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Huaxing Machinery Corp. Reports Consolidated Financial Results for the Year Ended December 31, 2013
|By Marketwired .
|May 5, 2014 01:18 PM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/05/14 -- 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 Year Ended
December 31,December 31, Increase from
2013 2012 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.
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.
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