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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 |
Mr. Ping Chen, Chief Executive Officer of Dehaier Medical, stated, "We are pleased to have expanded into China's burgeoning sleep respiratory market by entering into a strategic agreement with an Israeli medical signal processing company. As WideMed's exclusive partner in China, we have marketed and distributed our newly-developed sleep holter to hospitals across the whole country as an accurate and user-friendly sleep apnea diagnosis solution. These products are in registration with China's SFDA and we expect to obtain SFDA approval soon. Because we believe this kind of device and business model addresses the needs of patients and the market, we expect the firm foundation we laid in the first half of the year will generate considerable revenue during the remainder of the year."
Mr. Ping Chen continued, "At the same time, we have continued to focus on our government medical procurement and key account business initiatives. We successfully bid to provide Color Doppler Ultrasound machines to county hospitals and clinics in Guizhou province and have also established a positive relationship with multinational companies like Mindray to broaden our key account business. We will continue to balance our development between our traditional business and new business initiatives and expect to drive a more diverse and robust revenue stream to the Company."
Operating Highlights for 6 months 2013
Half Year 2013 Financial Overview
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 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 | ||
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS | ||
(UNAUDITED) | ||
June 30, | December 31, | |
2013 | 2012 | |
US$ | US$ | |
ASSETS | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 1,343,246 | 3,505,330 |
Accounts receivable | ||
-less allowance for doubtful accounts of $906,506 and $865,769 | 12,935,416 | 11,960,193 |
Contract Deposits | 2,834,619 | 3,027,616 |
Other receivables -less allowance for doubtful accounts of $598,747 and $598,747 | 587,645 | 556,635 |
Advances to Suppliers | 6,759,857 | 4,470,756 |
Prepayment and other current assets | 5,198,100 | 4,069,975 |
Inventories, net | 4,745,328 | 4,654,827 |
Tax receivable | 337,113 | 328,208 |
Deferred tax asset | 121,269 | 119,437 |
Total Current Assets | 34,862,593 | 32,692,977 |
Property and equipment, net | 3,833,499 | 2,895,523 |
Intangible assets, net | 2,663,691 | 2,694,439 |
Total Assets | 41,359,783 | 38,282,939 |
LIABILITIES AND EQUITY | ||
CURRENT LIABILITIES: | ||
Short-term borrowings | 2,444,115 | 2,407,200 |
Accounts payable | 39,066 | 37,640 |
Advances from customers | 348,764 | 248,940 |
Accrued expenses and other current liabilities | 700,801 | 406,452 |
Taxes payable | 950,871 | 401,574 |
Warranty obligation | 343,864 | 338,671 |
Total Current Liabilities | 4,827,481 | 3,840,477 |
OTHER LIABILITIES | ||
Warrants liability | 378,579 | 374,166 |
Total Liabilities | 5,206,060 | 4,214,643 |
Commitments and Contingency | ||
Equity | ||
Common shares, $0.002731 par value, 18,307,038 shares authorized, 4,620,000 shares issued and outstanding | 12,618 | 12,618 |
Additional paid in capital | 13,544,584 | 13,500,847 |
Retained earnings | 17,682,139 | 16,147,723 |
Accumulated other comprehensive income | 3,458,347 | 2,967,202 |
Total Dehaier Medical Systems Limited shareholders' equity | 34,697,688 | 32,628,390 |
Non-controlling interest | 1,456,035 | 1,439,906 |
Total equity | 36,153,723 | 34,068,296 |
Total liabilities and equity | 41,359,783 | 38,282,939 |
DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE | ||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||
(UNAUDITED) | ||
Six Months Ended | ||
June 30, | June 30, | |
2013 | 2012 | |
US$ | US$ | |
Revenue | 8,325,382 | 10,299,059 |
Costs of revenue | (5,059,745) | (6,317,316) |
Gross profit | 3,265,637 | 3,981,743 |
Service income | 99,357 | 132,915 |
Service expenses | (18,195) | (37,272) |
General and administrative expense | (868,262) | (1,031,502) |
Selling expense | (564,315) | (662,852) |
Operating Income (Expense) | 1,914,222 | 2,383,032 |
Financial expenses | (77,863) | (65,969) |
Other income | -- | 395 |
Change in fair value of warrants liability | (4,413) | (92,067) |
Income (Expense) before provision for income tax and non-controlling interest | 1,831,946 | 2,225,391 |
Provision for income tax | (314,883) | (416,468) |
Net income | 1,517,063 | 1,808,923 |
Net loss (income) attributable to Non-Controlling interest | 17,353 | 7,478 |
Net income attributable to Dehaier Medical Systems Limited | 1,534,416 | 1,816,401 |
Net income | 1,517,063 | 1,808,923 |
Other comprehensive income (loss) | ||
Foreign currency translation adjustments | 491,145 | (226,067) |
Comprehensive income | 2,008,208 | 1,582,856 |
Comprehensive income (loss) attributable to the non-controlling interest | (16,129) | 21,019 |
Comprehensive income attributable to Dehaier Medical Systems Limited | 1,992,079 | 1,603,875 |
Earnings per share | ||
-Basic | 0.33 | 0.40 |
-Diluted | 0.33 | 0.39 |
Weighted average number of common shares used in computation | ||
-Basic | 4,620,000 | 4,566,160 |
-Diluted | 4,642,383 | 4,714,077 |
DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
(UNAUDITED) | ||
For the six months ended June 30, | ||
2013 | 2012 | |
US$ | US$ | |
Cash flows from operating activities | ||
Net income | 1,517,063 | 1,808,923 |
Adjustments to reconcile net income to net cash (used in) operating activities | ||
Stock-based compensation expense | 43,737 | 124,077 |
Depreciation and amortization | 300,840 | 246,448 |
Change in fair value of warrants liability | 4,413 | 92,067 |
Provision for doubtful accounts | 27,224 | 27,942 |
Changes in assets and liabilities: | ||
(Increase) in accounts receivable | (812,221) | (282,688) |
(Increase) in prepayments and other current assets | (3,268,571) | (522,831) |
Decrease (Increase) in other receivables | 215,084 | (1,670,623) |
Decrease (Increase) in inventories | (18,953) | 733,009 |
Decrease (Increase) in tax receivable | (3,839) | 384,599 |
Increase in accounts payable | 840 | 6,115 |
Decrease (Increase) in advances from customers | 95,181 | (65,347) |
Decrease (Increase) in accrued expenses and other current liabilities | 285,657 | (31,931) |
Decrease (Increase) in taxes payable | 538,466 | (1,616,959) |
Net cash (used in) operating activities | (1,075,079) | (767,199) |
Cash flows from investing activities | ||
Capital expenditures and other additions | (1,115,276) | (2,405,707) |
Net cash used in investing activities | (1,115,276) | (2,405,707) |
Cash flows from financing activities | ||
Proceeds from bank loan | 2,413,250 | 2,373,145 |
Repayment of bank loan | (2,410,176) | (1,580,436) |
Net cash provided by financing activities | 3,074 | 792,709 |
Effect of exchange rate fluctuations on cash and cash equivalents | 25,197 | (206,347) |
Net decrease in cash and cash equivalents | (2,162,084) | (2,586,544) |
Cash and cash equivalents at beginning of period | 3,505,330 | 3,694,486 |
Cash and cash equivalents at end of period | 1,343,246 | 1,107,942 |
Supplemental cash flow information | ||
Income tax paid | 231,371 | 779,678 |
Interest paid | 76,187 | 64,904 |
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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