ZHEJIANG, China, Nov. 16, 2015 /PRNewswire/ -- SORL Auto Parts,
Inc. (SORL) ("SORL" or the
"Company"), a leading manufacturer and distributor of automotive
brake systems as well as other key safety-related auto parts in
China, announced today its
unaudited financial results for the third quarter and nine-month
periods ended September 30, 2015.
Third Quarter 2015 Financial Highlights
- Net Sales were $50.3 million in
the third quarter of 2015 compared to $58.7
million in the third quarter of 2014;
- Gross margin for the third quarter of 2015 increased to 27.2%,
compared with a gross margin of 26.3% for the same period of
2014;
- Net Income attributable to stockholders was $2.0 million, or $0.11 per basic and diluted share;
- Cash and cash equivalents at September
30, 2015 were $5.7 million
with a current ratio of 3:1;
- Annual guidance was reduced to net sales of approximately
$217 million and net income of
approximately $11.5 million.
Ms. Jinrui Yu, SORL's Chief
Operating Officer, stated, "Our broad portfolio of innovative
products and strong network have enabled us to weather ongoing
challenges in the domestic and international markets. Heavy-duty
trucks sales continued to suffer a decrease of 26% for the third
quarter, mainly due to reduced volume in the construction of real
estate development and infrastructure projects in China. Weak truck sales not only negatively
affected OEM sectors, but also resulted in a decline in the demand
for replacement auto parts in the aftermarket
segment. Similarly, an overall decline in production and sales
of commercial vehicles in developed countries and other developing
nations impacted our international sales."
"We continue to focus on the development of new, higher-margin
products and upgrading our traditional brake products to capture
greater market share and position us for future growth. In the
meantime, we are controlling our costs, lowering inventory levels
to match market demand, and optimizing our production capabilities
to enhance efficiencies and improve our cost per unit. As a result
of these efforts and the strong value proposition provided by our
innovative products, we were able to increase our gross margin
during this difficult quarter and maintain our position as a margin
leader in the industry.
"Looking ahead, we believe that recent actions taken by the
Chinese government to stimulate the economy through lower interest
rates, a reduced bank reserve ratio and increased investments in
infrastructure should increase demand for commercial vehicles and
our braking systems." Ms. Yu concluded.
Third Quarter 2015 Financial Performance
Net sales for the third quarter of 2015 were $50.3 million compared with $58.7 million in the third quarter of 2014.
Revenues from the Company's domestic OEM customers decreased to
$20.1 million from $24.0 million in the third quarter of 2014. Sales
from China's domestic aftermarket
decreased to $15.3 million in the
third quarter of 2015 from $17.2
million in the same quarter of 2014. Revenues from
international markets declined to $14.9
million, compared to $17.5
million in the third quarter of 2014, mainly due to lower
sales associated with the currency depreciation in some countries,
including Europe.
SORL's commercial vehicle brake sales decreased to $40.4 million, which represented 80.3% of total
sales in the third quarter of 2015; compared to $48.1 million and 81.9% in the third quarter in
2014. Sales of commercial vehicle brake products, which were
negatively impacted by the decline of heavy duty truck sales in
China, declined 16.0%
year-over-year, compared to a 26% decrease in overall unit sales
for the heavy-duty truck market in the third quarter of 2015. The
Company's passenger vehicle brake sales declined slightly to
$9.9 million, which accounted for
19.7% of total sales in the third quarter of 2015, compared with
sales of $10.6 million and 18.1% in
the third quarter of 2014.
Gross profit for the third quarter of 2015 was $13.7 million compared with $15.5 million for the third quarter of
2014. Gross margin for the third quarter of 2015 was 27.2%,
compared with a gross margin of 26.3% in the same quarter of 2014,
which is primarily due to a shift in product mix during the third
quarter of 2015.
Operating expenses increased to $12.7
million in the third quarter of 2015, from $11.9 million in the third quarter of 2014. As a
percentage of revenue, operating expenses were 25.3% in the third
quarter of 2015, compared with 20.2% in the third quarter of
2014. The increase in operating expenses and operating
expenses as percentage of net sales in the third quarter of 2015
was mainly attributable to higher administrative fees and lower
revenue.
- Selling and distribution expenses were $4.8 million, or 9.6% of quarterly revenues,
compared with $5.9 million, or 10.0%
in the same quarter of 2014. Lower selling and distribution
expenses were primarily the result of a lower volume of shipments
during the third quarter of 2015.
- General and administrative ("G&A") expenses for the third
quarter of 2015 were $5.6 million, or
11.2% of revenue, compared with $3.8
million, or 6.4% in the third quarter of 2014. The increase
in G&A expenses and G&A expense as a percentage of net
sales was mainly due to higher personnel and administrative
expenses and lower revenue in the third quarter of 2015.
- Research and development ("R&D") expenses were $2.3 million in the third quarter of 2015
compared with $2.2 million in the
third quarter of 2014. As a percentage of revenue, R&D was 4.5%
in the third quarter of 2015, compared with 3.8% of revenue in the
third quarter of 2014. The Company continues to focus on the
development of new, higher-margin, electronically controlled
products and upgrading the Company's traditional brake products to
capture greater market share.
Interest expenses were $395,121 in the third quarter of 2015
compared to $403,482 in the third
quarter of 2014.
Income before provision for income taxes was $2.8 million for the third quarter of 2015
compared to $3.6 million for the
third quarter of 2014. The decrease in income before taxes
was primarily due to higher operating expenses and lower revenue in
the third quarter of 2015 compared with the third quarter of 2014.
Pretax income margin was 5.7% in the third quarter of 2015,
compared with 6.1% in the third quarter of 2014.
The provision for income taxes was $0.4
million, or a 14.3% tax rate, in the third quarter of 2015,
compared to $0.4 million, or an 11.0%
tax rate, for the third quarter in 2014.
Net income attributable to stockholders for the third quarter of
2015 was $2.0 million, or
$0.11 per basic and diluted share,
compared with $2.9 million, or
$0.15 on per basic and diluted share,
in the third quarter of 2014.
Nine-Month 2015 Financial Performance
Net sales for the first nine months of 2015 decreased to
$161.8 million from $174.4 million for the first nine months of 2014.
Revenues from the Company's China OEM customers decreased to
$74.4 million from $84.5 million in the same period in 2014.
Revenues from China's domestic
aftermarket decreased to $41.7
million from $43.1 million in
the first nine months of 2014. Revenues from international markets
decreased to $45.7 million from
$46.8 million in the first nine
months of 2014.
Gross profit for the first nine months of 2015 decreased to
$44.0 million from $49.4 million in the same period in 2014. Gross
margin for the first nine months of 2015 decreased to 27.2% from
28.3% for the first nine months of 2014.
Operating income for the first nine months of 2015 decreased to
$8.6 million from $14.1 million in the same period in 2014.
Operating margin was 5.3% for the first nine months of 2015
compared to 8.1% in first nine months of 2014.
Net income attributable to stockholders for the first nine
months of 2015 was $7.4 million, or
$0.38 per basic and diluted share,
compared with $9.8 million, or
$0.51 per basic and diluted share, in
the same period in 2014.
Balance Sheet
As of September 30, 2015, the
Company had cash and cash equivalents of $5.7 million, compared to $14 million as of December
31, 2014. Short-term investments, in bank savings
accounts, were $87.0 million, up from
$34.8 million as of December 31, 2014. Inventories were reduced to
$68.1 million from $84.2 million as of December 31, 2014. Short-term bank loans were
$22.0 million, up from $9.5 million as of December 31, 2014. Total stockholders' equity was
$198.2 million at September 30, 2015 compared to $198.7 million at December
31, 2014. The Company had working capital of
$165.7 million at September 30, 2015, with a current ratio of
3:1.
Cash-flow from operating activities for the first nine months of
2015 was $39.0 million, a significant
increase from $11.4 million in the
same period of 2014. Capital expenditures decreased to $2.4 million in the first nine months of 2015,
from $3.0 million in the same period
of 2014. The Company generated strong free cash-flow of
$36.6 million for the first nine
months of 2015.
Recent Events
On October 30, 2015, the Company's
board of directors received a preliminary, non-binding proposal
letter, from certain members of executive management and the board
of directors to acquire all of the outstanding shares of the
Company not owned by them or their affiliates for US$2.84 per share in cash. These parties
currently own approximately 58.8 percent of the total outstanding
common shares of SORL in aggregate.
Business Outlook
In light of weak third quarter results, management has decided
to reduce its previous guidance for fiscal year 2015 to net sales
of approximately $217 million and net
income attributable to common stockholders of approximately
$11.5 million. These targets are
based on the Company's current views on the operating and market
conditions, which are subject to change.
Conference Call
Management will host a conference call on Monday, November 16, 2015 at 8:00 A.M. EST/ 9:00
P.M. Beijing Time to discuss its 2015 third quarter
financial results. Listeners may access the call by dialing U.S.
toll free number +1-877-407-0778, +1-201-689-8565 for international
callers, and Mainland China toll free number +86-400-120-2840. A
live webcast of the conference call will also be available at
http://www.sorl.cn.
A replay of the call will be available shortly after the
conference call through 11:59 P.M.
EST on December 16, 2015, or
12:59 A.M. Beijing Time on
December 17, 2015. The replay dial-in
numbers are: U.S. toll free number +1-877-660-6853, or the
international number is +1-201-612-7415; using Conference ID
"13624738" to access the replay.
About SORL Auto Parts,
Inc.
As a global tier one supplier of brake and control systems to
the commercial vehicle industry, SORL Auto Parts, Inc. is the
market leader for commercial vehicles brake systems, such as trucks
and buses in China. The Company
distributes products both within China and internationally under the SORL
trademark. SORL is listed among the top 100 auto component
suppliers in China, with a product
range that includes 65 categories with over 2000 specifications in
brake systems and others. The Company has four authorized
international sales centers in UAE, India, the United
States and Europe. SORL is
working to establish a broader global sales network. For more
information, please visit http://www.sorl.cn.
Safe Harbor Statement
This press release may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
the use of forward-looking terminology such as "expects,"
"anticipates," "believes," "targets," "goals," "projects,"
"intends," "plans," "seeks," "estimates," "may," "will," "should"
or similar expressions. These forward-looking statements may also
include statements about the Company's proposed discussions related
to its business or growth strategy, which are subject to change.
Such information is based upon expectations of the Company's
management that were reasonable when made, but may prove to be
incorrect. All of such assumptions are inherently subject to
uncertainties and contingencies beyond the Company's control and
upon assumptions with respect to future business decisions, which
are subject to change. The Company does not undertake to update the
forward-looking statements contained in this press release. These
risks and uncertainties may include, but are not limited to general
political, economic and business conditions which may impact the
demand for commercial vehicles or passenger vehicles in
China and the other significant
markets where the Company's products are sold, uncertainty
regarding such political, economic and business conditions, trends
in consumer debt levels and bad debt write-offs, general
uncertainty related to possible recessions, natural disasters, the
political stability of China and
the impact of any of those events on demand for commercial or
passenger vehicles, changes in consumer confidence, new product
development and introduction, competitive products and pricing,
seasonality, availability of alternative sources of supply in the
case of the loss of any significant supplier or any supplier's
inability to fulfill the Company's orders, cost of labor and raw
materials, the loss of or curtailed sales to significant customers,
the Company's dependence on key employees and officers, the ability
to secure and protect trademarks, patents and other intellectual
property rights, potential effects of competition in the Company's
business, the dependency of the Company upon the normal operation
of its sole manufacturing facility, potential effect of the
economic and currency instability in China and countries to which the Company sold
its products, the ability of the Company to successfully manage its
expenses on a continuing basis, the continued availability to the
Company of financing and credit on favorable terms, business
disruptions, disease, general risks associated with doing business
in China or other countries
including, without limitation, foreign trade policies, import
duties, tariffs, quotas, political and economic stability, and the
other factors discussed in the Company's Annual Report on Form 10-K
and other filings with the Securities and Exchange Commission. For
additional information regarding known material factors that could
cause the Company's results to differ from its projected results,
please see its filings with the SEC, including its Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on
Form 8-K. Copies of filings made with the SEC are available through
the SEC's electronic data gathering analysis retrieval system
(EDGAR) athttp://www.sec.gov.
Contact Information
Raymond Lin
+86.139.6777.6556
+86.577.6581.7721
ljf@sorl.com.cn
Phyllis Huang
+86.151.6770.5972
+86.577.6581.7721
phyllis@sorl.com.cn
Investor Relations
sorl@compassbell.com
- Tables Follow -
SORL Auto Parts,
Inc. and Subsidiaries
|
Consolidated
Balance Sheets
|
September 30, 2015
and December 31, 2014
|
|
|
|
|
|
|
|
September 30, 2015
|
|
December 31, 2014
|
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and cash
equivalents
|
US$
|
5,742,833
|
US$
|
14,009,597
|
Accounts receivable,
net
|
|
66,155,023
|
|
68,171,387
|
Bank acceptance notes
from customers
|
|
11,479,383
|
|
17,626,704
|
Short term
investments
|
|
87,021,944
|
|
34,838,757
|
Inventories
|
|
68,082,837
|
|
84,186,766
|
Prepayments,
including US$0 and US$83,206
due from related parties at September 30, 2015
and December 31, 2014, respectively
|
|
4,928,389
|
|
4,663,002
|
Current portion of
prepaid capital lease interest
|
|
139,433
|
|
282,280
|
Other current
assets
|
|
1,236,503
|
|
1,282,182
|
Deferred tax
assets
|
|
3,579,607
|
|
1,868,371
|
Total Current
Assets
|
|
248,365,952
|
|
226,929,046
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
39,231,690
|
|
43,550,927
|
Land use rights,
net
|
|
13,598,612
|
|
14,421,729
|
Intangible assets,
net
|
|
27,319
|
|
37,661
|
Security deposits on
lease agreement
|
|
1,796,578
|
|
1,867,719
|
Non-current portion
of prepaid capital lease interest
|
|
7,339
|
|
99,180
|
Total Non-Current
Assets
|
|
54,661,538
|
|
59,977,216
|
Total
Assets
|
US$
|
303,027,490
|
US$
|
286,906,262
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts payable and
bank acceptance notes
to vendors, including US$2,067,365 and US$136,609
due to related parties at September 30, 2015 and
December 31, 2014, respectively
|
US$
|
14,978,233
|
US$
|
13,867,316
|
Deposit received from
customers
|
|
26,299,643
|
|
19,045,172
|
Short term bank
loans
|
|
22,042,744
|
|
9,539,476
|
Income tax
payable
|
|
1,474,677
|
|
1,101,103
|
Accrued
expenses
|
|
11,843,133
|
|
13,561,163
|
Current portion of
capital lease obligations
|
|
3,593,156
|
|
3,735,438
|
Other current
liabilities, including US$117,067 and
US$17,681 due to related parties at September 30, 2015
and December 31, 2014, respectively
|
|
2,403,786
|
|
2,131,527
|
Total Current
Liabilities
|
|
82,635,372
|
|
62,981,195
|
|
|
|
|
|
Non-Current
Liabilities
|
|
|
|
|
Non-current portion
of capital lease obligations
|
|
898,289
|
|
3,735,437
|
Total Non-Current
Liabilities
|
|
898,289
|
|
3,735,437
|
Total
Liabilities
|
|
83,533,661
|
|
66,716,632
|
|
|
|
|
|
Equity
|
|
|
|
|
Preferred stock - no
par value; 1,000,000 authorized;
none issued and outstanding as of September 30, 2015
and December 31, 2014
|
|
-
|
|
-
|
Common stock -
US$0.002 par value; 50,000,000 authorized,
|
|
|
19,304,921 issued and
outstanding as of September 30, 2015
and December 31, 2014
|
|
38,609
|
|
38,609
|
Additional paid-in
capital
|
|
42,199,014
|
|
42,199,014
|
Reserves
|
|
12,767,531
|
|
12,019,532
|
Accumulated other
comprehensive income
|
|
19,620,317
|
|
27,516,206
|
Retained
earnings
|
|
123,547,436
|
|
116,935,053
|
Total SORL Auto
Parts, Inc. Stockholders' Equity
|
|
198,172,907
|
|
198,708,414
|
Non-controlling
Interest In Subsidiaries
|
|
21,320,922
|
|
21,481,216
|
Total
Equity
|
|
219,493,829
|
|
220,189,630
|
Total Liabilities
and Equity
|
US$
|
303,027,490
|
US$
|
286,906,262
|
SORL Auto Parts,
Inc. and Subsidiaries
|
Consolidated
Statements of Income and Comprehensive Income
|
For The Three and
Nine Months Ended September 30, 2015 and 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
US$
|
50,323,832
|
US$
|
58,702,505
|
|
US$
|
161,796,676
|
US$
|
174,419,540
|
Include: sales to
related parties
|
|
2,171,824
|
|
534,195
|
|
|
4,241,472
|
|
2,169,778
|
Cost of
sales
|
|
36,622,501
|
|
43,240,746
|
|
|
117,835,825
|
|
125,056,960
|
Gross
profit
|
|
13,701,331
|
|
15,461,759
|
|
|
43,960,851
|
|
49,362,580
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
4,813,129
|
|
5,871,463
|
|
|
15,250,216
|
|
18,050,068
|
General and
administrative expenses
|
|
5,634,735
|
|
3,759,307
|
|
|
15,784,330
|
|
12,786,335
|
Research and
development expenses
|
|
2,261,665
|
|
2,242,620
|
|
|
5,831,756
|
|
5,934,377
|
Total operating
expenses
|
|
12,709,529
|
|
11,873,390
|
|
|
36,866,302
|
|
36,770,780
|
|
|
|
|
|
|
|
|
|
|
Other operating
income
|
|
463,198
|
|
545,752
|
|
|
1,532,006
|
|
1,471,014
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
1,455,000
|
|
4,134,121
|
|
|
8,626,555
|
|
14,062,814
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
162,770
|
|
26,204
|
|
|
683,561
|
|
86,839
|
Other
income
|
|
1,825,177
|
|
100,534
|
|
|
2,616,586
|
|
352,130
|
Interest
expenses
|
|
(395,121)
|
|
(403,482)
|
|
|
(804,321)
|
|
(1,126,212)
|
Other
expenses
|
|
(198,828)
|
|
(301,641)
|
|
|
(807,407)
|
|
(1,011,795)
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
2,848,998
|
|
3,555,736
|
|
|
10,314,974
|
|
12,363,776
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
427,905
|
|
391,988
|
|
|
2,220,327
|
|
1,556,433
|
|
|
|
|
|
|
|
|
|
|
Net income
|
US$
|
2,421,093
|
US$
|
3,163,748
|
|
US$
|
8,094,647
|
US$
|
10,807,343
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to non-controlling interest
in subsidiaries
|
|
373,067
|
|
262,813
|
|
|
734,265
|
|
1,003,631
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
US$
|
2,048,026
|
US$
|
2,900,935
|
|
US$
|
7,360,382
|
US$
|
9,803,712
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
US$
|
2,421,093
|
US$
|
3,163,748
|
|
US$
|
8,094,647
|
US$
|
10,807,343
|
Foreign currency
translation adjustments
|
|
(8,972,031)
|
|
(108,081)
|
|
|
(8,790,448)
|
|
4,224,775
|
Comprehensive income
(loss)
|
|
(6,550,938)
|
|
3,055,667
|
|
|
(695,801)
|
|
15,032,118
|
Comprehensive income
(loss) attributable to
non-controlling interest in subsidiaries
|
(524,189)
|
|
193,652
|
|
|
(160,294)
|
|
1,336,705
|
Comprehensive income
(loss) attributable to
common stockholders
|
US$
|
(6,026,749)
|
US$
|
2,862,015
|
|
US$
|
(535,507)
|
US$
|
13,695,413
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common share - basic
|
|
19,304,921
|
|
19,304,921
|
|
|
19,304,921
|
|
19,304,921
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common share - diluted
|
|
19,304,921
|
|
19,304,921
|
|
|
19,304,921
|
|
19,304,921
|
|
|
|
|
|
|
|
|
|
|
EPS -
basic
|
US$
|
0.11
|
US$
|
0.15
|
|
US$
|
0.38
|
US$
|
0.51
|
|
|
|
|
|
|
|
|
|
|
EPS -
diluted
|
US$
|
0.11
|
US$
|
0.15
|
|
US$
|
0.38
|
US$
|
0.51
|
|
|
|
|
|
|
|
|
|
|
|
SORL Auto Parts,
Inc. and Subsidiaries
|
Consolidated
Statements of Cash Flows
|
For The Nine
Months Ended September 30, 2015 and 2014 (Unaudited)
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
Net Income
|
US$
|
8,094,647
|
US$
|
10,807,343
|
Adjustments to
reconcile net income to net cash
|
|
|
|
|
from operating
activities
|
|
|
|
|
|
|
|
|
|
Allowance for
doubtful accounts
|
|
6,817,520
|
|
1,697,068
|
Depreciation and
amortization
|
|
5,765,138
|
|
5,597,867
|
Deferred income
tax
|
|
(1,838,158)
|
|
(405,594)
|
(Gain) or loss on
disposal of property and equipment
|
|
(44,486)
|
|
35,655
|
Changes in assets
and liabilities
|
|
|
|
|
Accounts
receivable
|
|
(7,700,931)
|
|
(7,790,502)
|
Bank acceptance notes
from customers
|
|
5,653,836
|
|
6,153,022
|
Other currents
assets
|
|
(8,665)
|
|
755,849
|
Inventories
|
|
13,369,960
|
|
(3,305,061)
|
Prepayments
|
|
(536,193)
|
|
(2,716,212)
|
Prepaid capital lease
interest
|
|
227,367
|
|
362,790
|
Accounts payable and
bank acceptance notes to vendors
|
|
1,381,794
|
|
(4,895,398)
|
Income tax
payable
|
|
434,069
|
|
(26,461)
|
Deposits received
from customers
|
|
8,243,799
|
|
1,506,420
|
Other current
liabilities and accrued expenses
|
|
(874,410)
|
|
3,630,457
|
Net Cash Flows
Provided By Operating Activities
|
|
38,985,287
|
|
11,407,243
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
Change in short term
investments
|
|
(54,985,353)
|
|
-
|
Acquisition of
property and equipment
|
|
(2,440,511)
|
|
(2,994,571)
|
Proceeds of disposal
of property and equipment
|
|
48,956
|
|
57,339
|
Net Cash Flows
(Used In) Investing Activities
|
|
(57,376,908)
|
|
(2,937,232)
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
Proceeds from bank
loans
|
|
32,886,768
|
|
28,383,953
|
Repayment of bank
loans
|
|
(19,626,376)
|
|
(24,924,952)
|
Repayment of capital
lease
|
|
(2,780,713)
|
|
(2,776,407)
|
Net Cash Flows
Provided By Financing Activities
|
|
10,479,679
|
|
682,594
|
|
|
|
|
|
Effects on changes in
foreign exchange rate
|
|
(354,822)
|
|
507,759
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
(8,266,764)
|
|
9,660,364
|
|
|
|
|
|
Cash and cash
equivalents- beginning of the period
|
|
14,009,597
|
|
28,241,983
|
|
|
|
|
|
Cash and cash
equivalents - end of the period
|
US$
|
5,742,833
|
US$
|
37,902,347
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash
Flow Disclosures
|
|
|
|
|
Interest
paid
|
US$
|
815,839
|
US$
|
1,126,215
|
Income taxes
paid
|
US$
|
3,624,319
|
US$
|
1,983,823
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sorl-auto-parts-reports-third-quarter-2015-financial-results-300178997.html
SOURCE SORL Auto Parts, Inc.