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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lianluo Smart Ltd | NASDAQ:LLIT | 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% | 9.22 | 9.24 | 9.30 | 0 | 01:00:00 |
Net Income Up 2.91% Gross Margin Increased 1.28%
Dehaier Medical Systems Ltd. (Nasdaq:DHRM) ("Dehaier" or the "Company"), an emerging leader in the development, assembly, marketing and sale of medical devices and homecare medical products, today announced its financial results for the fourth quarter and year ended December 31, 2012.
Mr. Ping Chen, Chief Executive Officer of Dehaier Medical, stated, "We are pleased with our progress in 2012 as our business strategy has proved to be the right decision for our company. We strengthened the force of our state-level medical procurement department and gained abundant experience in bidding and project implementation. In addition, we enhanced our intellectual property portfolio by obtaining copyrights for our newly-developed products and technologies. We also refined our sleep respiratory and oxygen therapy business strategies and enriched our product pipeline by becoming a distributor of GCE's efficient oxygen valve and an effective sleep diagnosis and management system to address the increasing demands of the sleep apnea and oxygen therapy market."
Mr. Ping Chen continued, "Outside of China, one of our products was selected for a long-term purchasing agreement in Ukraine and Germany. Finally, we realized improved net profit and EPS by controlling our internal costs, adjusting our revenue mix of homecare products sales and medical equipment sales and streamlining the inventory and manufacturing process. We will devote much of our effort to the burgeoning sleep diagnostic and oxygen therapy markets and expect to drive a more diverse and robust revenue stream to the Company."
Operating Highlights for Fiscal Year 2012
Major State-level Medical Procurement Contracts:
Intellectual Property Progress:
Distribution Authorizations Extension:
Research and Development Achievements and Company Progress:
Financial Overview
Fiscal 2012 Financial Highlights
Balance Sheet Highlights
(in millions) | 12/31/2012 | 12/31/2011 |
Cash and Cash Equivalents | $3.5 | $3.7 |
Working Capital | 28.9 | 27.0 |
Total Long-term Debt | 0 | 0 |
Equity | 34.1 | 30.2 |
About Dehaier Medical Systems Ltd.
Dehaier is an emerging leader in the development, assembly, marketing and sale of medical products, including respiratory and oxygen homecare medical products. The company develops and assembles its own branded medical devices and homecare medical products from third-party components. The company also distributes products designed and manufactured by other companies, including medical devices from IMD (Italy), Welch Allyn (USA), HEYER (Germany), Timesco (UK), eVent Medical (US) and JMS (Japan). Dehaier's technology is based on six patents, nine software copyrights and proprietary technology. More information may be found at http://www.dehaier.com.cn
Forward-looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, government approvals or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, future developments in payment for and demand for medical equipment and services, implementation of and performance under the joint venture agreement by all parties, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE | ||
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||
For the years ended December 31, | ||
2012 | 2011 | |
US$ | US$ | |
Revenue | 21,370,325 | 21,639,283 |
Costs of revenue | (13,254,587) | (13,696,743) |
Gross profit | 8,115,738 | 7,942,540 |
Service income | 300,338 | 281,656 |
Service expenses | (71,376) | (113,861) |
General and administrative expense | (2,599,368) | (2,620,845) |
Selling expense | (1,357,972) | (1,877,303) |
Operating Income | 4,387,360 | 3,612,187 |
Financial expenses (including interest expense of $149,488 and $82,136) | (151,720) | (86,712) |
Other income | 23,872 | 34,965 |
Other expense | (173) | (232) |
Change in fair value of warrants liability | (180,192) | 221,640 |
Income before provision for income tax and non-controlling interest | 4,079,147 | 3,781,848 |
Provision for income tax | (862,795) | (656,297) |
Net income | 3,216,352 | 3,125,551 |
Non-Controlling interest in income | (10,201) | (22,431) |
Net income attributable to Dehaier Medical Systems Limited | 3,206,151 | 3,103,120 |
Net income | 3,216,352 | 3,125,551 |
Other comprehensive income | ||
Foreign currency translation adjustments | 398,686 | 1,174,044 |
Comprehensive Income | 3,615,038 | 4,299,595 |
Comprehensive income attributable to the non-controlling interest | (27,173) | (85,442) |
Comprehensive income attributable to Dehaier Medical Systems Limited | 3,587,865 | 4,214,153 |
Earnings per share | ||
-Basic | 0.70 | 0.69 |
-Diluted | 0.70 | 0.69 |
Weighted average number of common shares used in computation | ||
-Basic | 4,578,151 | 4,514,329 |
-Diluted | 4,601,907 | 4,514,329 |
DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE | ||
CONSOLIDATED BALANCE SHEETS | ||
December 31, | ||
2012 | 2011 | |
US$ | US$ | |
ASSETS | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 3,505,330 | 3,694,486 |
Accounts receivable | ||
-less allowance for doubtful accounts of $865,769 and $859,509 | 11,960,193 | 12,159,842 |
Contract Deposits | 3,027,616 | 2,110,942 |
Other receivables, net | 556,635 | 411,194 |
Advances to Suppliers | 4,470,756 | 4,348,847 |
Prepayment and other current assets | 4,069,975 | 2,365,154 |
Inventories, net | 4,654,827 | 5,532,311 |
Tax receivable | 328,208 | 888,452 |
Deferred tax asset | 119,437 | 118,030 |
Total Current Assets | 32,692,977 | 31,629,258 |
Property and equipment, net | 2,895,523 | 3,348,533 |
Intangible assets, net | 2,694,439 | -- |
Total Assets | 38,282,939 | 34,977,791 |
LIABILITIES AND EQUITY | ||
CURRENT LIABILITIES: | ||
Short-term borrowings | 2,407,200 | 1,585,890 |
Accounts payable | 37,640 | 32,925 |
Advances from customers | 248,940 | 303,000 |
Accrued expenses and other current liabilities | 406,452 | 349,158 |
Taxes payable | 401,574 | 2,042,048 |
Warranty obligation | 338,671 | 334,680 |
Total Current Liabilities | 3,840,477 | 4,647,701 |
OTHER LIABILITIES | ||
Warrants liability | 374,166 | 96,469 |
Total Liabilities | 4,214,643 | 4,744,170 |
Commitments and Contingency | ||
Equity | ||
Common shares, $0.002731 par value, 18,307,038 shares authorized, 4,620,000 and 4,560,000 shares issued and outstanding at December 31, 2012 and 2011, respectively | 12,618 | 12,454 |
Additional paid in capital | 13,500,847 | 13,281,374 |
Retained earnings | 16,147,723 | 12,941,572 |
Accumulated other comprehensive income | 2,967,202 | 2,585,488 |
Total Dehaier Medical Systems Limited shareholders' equity | 32,628,390 | 28,820,888 |
Non-controlling interest | 1,439,906 | 1,412,733 |
Total equity | 34,068,296 | 30,233,621 |
Total liabilities and equity | 38,282,939 | 34,977,791 |
DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
For the years ended December 31, | ||
2012 | 2011 | |
US$ | US$ | |
Cash flows from operating activities | ||
Net income | 3,216,352 | 3,125,551 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Stock-based compensation expense | 314,479 | 144,453 |
Depreciation and amortization | 552,086 | 450,518 |
Change in fair value of warrants liability | 180,192 | (221,640) |
(Recovery of) Provision for doubtful accounts | (3,939) | 749,280 |
Provision for doubtful accounts - other receivables | 598,747 | -- |
Provision for warranty reserve | -- | 37,303 |
Deferred tax benefit | -- | (118,030) |
Changes in assets and liabilities: | ||
Decrease (Increase) in accounts receivable | 344,341 | (3,797,045) |
Increase in prepayments and other current assets | (1,730,704) | (1,413,176) |
Decrease (Increase) in other receivables | (1,617,781) | 642,287 |
Decrease in inventories | 931,844 | 842,052 |
Decrease in tax receivable | 563,816 | 2,630,467 |
Increase in accounts payable | 4,271 | 3,607 |
(Decrease) Increase in advances from customers | (56,965) | 33,811 |
Increase in accrued expenses and other current liabilities | 52,482 | 14,470 |
Decrease in taxes payable | (1,644,345) | (6,285,660) |
Net cash provided by (used in) operating activities | 1,704,876 | (3,161,752) |
Cash flows from investing activities | ||
Capital expenditures and other additions | (11,054) | (153,061) |
Software Copyrights | (2,715,453) | -- |
Advances to related parties | -- | (2,358) |
Net cash used in investing activities | (2,726,507) | (155,419) |
Cash flows from financing activities | ||
Proceeds from bank loan | 2,373,145 | 1,542,680 |
Repayment of bank loan | (1,580,436) | (1,533,604) |
Net cash provided by financing activities | 792,709 | 9,076 |
Effect of exchange rate fluctuations on cash and cash equivalents | 39,766 | 1,079,195 |
Net decrease in cash and cash equivalents | (189,156) | (2,228,900) |
Cash and cash equivalents at beginning of year | 3,694,486 | 5,923,386 |
Cash and cash equivalents at end of year | 3,505,330 | 3,694,486 |
Supplemental cash flow information | ||
Income tax paid | 1,416,958 | 1,906,763 |
Interest paid | 149,488 | 82,136 |
CONTACT: Dehaier Medical Systems Limited Surie Liu +86 10-5166-0080 lius@dehaier.com.cn Dehaier Medical Systems Limited Tina He +86 10-5166-0080 hexw@dehaier.com.cn
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