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China Automotive Systems Reports 18% Growth in 2014 Second Quarter Sales

WUHAN, China, Aug. 13, 2014 /PRNewswire-FirstCall/ -- China Automotive Systems, Inc. ("CAAS" or the "Company") (NASDAQ: CAAS), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the second quarter and six months ended June 30, 2014.

Second Quarter 2014 Highlights

  • Net sales increased by 18.0% to a second-quarter record of $115.5 million, compared to $97.9 million in the second quarter of 2013.
  • Gross margin was 18.7%, compared to 18.8% in the second quarter of 2013 and 18.7% in the first quarter of 2014.
  • Operating margin was 14.3%, compared to 8.0% in the second quarter of 2013 and 8.5% in the first quarter of 2014.
  • Net income attributable to parent company's common shareholders was $11.0 million, or diluted earnings per share of $0.39, compared to net income attributable to parent company's common shareholders of $5.0 million, or diluted earnings per share of $0.18, in the second quarter of 2013.
  • Cash and cash equivalents and short-term investments were $94.2 million and $89.5 million as of June 30, 2014 and December 31, 2013, respectively.  

First Six Months of 2014 Highlights

  • Net sales increased by 17.8% to a six-month record high of $229.8 million, compared to $195.1 million in the first six months of 2013.
  • Gross profit increased by 13.7% to $42.9 million, compared to $37.8 million in the first six months of 2013; gross margin was 18.7% in the first six months of 2014, compared to 19.4% in the same period last year.
  • Operating margin was 11.4%, compared to 8.8% in the first six months of 2013.
  • Diluted earnings per share attributable to parent company's common shareholders was $0.63, compared to $0.39 in the first six months of 2013.

Mr. Qizhou Wu, chief executive officer of CAAS, commented, "We are pleased to report that sales grew by 18.0% in the second quarter of 2014 compared with the second quarter of 2013. Sales set a new second-quarter record as they exceeded the $100 million mark for the first time. We continued to capture market share in the growing passenger vehicle market in China, especially with our joint venture brand customers, and sales continued to grow in the North American market."

"Sales to North America increased by 10.2% compared to the same period last year. Our key customer, Chrysler, reported its 51st consecutive month of year-over-year sales gains in June 2014. The Jeep® brand reported that June 2014's sales were the highest June sales in its history. Jeep's 28% sales growth in June was the highest rate among all of Chrysler's segments in June 2014. RAM® pickup truck sales increased by 12% in June, its highest June sales in the last 10 years."

"We remain confident that we have the range of high-quality steering products, and the ability to quickly create new steering models such as our expanding line of electric power steering, to further improve our leading market share in China."

Mr. Jie Li, chief financial officer of CAAS, commented, "We generated positive cash flow from operations as we sold more units in China and North America. With our strong financial condition, CAAS announced its first-ever cash dividend of US$0.18 per share in the second quarter of 2014 and it was paid in July. We continue to strengthen our financial resources to support the expansion of our operations and introduce new products to increase our growth. We are updating established products and expanding our portfolio of new technology products, especially our electric power steering offerings, to improve our growth opportunities. We have increased our operating expenses more slowly than sales in the second quarter to control costs.  We continue to focus our product development and operations to further penetrate China and North America, the two largest vehicle markets in the world."

Second Quarter of 2014

In the second quarter of 2014, net sales increased by 18.0% to a second-quarter record of $115.5 million, compared to $97.9 million in the same quarter of 2013. The net sales increase was mainly due to higher sales of passenger vehicles in China and North America. Sales of certain new products such as mid-level electric power steering ("EPS") units and upgraded legacy products expanded the Company's market share in China.

Gross profit increased by 17.4% to $21.6 million in the second quarter of 2014, compared to $18.4 million in the second quarter of 2013. The gross margin was 18.7% in the second quarter of 2014, versus 18.8% in the second quarter of 2013 and 18.7% in the first quarter of 2014. The gross profit mainly increased due to the greater volume of units sold. 

Selling expenses increased by 13.9% to $4.3 million in the second quarter of 2014, compared to $3.8 million in the second quarter of 2013. Selling expenses represented 3.7% of net sales in the second quarter of 2014, compared to 3.9% in the second quarter of 2013. The increase was mainly due to higher warehousing, transporting and travel expenses related to the higher volume sold.

General and administrative expenses ("G&A expenses") increased by 17.4% to $3.8 million in the second quarter of 2014, compared to $3.2 million in the same quarter of 2013. The increase was mainly due to higher personnel costs. G&A expenses represented 3.3% of net sales in both the second quarter of 2014 and the second quarter of 2013.

Research and development expenses ("R&D expenses") increased by 12.2% to $5.2 million in the second quarter of 2014, compared to $4.6 million in the second quarter of 2013. The increase in R&D expenses was mainly due to higher expenditures for the development of our EPS products, and included higher personnel-related expenses and mold improvement expenses. R&D expenses represented 4.5% of net sales in the second quarter of 2014, which was a decrease from 4.7% in the second quarter of 2013.

Income from operations increased by 111.5% to $16.5 million in the second quarter of 2014, compared to $7.8 million in the same quarter of 2013. The increase in income from operations was primarily due to higher gross profit, and a $7.5 million gain on other sales mainly from the sales of idle land use rights. As a percentage of net sales, the operating margin was 14.3% in the second quarter of 2014, compared to 8.0% in the second quarter of 2013.  

Net financial expenses in the second quarter of 2014 were nil compared with expense of $0.1 million in the second quarter of 2013. The decrease was mainly due lower interest income from a decline in time deposits, and an increase in gain on foreign currency exchange.

Income before income tax expenses and equity in earnings of affiliated companies was $16.6 million in the second quarter of 2014, compared to $7.7 million in the second quarter of 2013. The increase of $8.9 million in the second quarter of 2014 was mainly due to an increase in operating income of $8.7 million.  

Net income attributable to parent company's common shareholders was $11.0 million in the second quarter of 2014, compared to net income attributable to parent company's common shareholders of $5.0 million in the corresponding quarter of 2013. Diluted earnings per share were $0.39 in the second quarter of 2014, compared to diluted earnings per share of $0.18 in the second quarter of 2013. The weighted average number of diluted common shares outstanding was 28,064,376 in the second quarter of 2014, compared to 28,048,789 in the second quarter of 2013.

First Six Months of 2014

Net sales increased by 17.8% to a six-month record high of $229.8 million, compared to $195.1 million in the first six months of 2013. Six-month gross profit was $42.9 million, compared to $37.8 million in the corresponding period last year. Six-month gross margin was 18.7%, compared to 19.4% for the corresponding period in 2013. The gain on other sales of $9.1 million in the first six months of 2014 consisted of  income from the sale of idle land use rights, which represented a pre-tax gain of $7.5 million calculated as the difference between the selling price and net book value of related land use rights. Income from operations was $26.3 million, compared to $17.2 million in the first six months of 2013. Operating margin was 11.4%, compared to 8.8% for the corresponding period of 2013. Net income attributable to parent company's common shareholders was $17.8 million in the first six months of 2014, compared to $10.9 million in the corresponding period in 2013. Diluted earnings per share were $0.63 in the first six months of 2014, compared to diluted earnings per share of $0.39 for the corresponding period in 2013.

As of June 30, 2014, total cash and cash equivalents and short-term investments were $94.2 million, compared to $89.5 million as of December 31, 2013. Working capital was $181.9 million as of June 30, 2014, compared to $179.3 million as of December 31, 2013. Cash flow from operations was $7.7 million for the six months ended June 30, 2014. Total parent company stockholders' equity was $237.4 million as of June 30, 2014, compared to $226.7 million as of December 31, 2013.

Business Outlook

Management reiterates its revenue guidance of 15% year-over-year growth for the full year 2014. This target is based on the Company's current views on operating and market conditions, which are subject to change.

Conference Call

Management will conduct a conference call on August 13, 2014 at 8:00 A.M. EDT/8:00 P.M. Beijing Time to discuss these results. A question and answer session will follow management's presentation.  To participate, please call the following numbers 10 minutes before the call start time and ask to be connected to the "China Automotive Systems" conference call:

Phone Number: +1-877-407-8031 (North America)
Phone Number: +1-201-689-8031 (International)

A telephone replay of the call will be available after the conclusion of the conference call through 11:59 P.M. EDT on September 16, 2014. The dial-in details for the replay are:

U.S. Toll Free Number +1-877-660-6853
International dial-in number +1-201-612-7415

Use Conference ID "13587802" to access the replay.

About China Automotive Systems, Inc.

Based in Hubei Province, the 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 eight Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 4.5 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Chrysler N.A. in North America. For more information, please visit: http://www.caasauto.com.

Forward-Looking Statements

This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 10-K annual report filed with the Securities and Exchange Commission on March 31, 2014, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

For further information, please contact:

Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
Email: [email protected]   

Kevin Theiss
Investor Relations
Grayling
Tel:   +1-646-284-9409
Email: [email protected]

(Tables Follow)

 

China Automotive Systems, Inc. and Subsidiaries

Condensed Unaudited Consolidated Balance Sheets

(In thousands of USD unless otherwise indicated)

 



June 30, 2014


December 31, 2013

ASSETS







Current assets:







Cash and cash equivalents


$

55,757


$

53,979

Pledged cash deposits



26,959



33,963

Short-term investments



38,472



35,510

Accounts and notes receivable, net - unrelated parties



285,182



267,639

Accounts and notes receivable, net - related parties



24,658



17,194

Advance payments and others - unrelated parties



2,441



3,156

Advance payments and others - related parties



625



866

Inventories



63,308



51,392

Assets held for sale



-



925

Current deferred tax assets



6,032



5,783

     Total current assets 



503,434



470,407

Non-current assets:







Property, plant and equipment, net



83,698



80,018

Intangible assets, net



1,424



686

Other receivables, net - unrelated parties



441



252

Other receivables, net - related parties



61



108

Advance payment for property, plant and equipment - unrelated parties



3,633



3,488

Advance payment for property, plant and equipment - related parties



1,522



2,097

Long-term investments



4,114



4,023

Goodwill



642



-

Non-current deferred tax assets



4,660



4,528

     Total assets 


$

603,629


$

565,607








LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities:







Bank and government loans


$

42,840


$

37,381

Accounts and notes payable - unrelated parties



207,889



198,419

Accounts and notes payable - related parties



4,921



4,634

Customer deposits



1,723



1677

Accrued payroll and related costs



6,201



7,052

Accrued expenses and other payables



43,968



29,062

Accrued pension costs



5,086



4,626

Taxes payable



8,287



7,792

Amounts due to shareholders/directors



376



312

Current deferred tax liabilities



217



117

Total current liabilities



321,508



291,072

Long-term liabilities:







Advances payable



2,867



2,764

Non-current deferred tax liabilities



339



-

     Total liabilities 


$

324,714


$

293,836








Commitments and Contingencies














Stockholders' equity:







Common stock, $0.0001 par value - Authorized - 80,000,000 shares; Issued– 28,260,302 and 28,260,302 shares at June 30, 2014
and December 31, 2013, respectively


$

3


$

3

Additional paid-in capital



34,518



39,565

Retained earnings-







Appropriated



10,178



10,048

Unappropriated



163,674



146,023

Accumulated other comprehensive income



30,044



32,061

Treasury stock – 217,283 and 217,283 shares at June 30, 2014 and December 31, 2013, respectively



(1,000)



(1,000)

     Total parent company stockholders' equity 



237,417



226,700

Non-controlling interests



41,498



45,071

Total stockholders' equity



278,915



271,771

Total liabilities and stockholders' equity


$

603,629


$

565,607

 

 

China Automotive Systems, Inc. and Subsidiaries

Condensed Unaudited Consolidated Statements of Operations and Comprehensive Income

(Unaudited, in thousands of USD, except share and per share amounts)

 



Three Months Ended June 30,



2014


2013

Net product sales, including $14,928 and $9,035 to related parties for the three months ended June 30, 2014 and 2013


$

115,476


$

97,889

Cost of products sold, including $7,461 and $6,006 purchased from related parties for the three months ended June 30, 2014 and 2013



93,893



79,500

Gross profit



21,583



18,389

Gain on other sales



8,226



1,058

Less: Operating expenses







Selling expenses



4,327



3,800

General and administrative expenses



3,776



3,217

Research and development expenses



5,180



4,616

Total operating expenses



13,283



11,633

Income from operations



16,526



7,814

Other income, net



139



3

Financial income (expenses), net



(28)



(108)

Income before income tax expenses and equity in earnings of affiliated companies



16,637



7,709

Less: Income taxes



3,126



1,571

Equity in earnings of affiliated companies



75



68

Net income



13,586



6,206

Net income attributable to non-controlling interests



2,580



1,225

Net income attributable to parent company's common shareholders


$

11,006


$

4,981

Comprehensive income:







Net income


$

13,586


$

6,206

Other comprehensive income (loss):







Foreign currency translation gain (loss), net of tax



(25)



3,436

Comprehensive income



13,561



9,642

Comprehensive income attributable to non-controlling interests



2,576



1,808

Comprehensive income attributable to parent company


$

10,985


$

7,834








Net income attributable to parent company's common shareholders per share














Basic –


$

0.39


$

0.18








Diluted-


$

0.39


$

0.18

Weighted average number of common shares outstanding







Basic



28,043,019



28,043,019

Diluted



28,064,376



28,048,789

 

China Automotive Systems, Inc. and Subsidiaries

Condensed Unaudited Consolidated Statements of Operations and Comprehensive Income

(In thousands of USD, except share and per share amounts)

 



Six Months Ended June 30,



2014


2013

Net product sales, including $26,738 and $17,178 to related parties for the six months ended June 30, 2014 and 2013


$

229,782


$

195,052

Cost of products sold, including $14,652 and $12,671 purchased from related parties for the six months ended June 30, 2014 and 2013



186,861



157,302

Gross profit



42,921



37,750

Gain on other sales



9,135



1,732

Less: Operating expenses







Selling expenses



7,369



6,964

General and administrative expenses



7,322



7,343

Research and development expenses



11,068



8,016

Total operating expenses



25,759



22,323

Income from operations



26,297



17,159

Other income, net



378



73

Financial income (expenses), net



186



(309)

Income before income tax expenses and equity in earnings of affiliated companies



26,861



16,923

Less: Income taxes



5,101



3,317

Equity in earnings of affiliated companies



137



126

Net income



21,897



13,732

Net income attributable to non-controlling interests



4,116



2,811

Net income attributable to parent company's common shareholders


$

17,781


$

10,921

Comprehensive income:







Net income


$

21,897


$

13,732

Other comprehensive income (loss):







Foreign currency translation gain (loss), net of tax



(2,422)



4,048

Comprehensive income



19,475



17,780

Comprehensive income attributable to non-controlling interests



3,712



3,497

Comprehensive income attributable to parent company


$

15,763


$

14,283








Net income attributable to parent company's common shareholders per share














Basic –


$

0.63


$

0.39








Diluted-


$

0.63


$

0.39

Weighted average number of common shares outstanding







Basic



28,043,019



28,043,019

Diluted



28,063,939



28,049,863

 

China Automotive Systems, Inc. and Subsidiaries 

Condensed Unaudited Consolidated Statements of Cash Flows 

(In thousands of USD unless otherwise indicated)


Six Months Ended June 30,


2014


2013

Cash flows from operating activities: 






Net income 

$

21,897


$

13,732

Adjustments to reconcile net income from operations to net cash provided by operating activities:






Depreciation and amortization 


7,751



7,218

Increase (decrease) in allowance for doubtful accounts 


121



(106)

Inventory write downs 


1,922



277

Deferred income taxes 


(413)



(143)

Equity in earnings of affiliated companies 


(128)



(126)

Amortization of debt issue cost 


-



57

Gain on fixed assets disposals 


(7,506)



(165)

Changes in operating assets and liabilities: 






(Increase) decrease in:






Pledged deposits 


6,695



4,306

Accounts and notes receivable 


(25,139)



(32,734)

Advance payments and others 


1,038



(219)

Inventories 


(7,461)



(4,211)

Increase (decrease) in:






Accounts and notes payable 


7,948



9,689

Customer deposits 


57



(106)

Accrued payroll and related costs 


(790)



73

Accrued expenses and other payables 


191



2,679

Accrued pension costs 


502



44

Taxes payable 


1,007



(66)

Advances payable 


-



(32)

Net cash provided by operating activities 


7,692



167

Cash flows from investing activities: 






Increase in other receivables 


636



(212)

Cash received from property, plant and equipment sales 


6,777



1,557

Payments to acquire property, plant and equipment 


(8,194)



(5,565)

Payments to acquire intangible assets 


(5)



(60)

Purchase of short-term investments 


(15,882)



(15,376)

Proceeds from maturities of short-term investments 


12,597



-

Acquisition of Fujian Qiaolong, net of cash acquired 


(2,976)



-

Net cash used in investing activities 


(7,047)



(19,656)

Cash flows from financing activities: 






Proceeds from government and bank loan 


6,774



14,111

Repayments of bank loan 


(3,251)



(8,069)

Dividends paid to the non-controlling interests 


(1,985)



(405)

Increase (decrease) in amounts due to shareholders/directors 


69



(40)

Net cash provided by financing activities 


1,607



5,597

Effects of exchange rate on cash and cash equivalents 


(474)



1,513

Net increase (decrease) in cash and cash equivalents


1,778



(12,379)

Cash and cash equivalents at beginning of period 


53,979



87,649

Cash and cash equivalents at end of period

$

55,757


$

75,270







SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:







Six Months Ended 
June 30,  


2014


2013

Cash paid for interest

$

603


$

739

Cash paid for income taxes 

$

3,109


$

2,029







SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:





Six Months Ended 
June 30,


2014


2013

Advance payments for acquiring property, plant and equipment 

$

5,155


$

3,204

Non-controlling interests arising as a result of acquisition of Fujian Qiaolong


2,793



-

Account receivable for selling property, plant and equipment 


1,890



-

Dividends payable to the Company's shareholders 


5,048



-

Dividends payable to non-controlling interests 

$

8,127


$

167

 

 

SOURCE China Automotive Systems, Inc.

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