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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Highpower International Inc | NASDAQ:HPJ | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.79 | 4.79 | 4.81 | 0 | 01:00:00 |
Business Highlights
"The third quarter proved to be another strong quarter of year-over-year revenue growth," said Mr. George Pan, Chairman and Chief Executive Officer of Highpower International. "We also accomplished an important corporate branding milestone this quarter by changing our name to Highpower International. Our new name helps position us for further worldwide growth in the years ahead. Highpower International better reflects our global initiatives to continue to expand our sales and marketing efforts worldwide and advance our position as a leading, profitable, eco-friendly focused solution provider of green energy."
Mr. Henry Ngan, Chief Financial Officer of Highpower International, added, "We are pleased with the continued revenue strength we saw in the third quarter. We remain optimistic that these revenue trends will continue throughout the end of the year. Despite our net income being down year-over-year in the third quarter, will still anticipate that our overall profitability in FY 2010 will exceed the record profitability levels we saw in 2009, which remains consistent with our commentary from earlier this year."
Third Quarter 2010 Financial Results
Net sales for the third quarter ended September 30, 2010 totaled $27.8 million, a year-over-year increase of 32% compared with $21.1 million for the third quarter ended September 30, 2009. The increase in sales for the third quarter was primarily due to an increase in the average selling price of our batteries and contributions from the New Material business segment.
Third quarter 2010 gross profit increased 13% to $5.9 million, compared with $5.2 million for the third quarter 2009. Gross margin was 21.1% for the third quarter 2010, compared with 24.8% for the third quarter 2009. The increase year-over-year in gross profit for the third quarter 2010 was primarily due to the increase in average selling price of our batteries and the improvement in our Li-ion operations.
Selling and distribution costs were $1.1 million for the third quarter 2010, compared with $767,194 for the comparable period in 2009. The increase was primarily due to the expansion of our salesforce and marketing efforts.
General and administrative expenses, including stock-based compensation, were $2.6 million or 9.5% of net sales for the third quarter 2010, compared to $1.5 million, or 7.0% of net sales for the third quarter 2009. The increase was due to both an increase in labor costs and research & development expenses.
The Company reported a loss on the exchange rate difference between the U.S. Dollar ("USD") and the Renminbi ("RMB") of $329,000 for the third quarter ended September 30, 2010. This compares with losses on the exchange rate difference of $7,000 for the third quarter 2009. The increase in losses on exchange rate was due to the devaluation of the U.S. Dollar relative to the RMB over the respective periods resulting from recent policies implemented by the Chinese government.
The Company recorded a provision for income taxes of $280,000 for the third quarter 2010, compared with provisions for income taxes of $530,000 for the third quarter 2009.
Net income for the third quarter of 2010 was $1.4 million or $0.11 per diluted share, based on 13.6 million weighted average shares outstanding. This compares with a particularly strong third quarter 2009 net income of $2.4 million, or $0.18 per diluted share, based on 13.6 million weighted average shares outstanding.
Balance Sheet
At September 30, 2010, Highpower International had cash and cash equivalents and restricted cash totaling $13 million, total assets of $71.4 million, working capital of $8.7 million and stockholders' equity of $25.9 million. Bank credit facilities totaled $35.0 million at September 30, 2010, of which $13.3 million was available as unused credit.
Conference Call and Webcast
Management of Highpower International, Inc. will host a conference call tomorrow, Thursday, November 11, 2010 at 8:00 a.m. Pacific time/11:00 a.m. Eastern time to discuss third quarter 2010 financial results and answer questions.
Individuals interested in participating in the conference call may do so by dialing 888-799-5026 from the U.S., or 973-409-9693 from outside the U.S and referencing the reservation code 20769802. Those interested in listening to the conference call live via the Internet may do so by visiting the Investor Relations section of the Company's Web site at www.haopengbattery.com or www.InvestorCalendar.com.
A telephone replay will be available for 48 hours following the conclusion of the call by dialing 800-642-1687 from the U.S., or 706-645-9291 from outside the U.S., and entering reservation code 20769802. A webcast replay will be available for one year.
About Highpower International, Inc.
Highpower International, Inc. develops, manufactures and markets rechargeable nickel metal hydride (Ni-MH) and lithium-ion (Li-ion) batteries and related products for use in a variety of electronic devices. The majority of Highpower International's products are distributed worldwide to markets in the United States, Europe, China, Hong Kong, Southeast Asia and Taiwan. For more information, visit http://www.haopengbattery.com
To be added to the Company's email distribution for future news releases, please send your request to HPJ@finprofiles.com. Company news can also be found at http://ir.haopengbattery.com/en/introduce028.html
Forward-Looking Statement
This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995 that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and the Company's future performance, operations and products. Such statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results to differ materially from the results expressed or implied by such statements. For a discussion of these and other risks and uncertainties see "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's public filings with the SEC. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.
-financial tables to follow- HIGHPOWER INTERNATIONAL, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Stated in US Dollars) Three months ended Nine months ended September 30, September 30, -------------------------- -------------------------- 2010 2009 2010 2009 (Unaudited) (Unaudited) (Unaudited) (Unaudited) $ $ $ $ Net sales 27,774,213 21,056,149 76,975,699 47,811,438 Cost of sales (21,900,312) (15,835,110) (61,456,057) (37,120,495) ------------ ------------ ------------ ------------ Gross profit 5,873,901 5,221,039 15,519,642 10,690,943 Depreciation (57,638) (50,120) (196,599) (169,309) Selling and distributing costs (1,132,812) (767,194) (2,995,314) (1,879,001) General and administrative costs, including stock-based compensation (2,625,900) (1,464,392) (6,247,610) (3,613,654) Loss on exchange rate difference (328,921) (6,813) (481,405) (62,402) Loss from associate (6,780) (6,780) ------------ ------------ ------------ ------------ Income from operations 1,721,850 2,932,520 5,591,934 4,966,577 Change in fair value of currency forwards - (7,483) - (117,106) Other income 83,490 289,843 286,890 378,432 Interest expenses (89,669) (199,125) (257,113) (279,622) Other expenses - (52,878) - (223,963) ------------ ------------ ------------ ------------ Income before taxes 1,715,671 2,962,877 5,621,711 4,724,318 Income taxes (280,062) (529,201) (1,020,055) (919,020) ------------ ------------ ------------ ------------ Net income for the period 1,435,609 2,433,676 4,601,656 3,805,298 ============ ============ ============ ============ Earnings per share of common stock - Basic 0.11 0.18 0.34 0.28 ============ ============ ============ ============ - Diluted 0.11 0.18 0.34 0.28 ============ ============ ============ ============ Weighted average number of common stock - Basic 13,582,106 13,562,597 13,582,106 13,621,466 ============ ============ ============ ============ - Diluted 13,732,096 13,615,096 13,732,096 13,673,966 ============ ============ ============ ============ HIGHPOWER INTERNATIONAL, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Stated in US Dollars) As of ---------------------------- September 30, December 31, 2010 2009 (Unaudited) (Audited) $ $ ASSETS Current Assets: Cash and cash equivalents 5,385,507 2,967,586 Restricted cash 7,579,676 5,478,418 Accounts receivable 19,459,847 14,896,503 Notes receivable 1,979,551 596,795 Prepaid expenses and other receivables 4,958,306 2,366,734 Inventories 14,773,060 10,633,566 --------------- ------------ Total Current Assets 54,135,947 36,939,602 Plant and equipment, net 13,242,801 10,284,873 Leasehold land, net 2,978,606 3,019,509 Intangible asset, net 812,500 850,000 Investment securities 52,843 52,732 Investment in an associate 135,735 - --------------- ------------ TOTAL ASSETS 71,358,432 51,146,716 =============== ============ LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Current Liabilities: Non-trading foreign currency derivatives liabilities 11,065 11,041 Accounts payable 17,798,596 10,738,714 Other payables and accrued liabilities 5,051,365 3,563,308 Income taxes payable 855,227 876,739 Bank borrowings 21,704,893 14,787,714 --------------- ------------ Total Current Liabilities 45,421,146 29,977,516 --------------- ------------ COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Preferred Stock Par value: $0.0001 Authorized: 10,000,000 shares Issued and outstanding: none - - Common stock Par value : $0.0001 Authorized: 100,000,000 shares Issued and outstanding: 2010 - 13,582,106 shares (2009 - 13,582,106 shares) 1,358 1,358 Additional paid-in capital 5,173,097 5,065,426 Accumulated other comprehensive income 2,082,617 2,023,858 Retained earnings 18,680,214 14,078,558 --------------- ------------ TOTAL STOCKHOLDERS' EQUITY 25,937,286 21,169,200 --------------- ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 71,358,432 51,146,716 =============== ============
Media and Investor Inquiries: Henry H. Ngan Chief Financial Officer +1-917-887-0614 Email Contact Financial Profiles, Inc. Tricia Ross (310) 478-2700 Email Contact
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