net cash provided by/ (used in) operating activities: |
|||||
Depreciation and amortization |
237,148 |
387,371 |
|||
Changes in operating assets and liabilities: |
|||||
(Increase) Decrease In: |
|||||
Accounts receivable |
(10,416,914) |
(14,908,029) |
|||
Inventories |
6,351,643 |
4,154,569 |
|||
Advance to suppliers |
(6,708,129) |
2,212,830 |
|||
Other current assets |
524,099 |
(66,632) |
|||
Notes receivable - bank acceptance notes |
8,010,228 |
9,925,155 |
|||
Increase (Decrease) In: |
|||||
Accounts payable |
(1,036,275) |
302,949 |
|||
Customer deposits |
236,563 |
94,199 |
|||
Income tax payable |
142,367 |
245,782 |
|||
Other payables and accrued expenses |
1,304,460 |
415,285 |
|||
Due to related party |
(65,769) |
(69,469) |
|||
Due to shareholder |
- |
30,000 |
|||
Net cash provided by/(used in) operating activities |
(841,693) |
3,595,318 |
|||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|||||
Purchases of plant and equipment |
(3,031) |
(16,736) |
|||
Net cash used in investing activities |
(3,031) |
(16,736) |
|||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|||||
Decrease / (Increase) in restricted cash |
(2,383,538) |
7,522,356 |
|||
Proceeds from short-term bank loans |
530,540 |
- |
|||
Repayments of short-term bank loans |
(531,020) |
(3,254,996) |
|||
Proceeds from notes payable-bank acceptance notes |
8,714,930 |
6,428,618 |
|||
Repayment of notes payable-bank acceptance notes |
(6,421,527) |
(14,810,234) |
|||
Net cash used in financing activities |
(90,615) |
(4,114,256) |
|||
DECREASE IN CASH AND CASH EQUIVALENTS |
(935,339) |
(535,674) |
|||
Effect of exchange rate changes on cash |
1,012,546 |
635,722 |
|||
Cash and cash equivalents at beginning of period |
812,277 |
684,592 |
|||
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ |
889,484 |
$ |
784,640 |
|
SUPPLEMENTARY CASH FLOW INFORMATION |
|||||
Cash paid during the periods: |
|||||
Income taxes paid |
$ |
195,274 |
$ |
67,249 |
|
Interest paid |
$ |
674,865 |
$ |
359,116 |
|
Non-cash transactions: |
|||||
Appropriation to statutory reserve |
$ |
69,344 |
$ |
102,327 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ossen-innovation-announces-first-quarter-2016-financial-results-300292121.html
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