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China Auto Logistics Reports 2017 Third Quarter and Nine Month Results

Investor Conference Call Scheduled for Wednesday, November 15th at 8:00am ET

TIANJIN, CHINA -- (Marketwired) -- 11/14/17 -- China Auto Logistics Inc. (the "Company" or "CALI") (NASDAQ: CALI), a top seller in China of luxury imported automobiles and a leading provider of auto-related services, today reported results for the three months and nine months ended September 30, 2017.

In the 2017 third quarter - - based primarily on higher sales of automobiles - - revenues from continuing operations increased 30.5% year over year to approximately $125 million. However, weak gross margins in Auto Sales coupled with reduced fee revenues and margins in Financing Services, and a reserve for uncollectible receivables in the latter business, resulted in a net loss from continuing operations in the 2017 third quarter of approximately $(939,000) or a loss of $(0.23) per share.

During the third quarter a key impact on gross margins in the Auto Sales business continued to be the 10% additional tax on "super luxury" cars imposed by the Chinese government in December of 2016. Although the Company was able to sell more high end luxury vehicles in the quarter as compared with the second quarter this year, high end sales nevertheless continued to be lower than normal and reduced profitability of the business. With respect to the large year over year increase in sales of automobiles, to some extent this reflected the lower than normal sales in the 2016 third quarter. The Company believes the latter resulted from auto dealer customers continuing throughout 2016 to draw down on inventories they had built up in 2015 and first quarter of 2016 in response to anticipated and actual sharp devaluations of the RMB versus the U.S. dollar.

For the nine months ended September 30, 2017, year over year revenues increased approximately 14.5% to approximately $374.5 million. Weak gross margins in Auto Sales, lower Financing Services revenue, and a reserve set up for uncollectible Financing Services accounts, produced a net loss attributable to shareholders from continuing operations in the period of approximately $(1.42 million), or $(0.35) per share. This compared with a loss from continuing operations of approximately $(865 thousand), or $(0.21) per share in the first nine months of 2016.

Commenting on these results, Mr. Tong Shiping, Chairman and CEO of the Company, stated, "While our efforts during the quarter generated an increase in Auto Sales, the steps we took to improve margins, such as increased retail sales, fell short. We will continue to take the necessary steps to maintain our leadership position and believe this will serve us well down the road as China's economy continues to rebound and as high end buyers return to the market." He added, "One key indicator during the quarter of confidence in the future of the Company was the acquisition in September by our largest shareholder - - Bright Praise Enterprises Limited ('Bright Praise') - - of 806,000 new common shares issued by the Company in connection with a Debt Exchange Agreement. This transaction which is fully described in our Form 10-Q and in other filings with the U.S. Securities and Exchange Commission, brought Bright Praise ownership of the Company to 50.7%."

Financial Highlights of the Third Quarter and Nine Months ended September 30, 2017

  • Net revenue from continuing operations in the third quarter rose 30.05% to $125,231,888 from $96,293,622 in the third quarter of 2016.
  • The net loss from continuing operations attributable to shareholders in the third quarter was $(939,443), or $(0.23) per share, compared with a net loss of $(200,000) or $(0.05) per share, in the year earlier quarter.
  • Gross profit margins in the 2017 third quarter declined to 0.42% from 0.65% a year earlier primarily due to the continuing impact of a 10% additional tax on "super luxury" automobiles imposed by the government, as well as lower Financing Services sales, and recording a reserve of $519,334 for uncollectable Financing Services accounts receivable.
  • Net revenue from continuing operations for the nine months ended September 30, 2017 increased 14.47% to $374,524,571 from $327,177,025 in the year earlier period. Gross profit margins in the first nine months of 2017 decreased to 0.40% from 0.68% a year earlier, leading to a net loss from continuing operations of $(1,416,798) on $(0.35) per share, as compared with a net loss of $(835,397), or $(0.21) per share, in the 2016 nine month results.
  • Total cash and cash equivalents increased to $5,742,988 as of September 30, 2017 from $3,004,932 as of December 31, 2016.
  • As of September 30, 2017 the Company had working capital of $24,913,664 compared with $23,576,035 as of December 31, 2016.
  • Primarily reflecting the operating losses incurred thus far in 2017 and the negative operating cash flows, the Company included a "Going Concern" paragraph in the Notes to the Company's Condensed Consolidated Financial Statements for the period ended September 30, 2017.
  • As a consequence of the issuance of 806,000 common shares by the Company in September this year, the weighted average number of basic and diluted common shares outstanding for the three months ended September 30, 2017 increased to 4,095,720 from 4,034,494 at the same time last year.

Sales of Automobiles

In the 2017 third quarter the Company achieved increases in the volume and dollar amount of automobiles sold. Net revenue from Auto Sales of $124,174,090 represented a 30.35% increase over the prior year quarter, as the number of autos sold increased to 1,208 from 902 a year earlier. As previously described, these increases compared with relatively low sales in the third quarter of 2016 due to the inventory buildup by auto dealers in 2015 and first quarter of 2016 which was sold off in the remainder of 2016. Profit margins in the 2017 third quarter dropped to 0.12% from 0.14% a year earlier, primarily due to the continuing impact of the government's 10% extra tax on "super luxury" vehicles priced above $190,000, which typically yield the highest profit margins to the Company. Sales of these vehicles increased over sales in the 2017 second quarter, but not enough to generate significantly better results.

Financing Services

While net revenues from Financing Services in the 2017 third quarter increased 3.06% compared with the prior year quarter, revenue from the fee income portion of the business declined 22.48% in this time frame. This resulted in a 35.74% gross margin in the period compared with 47.52% a year earlier. The Company continued to lose market share in the quarter to new players in this increasingly competitive market.

Outlook

"While we anticipate continuing difficulty in the short term with respect to improving margins," Mr. Tong stated, "we remain optimistic that the boost being provided to independent importers like ourselves by the government's Parallel Imported Vehicle Scheme, and an improving economy in China, will lead to improved results, especially as luxury buyers return to the market. In addition, we continue to review potential new higher margin businesses and are likely as well to continue to expand our retail sales where we believe higher margins also are possible."

Conference Call Invitation

The Company will discuss 2017 third quarter results during a live conference call and webcast on Wednesday, November 15th at 8:00am ET.

To participate in the call, interested participants should call 1-800-239-9838 when calling within the United States or 1-323-794-2551 when calling internationally. Please ask for the Conference ID: 2890686. There will be a playback available until 11/22/17. To listen to the playback, please call 1-844-512-2921 when calling within the United States or 1-412-317-6671 when calling internationally. Use the Replay Pin Number: 2890686.

This call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this link: http://public.viavid.com/index.php?id=127245 at ViaVid's website at http://viavid.com.

SEE ATTACHED TABLES

About China Auto Logistics Inc.

China Auto Logistics Inc. is one of China's top sellers of imported luxury vehicles. It also provides a variety of "one stop" automobile related services such as short term dealer financing.

Information Regarding Forward-Looking Statements

Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission. We do not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.


                         CHINA AUTO LOGISTICS INC.
                   CONDENSED CONSOLIDATED BALANCE SHEETS

                                               September 30,
                                                    2017       December 31,
                                                (Unaudited)        2016
                                               -------------  -------------
ASSETS:
Current assets:
Cash and cash equivalents                      $   5,742,988  $   3,004,932
Restricted cash                                    9,390,254     22,703,835
Receivable related to financing services, net     54,270,503     48,549,972
Inventories                                       13,007,389     13,049,065
Advances to suppliers, net                        69,854,476     71,921,388
Prepaid expenses                                      35,324        376,581
Value added tax receivable                           328,778        615,555
                                               -------------  -------------
Total current assets                             152,629,712    160,221,328

Property, plant, and equipment, net                  272,681        317,282
Other assets                                          31,647         30,329
                                               -------------  -------------
Total assets                                   $ 152,934,040  $ 160,568,939
                                               =============  =============

LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Lines of credit related to financing services  $  49,671,882  $  47,081,763
Short term borrowings                             15,778,796     12,961,389
Accounts payable                                   2,770,789        365,120
Notes payable to suppliers                        12,021,940     25,922,779
Accrued expenses                                     159,173        131,128
Customer deposits                                 42,430,668     46,047,515
Deferred revenue                                      52,438         48,171
Due to former shareholder                          2,041,659      1,956,625
Due to shareholder                                 2,248,026              -
Due to director                                       69,950      1,550,745
Income tax payable                                   470,727        580,058
                                               -------------  -------------
Total current liabilities                        127,716,048    136,645,293

Equity:
China Auto Logistics Inc. shareholders'
 equity:
Preferred stock, $0.001 par value, 5,000,000
 shares authorized, none issued and
 outstanding                                               -              -
Common stock, $0.001 par value, 95,000,000
 shares authorized, with 4,840,394 shares
 issued and outstanding as of September 30,
 2017 and 4,034,394 shares issued and
 outstanding as of December 31, 2016                   4,840          4,034
Additional paid-in capital                        24,679,588     22,979,734
Accumulated other comprehensive income             5,121,205      3,939,898
Accumulated deficit                               (4,780,364)    (3,363,566)
                                               -------------  -------------
Total China Auto Logistics Inc. shareholders'
 equity                                           25,025,269     23,560,100
Noncontrolling interests                             192,723        363,546
                                               -------------  -------------
Total equity                                      25,217,992     23,923,646
                                               -------------  -------------

Total liabilities and shareholders' equity     $ 152,934,040  $ 160,568,939
                                               =============  =============


 China Auto Logistics Inc. Condensed Consolidated Statements of Operations
                                 (Unaudited)


                         Three Months Ended          Nine Months Ended
                            September 30,               September 30,
                     --------------------------  --------------------------
                         2017          2016          2017          2016
                     ------------  ------------  ------------  ------------

Net revenue          $125,231,888  $ 96,293,622  $374,524,571  $327,177,025
Cost of revenue       124,704,662    95,671,721   373,011,864   324,958,268
                     ------------  ------------  ------------  ------------
    Gross profit          527,226       621,901     1,512,707     2,218,757
                     ------------  ------------  ------------  ------------

Operating expenses:
  Selling and
   marketing              212,440       180,371       589,823       532,676
  General and
   administrative         564,931       460,664     1,674,355     1,443,153
  Reserve (recovery)
   from reserve for
   uncollectible
   receivable
   related to
   financing
   services               519,334             -       228,981       (68,813)
                     ------------  ------------  ------------  ------------
    Total operating
     expenses           1,296,705       641,035     2,493,159     1,907,016
                     ------------  ------------  ------------  ------------

(Loss) income from
 continuing
 operations              (769,479)      (19,134)     (980,452)      311,741
                     ------------  ------------  ------------  ------------

Other income
 (expenses)
  Interest income          23,240        18,811        53,198       233,274
  Interest expense       (200,151)     (202,803)     (630,056)   (1,331,835)
  Gain on sale of
   property and
   equipment                1,910             -         1,910         2,707
  Miscellaneous             4,900         3,091         8,206         6,546
                     ------------  ------------  ------------  ------------
    Total other
     expenses            (170,101)     (180,901)     (566,742)   (1,089,308)
                     ------------  ------------  ------------  ------------

Loss from continuing
 operations before
 income taxes            (939,580)     (200,035)   (1,547,194)     (777,567)

Income tax (benefit)
 expense                        -             -      (130,118)       87,737
                     ------------  ------------  ------------  ------------

Net loss from
 continuing
 operations              (939,580)     (200,035)   (1,417,076)     (865,304)
                     ------------  ------------  ------------  ------------

Discontinued
 operations:
  Income from
   operations of
   discontinued
   Airport Automall
   Automotive
   Services
   (including gain
   on disposal of
   $6,701,350 for
   nine months ended
   September 30,
   2016)                        -             -             -     4,543,918
  Income tax benefit            -             -             -      (246,791)
                     ------------  ------------  ------------  ------------
Net income from
 discontinued
 operations                     -             -             -     4,790,709
                     ------------  ------------  ------------  ------------

Net (loss) income        (939,580)     (200,035)   (1,417,076)    3,925,405
Less: Net (loss)
 income attributable
 to noncontrolling
 interests                   (137)          (35)         (278)           93
                     ------------  ------------  ------------  ------------

Net (loss) income
 attributable to
 shareholders of
 China Auto
 Logistics Inc.      $   (939,443) $   (200,000) $ (1,416,798) $  3,925,312
                     ============  ============  ============  ============

Net (loss) income
 attributable to
 shareholders of
 China Auto
 Logistics Inc.
  - continuing
   operations        $   (939,443) $   (200,000) $ (1,416,798) $   (865,397)
  - discontinued
   operations                   -             -             -     4,790,709
                     ------------  ------------  ------------  ------------
                     $   (939,443) $   (200,000) $ (1,416,798) $  3,925,312
                     ============  ============  ============  ============

(Loss) income per
 share attributable
 to shareholders of
 China Auto
 Logistics Inc. from
  - continuing
   operations -
   basic and diluted $      (0.23)        (0.05) $      (0.35) $      (0.21)
                     ============  ============  ============  ============
  - discontinued
   operations -
   basic and diluted $          -  $          -  $          -  $       1.19
                     ============  ============  ============  ============
  Total (loss)
   earnings per
   share
   attributable to
   shareholders of
   China Auto
   Logistics Inc.    $      (0.23) $      (0.05) $      (0.35) $       0.98
                     ============  ============  ============  ============
Weighted average
 number of common
 shares Outstanding
  - basic and
   diluted              4,095,720     4,034,494     4,055,061     4,034,494
                     ============  ============  ============  ============


                         CHINA AUTO LOGISTICS INC.
   CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

                            Three Months Ended         Nine Months Ended
                               September 30,             September 30,
                         ------------------------  ------------------------
                             2017         2016         2017         2016
                         -----------  -----------  -----------  -----------

Net (loss) income        $  (939,580) $  (200,035) $(1,417,076) $ 3,925,405

Other comprehensive
 income (loss)
  Foreign currency
   translation
   adjustments               509,370     (111,136)   1,181,314     (750,288)
                         -----------  -----------  -----------  -----------

Comprehensive (loss)
 income                     (430,210)    (311,171)    (235,762)   3,175,117
Less: Comprehensive
 (loss) income (loss)
 attributable to
 noncontrolling
 interests                       (52)         (99)        (271)          50
                         -----------  -----------  -----------  -----------

  Comprehensive income
   attributable to
   shareholders of China
   Auto Logistics Inc.   $  (430,158) $  (311,072) $  (235,491) $ 3,175,067
                         ===========  ===========  ===========  ===========


                         CHINA AUTO LOGISTICS INC.
        CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                                    Nine Months Ended
                                                       September 30,
                                               ----------------------------
                                                    2017           2016
                                               -------------  -------------
Cash flows from operating activities
Net (loss) income                              $  (1,417,076) $   3,925,405
Add: loss from discontinued operations                     -      1,910,641

Adjustments to reconcile net (loss) income to
 net cash provided by (used in) operating
 activities
Reserve (recovery) on reserve for
 uncollectible receivable related to financing
 services                                            228,981        (68,813)
Depreciation on property, plant and equipment         67,124         58,532
Gain on disposal of property and equipment            (1,910)        (5,702)
Change in reserve for advances to suppliers                -        (76,554)
Gain on sale of Zhonghe                                    -     (6,701,350)

Changes in operating assets and liabilities:
Restricted cash                                   14,010,712    (35,507,788)
Accounts receivable                                    5,827              -
Receivables related to financing services         (3,624,954)    31,710,041
Inventories                                          563,361     (7,938,670)
Advances to suppliers                              5,065,968    (54,723,792)
Prepaid expenses, other current assets and
 other assets                                        346,620        (14,304)
Value added tax receivable                           301,220     (1,390,994)
Other assets                                               -        (32,244)
Accounts payable                                   2,226,743      1,952,284
Line of credit related to financing services         393,687    (24,103,238)
Notes payable to suppliers                       (14,704,314)    36,344,159
Accrued expenses                                      23,302        318,354
Accrued interest                                           -        897,826
Customer deposits                                 (5,263,243)     2,161,062
Deferred revenue                                       1,899        (47,981)
Income tax payable                                  (130,118)       (62,549)
                                               -------------  -------------
Cash used in operating activities from
 continuing operations                            (1,906,171)   (51,395,675)
Cash used in operating activities from
 discontinued operations                                   -     (1,299,109)
                                               -------------  -------------
Net cash used in operating activities             (1,906,171)   (52,694,784)
                                               -------------  -------------

Cash flows from investing activities
Cash proceeds from sale of Zhonghe, net of
 cash at Zhonghe of $175,767 and amount owed
 to Zhonghe of $4,092,476                                  -     21,750,802
Proceeds from disposal of property and
 equipment                                             5,247          8,563
Purchase of property and equipment                   (13,281)      (342,435)
                                               -------------  -------------
Cash (used in) provided by investing
 activities from continuing operations                (8,034)    21,416,930
Cash provided by investing activities from
 discontinued operations                                   -              -
                                               -------------  -------------
Net cash (used in) provided by investing
 activities                                           (8,034)    21,416,930
                                               -------------  -------------

Cash flows from financing activities
Bank overdraft                                             -     (2,117,974)
Proceeds from short-term borrowings               19,726,363     84,846,873
Repayments of short-term borrowings              (17,539,977)   (57,538,686)
Proceeds from director                             2,551,427        484,919
Payment to non controlling shareholders for
 Ganghui's book value at de-registration            (175,406)             -
                                               -------------  -------------
Cash provided by financing activities from
 continuing operations                             4,562,407     25,675,132
Cash provided by financing activities from
 discontinued operations                                   -              -
                                               -------------  -------------
Net cash provided by financing activities          4,562,407     25,675,132
                                               -------------  -------------

Effect of exchange rate change on cash                89,854       (126,192)
                                               -------------  -------------

Net increase (decrease) in cash and cash
 equivalents                                       2,738,056     (5,728,914)

Cash and cash equivalents at the beginning of
 period                                            3,004,932      7,119,686
                                               -------------  -------------
Cash and cash equivalents at the end of period $   5,742,988  $   1,390,772
                                               -------------  -------------

Supplemental disclosure of cash flow
 information
Interest paid                                  $   1,272,773  $   3,958,670
                                               -------------  -------------
Income taxes paid                              $           -  $     150,355
                                               -------------  -------------

Non-cash activities:
Assumption of outstanding payable to former
 owner of Zhonghe by Huitongto offset the sale
 price of Zhonghe                              $           -  $  36,755,594
Issuance of 806,000 shares of common stock to
 settle debt owed to shareholder               $   1,700,660  $           -

CONTACT:

Ken Donenfeld
DGI Investor Relations Inc.
[email protected]
Tel: 212-425-5700
Fax: 646-381-9727

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