CHANGSHU, China, May 15, 2015 /PRNewswire/ -- Sutor Technology
Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), one of the
leading China-based manufacturers
and service providers for fine finished steel products used by a
variety of downstream applications, today announced its unaudited
financial results for the third quarter of fiscal year 2015 ended
March 31, 2015.
Ms. Lifang Chen, CEO and
President of Sutor, commented, "Since the Company changed its
traditional production model, Sutor Technology Co., Ltd, one of our
subsidiaries ( "Sutor Technology PRC") has become a brand operation
and service center. We are pleased to see that Sutor Technology PRC
generated 47.6% of Company's total revenue in this fiscal quarter,
and its revenue increased by 773.7% compared with the same period
of fiscal year 2014. Through our efforts in brand promotion and
development of online-to-offline (O2O) E-commerce, Sutor Technology
PRC's online orders increased gradually. With active expansion and
development in emerging markets, our revenues from related parties
in this quarter declined 100.0% compared with the same period of
last year.
Ms. Chen continued, "To better build Sutor into a customized
fine steel processing service provider, the other three
subsidiaries Changshu Huaye Steel Strip Co., Ltd. ("Changshu
Huaye"), Jiangsu Cold-Rolled Technology Co., Ltd. ("Jiangsu
Cold-Rolled") and Ningbo Zhehua Heavy Steel Pipe Manufacturing Co.,
Ltd. ("Ningbo Zhehua") carried on customized processing services
actively. To further Company's transformation, Ningbo Zhehua
introduced two precision cold rolling production lines with
capacity of 100,000 and 200,000 metric tons, respectively, to
increase our cold rolled market shares and expand the scope of our
existing steel pipe lines. These two production lines are now under
installation and testing.
"We abandoned massive extensive growth model and are
transforming from a traditional steel products manufacturer to
an advanced service provider in fine finished steel supply
chain. Our efforts in launching O2O E-commerce strategy, constantly
improving fine finished steel customized processing model and
developing emerging logistic distribution networking system are all
our solid steps in reaching goal of transformation. We believe that
our transformation and upgrading certainly help us to obtain
competitive advantages." Ms. Chen concluded.
Third Quarter of Fiscal Year 2015 Results
Revenue. For the three months ended
March 31, 2015, revenue was
$21.1 million, compared to
$96.4 million for the same period
last year, a decrease of $75.3
million, or 78.1 %.The decrease was mainly attributable to
the change in our business model. In the past, our revenue was
primarily derived from selling manufactured products and the sales
price included the cost of steel sheets plus a gross profit. With
the fee-based processing services, the price of pure processing
services does not include the cost of steel sheets as the customers
are responsible for procurement of the raw materials. As a result,
revenue from processing one ton of fine finished steel products is
only a fraction of the revenue from the traditional business model.
Compared with 4.7% fee-based processing service revenue during the
same period of last year, 19.1% of its revenue for the three months
ended March 31, 2015 generated from
fee-based processing service. In addition, we did not produce PPGI
steel as the production line was shut down for scheduled technical
upgrading.
On a geographic basis, revenue generated from outside of
China was $1.3 million, or 5.9% of the total revenue, for
the three months ended March 31,
2015, as compared to $3.8
million, or 4.0% of the total revenue, for the same period
in 2014. We did not produce PPGI steel as the production line was
shut down for scheduled technical upgrading. PPGI products are
company's main exported products. In addition, we lowered the price
of our products in order to gain international market
penetration.
Cost of Revenue. Cost of revenue
decreased by $66.9 million, or 75.1%,
to $22.2 million in the three months
ended March 31, 2015, from
$89.1 million in the same period in
2014. As a percentage of revenue, cost of revenue increased to
105.1% in the three months ended March 31,
2015, as compared to 92.4% in the same period last year. The
decrease in cost of revenue was mainly due to our new fee-based
processing model, which significantly reduced our cost of revenue.
However, its percentage of revenue increased because those fixed
costs including depreciation and amortization cost did not decrease
at the early stage of our transformation period.
Gross profit and gross margin. Gross
profit decreased by $8.4 million to
$(1.1) million in the three months
ended March 31, 2015, from
$7.3 million in the same period in
2014. Gross profit as a percentage of revenue (gross margin) was
(5.1)% for the three months ended March 31,
2015, as compared to 7.6% for the same period last year. The
main reason for the declined gross margin was the upgrading of our
PPGI production line and as a result, we did not produce high
margin PPGI products during this quarter. In addition, in order to
expand sales channels, we offered more competitive prices for
processing services to attract more customers.
Total operating expenses. Our total
operating expenses was $2.5 million
in the three months ended March 31,
2015, from $3.7 million in the
same period in 2014. As a percentage of revenue, our total
operating expenses increased to 12.0% in the three months ended
March 31, 2015, from 3.8% in the same
period in 2014.
Selling expenses. Our selling expenses decreased
by $0.5 million to $0.5 million in the three months ended
March 31, 2015, from $1.0 million in the same period in 2014. As a
percentage of revenue, our selling expenses increased to 2.3% for
the three months ended March 31,
2015, from 1.0% for the same period last year. The reason
for the decreased selling expenses is mainly because we optimized
the delivery model which reduced the selling expenses
effectively.
General and administrative expenses. General
and administrative expenses increased by $0.7 million to $2.0
million, or 9.7% of the total revenue, in the three months
ended March 31, 2015, from
$2.7 million, or 2.8% of the revenue,
in the same period in 2014. The increased general and
administrative expenses were primarily due to the increased office
expenses and other fixed miscellaneous expenses in this fiscal
quarter.
Interest expense. Our interest
expense decreased by $1.8 million to
$0.2 million in the three months
ended March 31, 2015, from
$2.0 million in the same period in
2014. As a percentage of revenue, our interest expense was 0.8% of
total revenue in the three months ended March 31, 2015, compared to 2.1% in the same
period in 2014. The decrease was mainly due to a change in
financing structure. We converted bank note payables to short term
loans, which reduced the restricted cash and financial cost.
Provision for income
taxes. Our income tax benefit was
$1.3 million in the three months
ended March 31, 2015, from
$0.6 million of income tax expense in
the same period last year, due to the decreased taxable profit
amount.
Net income. Net income, without including the
foreign currency translation adjustment, decreased by $3.7 million, or 329.2%, to $(2.6) million in the three months ended
March 31, 2015, from $1.1 million in the same period in 2014, as a
cumulative result of the above factors.
Liquidity and Capital Resources
As of March 31, 2015, we had cash
and cash equivalents (excluding restricted cash) of $2.6 million and no restricted cash. Our
short-term loans were approximately $203.4
million. We also had approximately $11.0 million long-term loans. As of
March 31, 2015, the Company had an
unused line of credit with banks of approximately $31.0 million which entitled us to draw bank
loans for general corporate purposes. We do not have any large
capital expenditure for new investment projects for the coming
months.
Conference Call Information
Sutor's management will host an earnings conference call today,
May 15, 2015, at 9:00 a.m. U.S. Eastern time/9:00 pm Beijing/Hong
Kong time. Listeners may access the call by dialing US:
+1 877 847 0047, CN: 800 876 5011, HK +852 3006 8101, access code:
SUTR. A recording of the call will be available shortly after the
call through June 15, 2015. Listeners
may access it by dialing US: +1 866 572 7808, CN: 800 876 5013, HK:
+852 3012 8000, access code: 714488.
Functional Currency
The functional currency of the Company is the Chinese Yuan
Renminbi ("RMB"); however, the accompanying financial information
has been expressed in United
States Dollars ("USD"). The accompanying consolidated
balance sheets have been translated into USD at the exchange rates
prevailing at each balance sheet date. The accompanying
consolidated statements of operations and cash flows have been
translated using the weighted-average exchange rates prevailing
during the periods of each statement. Transactions in the Company's
equity securities have been recorded at the exchange rate existing
at the time of the transaction.
About Sutor Technology Group Limited
Sutor is one of the leading China-based manufacturers and service
providers for high-end fine finished steel products and welded
steel pipes used by a variety of downstream applications. The
Company utilizes a variety of in-house developed processes and
technologies to convert steel manufactured by third parties into
fine finished steel products, including hot-dip galvanized steel,
pre-painted galvanized steel, acid-pickled steel, cold-rolled steel
and welded steel pipe products. The Company also offers fee-based
steel processing services and sells products through electronic
commerce platforms. To learn more about the Company, please visit
http://www.sutorcn.com/en/index.php.
Forward-Looking Statements
This press release includes certain statements that are not
descriptions of historical facts, but are "forward-looking
statements" in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements include, among
others, those concerning our expected financial performance,
liquidity and strategic and operational plans, our future operating
results, our expectations regarding the market for our products,
our expectations regarding the steel market, as well as all
assumptions, expectations, predictions, intentions or beliefs about
future events. You are cautioned that any such forward-looking
statements are not guarantees of future performance and that a
number of risks and uncertainties could cause our actual results to
differ materially from those anticipated, expressed or implied in
the forward-looking statements. These risks and uncertainties
include, but not limited to, the factors mentioned in the "Risk
Factors" section of our Annual Report on Form 10-K for the year
ended June 30, 2014, and other risks
mentioned in our other reports filed with the Securities Exchange
Commission ("SEC"). Copies of filings made with the SEC are
available through the SEC's electronic data gathering analysis
retrieval system (EDGAR) at http://www.sec.gov. The words
"believe," "expect," "anticipate," "project," "targets,"
"optimistic," "intend," "aim," "will" or similar expressions are
intended to identify forward-looking statements. All statements
other than statements of historical fact are statements that could
be deemed forward-looking statements. The Company assumes no
obligation and does not intend to update any forward-looking
statements, except as required by law.
For more information, please contact:
Investor
Relations
Sutor Technology Group
Limited
Tel:
+86-512-5268-0988
Email:
investor_relations@sutorcn.com
Financial Tables Below:
SUTOR TECHNOLOGY
GROUP LIMITED AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
June
30,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
2,611,240
|
|
|
$
|
12,178,225
|
|
Restricted
cash
|
|
|
-
|
|
|
|
60,860,255
|
|
Short-term
investments
|
|
|
-
|
|
|
|
3,248,652
|
|
Trade accounts
receivable, unrelated parties, net of allowance for doubtful
accounts of $1,287,544 and $1,368,723, respectively
|
|
|
7,591,806
|
|
|
|
6,331,702
|
|
Trade accounts
receivable, related parties
|
|
|
39,490,041
|
|
|
|
16,149,269
|
|
Notes
receivables
|
|
|
63,657
|
|
|
|
194,919
|
|
Other receivables and
prepayments, unrelated parties, net of allowance for doubtful
accounts of $325,427 and $255,628, respectively
|
|
|
2,001,352
|
|
|
|
1,875,785
|
|
Other receivables and
prepayments, related parties
|
|
|
407,931
|
|
|
|
405,558
|
|
Advances to
suppliers, unrelated parties, net of allowance for doubtful
accounts of $619,141 and $527,673, respectively
|
|
|
8,111,881
|
|
|
|
8,645,751
|
|
Advances to
suppliers, related parties
|
|
|
275,880,702
|
|
|
|
286,085,768
|
|
Inventories,
net
|
|
|
29,895,466
|
|
|
|
78,277,682
|
|
Current deferred tax
assets
|
|
|
4,160,207
|
|
|
|
1,507,840
|
|
Total Current
Assets
|
|
|
370,214,283
|
|
|
|
475,761,406
|
|
Non-current
Assets:
|
|
|
|
|
|
|
|
|
Advances for purchase
of long term assets
|
|
|
85,739
|
|
|
|
85,241
|
|
Long-term advances to
suppliers, related parties, net
|
|
|
33,287,396
|
|
|
|
-
|
|
Property, plant and
equipment, net
|
|
|
82,949,711
|
|
|
|
87,121,382
|
|
Intangible assets,
net
|
|
|
3,524,275
|
|
|
|
3,568,855
|
|
Long-term
investments
|
|
|
1,825,349
|
|
|
|
1,814,734
|
|
Total Non-current
Assets
|
|
|
121,672,470
|
|
|
|
92,590,212
|
|
TOTAL
ASSETS
|
|
$
|
491,886,753
|
|
|
$
|
568,351,618
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Short-term
loans
|
|
$
|
203,376,129
|
|
|
$
|
139,223,123
|
|
Accounts payable,
unrelated parties
|
|
|
7,996,523
|
|
|
|
5,843,599
|
|
Accounts payable,
related parties
|
|
|
352,907
|
|
|
|
-
|
|
Notes
payable
|
|
|
1,670,006
|
|
|
|
136,274,446
|
|
Other payables and
accrued expenses, unrelated parties
|
|
|
14,974,459
|
|
|
|
4,613,201
|
|
Other payables and
accrued expenses, related parties
|
|
|
3,378,641
|
|
|
|
3,110,196
|
|
Advances from
customers, unrelated parties
|
|
|
9,095,000
|
|
|
|
7,917,111
|
|
Advances from
customers, related parties
|
|
|
628,758
|
|
|
|
15,114,353
|
|
Warrant
liabilities
|
|
|
-
|
|
|
|
866
|
|
Total Current
Liabilities
|
|
|
241,472,423
|
|
|
|
312,096,895
|
|
Non-Current
Liabilities
|
|
|
|
|
|
|
|
|
Long-term loans,
unrelated parties
|
|
|
2,859,995
|
|
|
|
2,859,995
|
|
Long-term loans,
related parties
|
|
|
8,182,018
|
|
|
|
8,182,018
|
|
Total Non-current
Liabilities
|
|
|
11,042,013
|
|
|
|
11,042,013
|
|
Total
Liabilities
|
|
|
252,514,436
|
|
|
|
323,138,908
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
Undesignated
preferred stock - $0.001 par value; 1,000,000 shares authorized;
nil shares outstanding
|
|
|
-
|
|
|
|
-
|
|
Common stock - $0.001
par value;
authorized: 500,000,000 shares as of March 31, 2015 and June 30,
2014;
issued: 42,282,267 shares and 42,252,267 shares as of March 31,
2015 and June 30, 2014, respectively
|
|
|
42,282
|
|
|
|
42,252
|
|
Additional paid-in
capital
|
|
|
43,797,358
|
|
|
|
43,652,089
|
|
Statutory
reserves
|
|
|
22,725,841
|
|
|
|
22,725,841
|
|
Retained
earnings
|
|
|
129,464,830
|
|
|
|
137,081,594
|
|
Accumulated other
comprehensive income
|
|
|
43,993,515
|
|
|
|
42,362,443
|
|
Less: Treasury stock,
at cost, 590,838 as of March 31, 2015 and June 30, 2014
|
|
|
(651,509)
|
|
|
|
(651,509)
|
|
Total
Stockholders' Equity
|
|
|
239,372,317
|
|
|
|
245,212,710
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
491,886,753
|
|
|
$
|
568,351,618
|
|
|
|
|
|
|
|
|
|
|
SUTOR TECHNOLOGY
GROUP LIMITED AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
AND COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
For The Nine
Months Ended
|
|
|
|
March
31,
|
|
|
March
31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from
unrelated parties – sales of goods
|
|
$
|
17,053,145
|
|
|
$
|
50,478,926
|
|
|
$
|
42,779,567
|
|
|
$
|
254,891,263
|
|
Revenue from
unrelated parties – services
|
|
|
4,013,826
|
|
|
|
-
|
|
|
|
17,583,405
|
|
|
|
-
|
|
Revenue from related
parties – sales of goods
|
|
|
21,860
|
|
|
|
45,898,686
|
|
|
|
83,972,747
|
|
|
|
108,911,484
|
|
Revenue from related
parties - services
|
|
|
-
|
|
|
|
-
|
|
|
|
43,191
|
|
|
|
-
|
|
Total
Revenue
|
|
|
21,088,831
|
|
|
|
96,377,612
|
|
|
|
144,378,910
|
|
|
|
363,802,747
|
|
Cost of
Revenue
|
|
|
(22,163,818)
|
|
|
|
(89,054,821)
|
|
|
|
(142,025,978)
|
|
|
|
(330,651,702)
|
|
Gross
Profit
|
|
|
(1,074,987)
|
|
|
|
7,322,791
|
|
|
|
2,352,932
|
|
|
|
33,151,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
(480,426)
|
|
|
|
(1,006,441)
|
|
|
|
(1,506,935)
|
|
|
|
(4,339,215)
|
|
General and
administrative expenses
|
|
|
(2,043,997)
|
|
|
|
(2,687,763)
|
|
|
|
(6,180,614)
|
|
|
|
(8,216,753)
|
|
Total Operating
Expenses
|
|
|
(2,524,423)
|
|
|
|
(3,694,204)
|
|
|
|
(7,687,549)
|
|
|
|
(12,555,968)
|
|
Income from
Operations
|
|
|
(3,599,410)
|
|
|
|
3,628,587
|
|
|
|
(5,334,617)
|
|
|
|
20,595,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Incomes/(Expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
2,194
|
|
|
|
771,046
|
|
|
|
618,058
|
|
|
|
2,607,812
|
|
Interest
expense
|
|
|
(177,191)
|
|
|
|
(1,998,580)
|
|
|
|
(5,593,946)
|
|
|
|
(6,376,833)
|
|
Changes in fair value of warrant liabilities
|
|
|
138
|
|
|
|
143,567
|
|
|
|
866
|
|
|
|
76,669
|
|
Income from equity
method investments
|
|
|
-
|
|
|
|
30,681
|
|
|
|
-
|
|
|
|
296,809
|
|
Other
income
|
|
|
(13,019)
|
|
|
|
(90,919)
|
|
|
|
280,079
|
|
|
|
128,107
|
|
Other
expense
|
|
|
(34,125)
|
|
|
|
(744,370)
|
|
|
|
(219,055)
|
|
|
|
(964,150)
|
|
Total Other
Expenses, net
|
|
|
(222,003)
|
|
|
|
(1,888,575)
|
|
|
|
(4,913,998)
|
|
|
|
(4,231,586)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss)
Before Taxes
|
|
|
(3,821,413)
|
|
|
|
1,740,012
|
|
|
|
(10,248,615)
|
|
|
|
16,363,491
|
|
Income tax
(expense)/benefit
|
|
|
1,269,521
|
|
|
|
(626,356)
|
|
|
|
2,631,851
|
|
|
|
(3,666,452)
|
|
Net
Income/(Loss)
|
|
$
|
(2,551,892)
|
|
|
$
|
1,113,656
|
|
|
$
|
(7,616,764)
|
|
|
$
|
12,697,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Comprehensive Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
1,150,656
|
|
|
|
(2,422,686)
|
|
|
|
1,631,072
|
|
|
|
714,426
|
|
Comprehensive
Income/(Loss)
|
|
$
|
(1,401,236)
|
|
|
$
|
(1,309,030)
|
|
|
$
|
(5,985,692)
|
|
|
$
|
13,411,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
Earnings/(Loss) per Share
|
|
$
|
(0.06)
|
|
|
$
|
0.03
|
|
|
$
|
(0.18)
|
|
|
$
|
0.31
|
|
Diluted
Earnings/(Loss) per Share
|
|
$
|
(0.06)
|
|
|
$
|
0.03
|
|
|
$
|
(0.18)
|
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Weighted
Average Shares Outstanding
|
|
|
41,679,096
|
|
|
|
41,548,819
|
|
|
|
41,667,232
|
|
|
|
41,470,152
|
|
Diluted Weighted
Average Shares Outstanding
|
|
|
41,679,096
|
|
|
|
41,548,819
|
|
|
|
41,667,232
|
|
|
|
41,470,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUTOR TECHNOLOGY
GROUP LIMITED AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
For The Nine
Months Ended
|
|
|
|
March
31,
|
|
|
|
2015
|
|
|
2014
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
Net
(loss)/income
|
|
$
|
(7,616,764)
|
|
|
$
|
12,697,039
|
|
Adjustments to
reconcile net income to net cash provided by/(used in) operating
activities
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
6,278,329
|
|
|
|
6,800,389
|
|
Provision/(reversal)
for doubtful accounts
|
|
|
67,797
|
|
|
|
(121,322)
|
|
Stock based
compensation
|
|
|
145,299
|
|
|
|
398,123
|
|
Foreign currency
exchange gain
|
|
|
-
|
|
|
|
(37,907)
|
|
Gain on disposal of
property, plant and equipment
|
|
|
-
|
|
|
|
(11,075)
|
|
Income from equity
method investments
|
|
|
-
|
|
|
|
(296,809)
|
|
Deferred income
taxes
|
|
|
(2,631,851)
|
|
|
|
(8,987)
|
|
Changes in fair value
of warrant liabilities
|
|
|
(866)
|
|
|
|
(76,669)
|
|
Changes in current
assets and liabilities:
|
|
|
|
|
|
|
|
|
Restricted
cash
|
|
|
60,945,391
|
|
|
|
(7,926,735)
|
|
Trade accounts
receivable, unrelated parties
|
|
|
(1,129,463)
|
|
|
|
(588,183)
|
|
Trade accounts
receivable, related parties
|
|
|
(23,143,463)
|
|
|
|
(26,643,587)
|
|
Notes
receivable
|
|
|
131,816
|
|
|
|
-
|
|
Other receivables and
prepayments, unrelated parties
|
|
|
(182,090)
|
|
|
|
(1,821,968)
|
|
Advances to
suppliers, unrelated parties
|
|
|
493,863
|
|
|
|
21,997,275
|
|
Advances to
suppliers, related parties
|
|
|
(21,316,668)
|
|
|
|
(89,009,045)
|
|
Inventories
|
|
|
48,620,660
|
|
|
|
(38,600,780)
|
|
Accounts payable,
unrelated parties
|
|
|
1,255,961
|
|
|
|
64,198,549
|
|
Accounts payable,
related parties
|
|
|
351,345
|
|
|
|
41,735,109
|
|
Notes
payable
|
|
|
(134,802,460)
|
|
|
|
-
|
|
Other payables and
accrued expenses, unrelated parties
|
|
|
10,294,917
|
|
|
|
247,358
|
|
Other payables and
accrued expenses, related parties
|
|
|
259,895
|
|
|
|
27,528,078
|
|
Advances from
customers, unrelated parties
|
|
|
1,128,382
|
|
|
|
4,702,254
|
|
Advances from
customers, related parties
|
|
|
(14,509,520)
|
|
|
|
15,989,417
|
|
Net Cash (Used
in)/Provided by Operating Activities
|
|
|
(75,359,490)
|
|
|
|
31,150,524
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
|
|
(786,588)
|
|
|
|
(8,488,717)
|
|
Proceeds from
disposal of property, plant and equipment
|
|
|
87,374
|
|
|
|
17,178
|
|
Purchase of
intangible assets
|
|
|
-
|
|
|
|
(568,119)
|
|
Payments for
short-term investments
|
|
|
-
|
|
|
|
(13,851,544)
|
|
Proceeds from sale of
short-term investments
|
|
|
3,253,196
|
|
|
|
-
|
|
Net Cash Provided
by/(Used In) Investing Activities
|
|
|
2,553,982
|
|
|
|
(22,891,202)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds from
loans
|
|
|
178,913,067
|
|
|
|
93,219,276
|
|
Repayment of
loans
|
|
|
(115,854,623)
|
|
|
|
(121,389,798)
|
|
Proceeds from
issuance of common stock
|
|
|
-
|
|
|
|
1,500,000
|
|
Changes in restricted
cash
|
|
|
-
|
|
|
|
21,517,459
|
|
Net Cash Provided
by Financing Activities
|
|
|
63,058,444
|
|
|
|
(5,153,063)
|
|
|
|
|
|
|
|
|
|
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
|
|
180,079
|
|
|
|
(12,317)
|
|
|
|
|
|
|
|
|
|
|
Net Change in Cash
and Cash Equivalents
|
|
|
(9,566,985)
|
|
|
|
3,093,942
|
|
Cash and Cash
Equivalents at Beginning of Period
|
|
|
12,178,225
|
|
|
|
3,601,385
|
|
Cash and Cash
Equivalents at End of Period
|
|
$
|
2,611,240
|
|
|
$
|
6,695,327
|
|
Supplemental
Non-Cash Information:
|
|
|
|
|
|
|
Accounts payable for
purchase of long-term assets
|
|
$
|
853,408
|
|
|
$
|
110,393
|
|
Advances for purchase
of long-term assets
|
|
$
|
-
|
|
|
$
|
17,123,508
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash
Flow Information:
|
|
|
|
|
|
|
|
|
Cash paid during the
period for interest expense
|
|
$
|
(4,160,475)
|
|
|
$
|
(7,256,280)
|
|
Cash paid during the
period for income tax
|
|
$
|
-
|
|
|
$
|
(4,678,335)
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sutor-technology-group-limited-reports-third-quarter-of-fiscal-year-2015-financial-results-300084038.html
SOURCE Sutor Technology Group Limited