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Kandi Technologies Reports Strong Third Quarter 2017 Financial Results

– Q3 revenue increased 345.4% yoy to $28.4 million –
– Q3 JV Company sold 6,765 units of EV products, a 3576.6% increase yoy –
– Q3 GAAP net income of $1.9 million compared to net loss of $0.6 million in the same period last year –

Jinhua, China--(Newsfile Corp. - November 9, 2017) - Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the third quarter of 2017.

Third Quarter Highlights

  • Total revenues were $28.4 million for the third quarter of 2017, an increase of 345.4% from total revenues of $6.4 million for the same period in 2016.

  • Electric Vehicle (“EV”) parts sales increased by 473.2%, to $27.0 million for the third quarter of 2017, compared with EV parts sales of $4.7 million for the same period in 2016.

  • Kandi Electric Vehicles Group Co., Ltd. (the "JV Company") sold 6,765 units of EV products, including 2,747 units of model K17 and 4,018 of model K12 for the third quarter of 2017 compared to 184 units sold in the same period last year;

  • GAAP net income for the third quarter of 2017 was $1.9 million, or earnings of $0.04 per fully diluted share compared with GAAP net loss of $0.6 million, or loss of $0.01 per fully diluted share for the same period in 2016

  • Non-GAAP adjusted net income1, which excludes stock award expenses and the change of the fair value of financial derivatives, was $3.0 million in the third quarter of 2017, compared with non-GAAP net loss of $1.8 million for the same period in 2016. Non- GAAP adjusted income per share1 was approximately $0.06 per fully diluted share for the third quarter of 2017, compared with Non-GAAP adjusted loss per share1 of $0.04 per fully diluted share for the same period in 2016.

  • Working capital surplus was $45.3 million as of September 30, 2017. Cash, cash equivalents and restricted cash totaled $24.3 million as of September 30, 2017.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “We're pleased with our solid business performance in the third quarter. Our production and sales have increased significantly year over year as the JV Company has resumed normal production and sales of EV products. Due to confusion surrounding the reusable battery exchange model, our business had been heavily impacted since last year. We have been working diligently since then to overcome that difficult time in order to turn it into a great success. This quarter represents a turning point and an exciting time for Kandi as the Company continues preparing for the tremendous opportunities available in the renewable energy industry. We remain confident in our ability to continue to successfully execute our long-term business plan and regain our leading market position in the EV industry in the near future.”

Net Revenues and Gross Profit

 

 

3Q17

 

 

3Q16

 

 

Y-o-Y%

 

Net Revenues (US$million)

$

28.4

 

$

6.4

 

 

345.4%

 

Gross Profit (US$million)

$

4.8

 

$

0.7

 

 

642.0%

 

Gross Margin

 

17.0%

 

 

10.2%

 

 

-

 

 

Net revenues for the third quarter of 2017 increased by 345.4% compared to the same period last year. The increase in net revenue was mainly due to the increase in EV parts sales during this quarter. The selling price of our products for the three months ended September 30, 2017 decreased on average from the same period last year. The increase in revenues was primarily due to the increase in sales volume.

Operating Income (Loss)

 

 

3Q17

 

 

3Q16

 

 

Y-o-Y%

 

Operating Expenses (US$million)

$

3.1

 

$

1.3

 

 

141.7%

 

Operating Income (Loss) (US$million)

$

1.8

 

 

($0.6

)

 

384.4%

 

Operating Margin

 

6.2%

 

 

(9.7%

)

 

-

 

Operating Income (Loss) (US$million) (Non- GAAP)

$

2.8

 

 

($1.8

)

 

-

 

 

Total operating expenses in the third quarter of 2017 were $3.1 million, compared with $1.3 million in the same quarter of 2016. The increase in total operating expenses was due to increased G&A expenses, which were $2.2 million in this quarter compared with $0.4 million in the same quarter last year.

GAAP Net Income (Loss)

 

 

3Q17

 

 

3Q16

 

 

Y-o-Y%

 

Net Income (Loss) (US$million)

$

1.9

 

 

($0.6

)

 

438.9%

 

Earnings (Loss)per Weighted Average Common Share

$

0.04

 

 

($0.01

)

 

-

 

Earnings(Loss) per Weighted Average Diluted Share

$

0.04

 

 

($0.01

)

 

-

 

Stock Award Expenses (Reversal) (US$million)

$

1.0

 

 

($1.2

)

 

185.5 %

 

Change in the Fair Value of Financial Derivatives (US$million)

 

-

 

 

-

 

 

-

 

Non-GAAP Net Income (Loss) from Continuing Operations (US$million)

$

2.9

 

 

($1.8

)

 

265.6%

 

 

Net income was $1.9 million in the third quarter, compared with net loss of $0.6 million in the same quarter of 2016. The net income for this quarter was primarily attributable to significantly increased revenue and gross profits this period as compared to the same period of last year.

Non-GAAP net income was $2.9 million in the third quarter of 2017, an increase of $4.7 million compared to Non-GAAP net loss of $1.8 million in the same quarter of 2016. The increase in net income (non-GAAP) was primarily attributable to the significantly increased revenue and gross profits in the third quarter of 2017.

Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”) Financial Results

In the third quarter of 2017, the JV Company sold 6,765 units of EV products.

The condensed financial income statements of the JV Company in the first quarter are as set forth below:

 

 

3Q17

 

 

3Q16

 

 

Y-o-Y%

 

Net Revenues (US$million)

$

86.2

 

$

11.7

 

 

637.3%

 

Gross Income (US$million)

$

5.3

 

$

5.9

 

 

-11.1%

 

Gross Margin

 

6.1%

 

 

50.8%

 

 

-

 

Net loss (US$million)

 

($0.5

)

 

($0.4

)

 

-12.6%

 

% of Net revenue

 

-

 

 

-

 

 

-

 


Revenue for the JV Company was $86.2 million in the third quarter of 2017, an increase of 637.3% compared to the same quarter of 2016. Net loss was $0.5 million, a 12.6% decrease compared to the same quarter of 2016.

Kandi’s investments in the JV Company are accounted for using the equity method of accounting because Kandi has a 50% ownership interest in the JV Company. As a result, Kandi recorded 50% of the JV Company’s losses of $0.2 million for this quarter. After eliminating intra-entity profits and losses, Kandi’s share of the after-tax profit of the JV Company was $0.4 million for the third quarter of 2017.

Third Quarter 2017 Conference Call Details

The Company has scheduled a conference call and live webcast to discuss its second quarter 2017 financial results at 8:00 A.M. Eastern Time (9:00 P.M. Beijing Time) on November 9, 2017. Mr. Hu Xiaoming, Chief Executive Officer of the Company, and Mr. Mei Bing, Chief Financial Officer of the Company, will deliver prepared remarks to be followed by a question and answer session.

Dial-in details for the conference call are as follows:

A live audio webcast of the call can also be accessed by visiting Kandi's Investor Relations page on the Company’s website at http://www.kandivehicle.com. An archive of the webcast will be available on the Company’s website following the live call.

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. More informationcan be viewed at the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Follow us on Twitter: @ Kandi_Group
Company Contact:

Ms. Kewa Luo
Kandi Technologies Group, Inc.
Phone: 1-212-551-3610
Email: IR@kandigroup.com

______________
1Non-GAAP measures, including Non-GAAP net income and Non-GAAP EPS are defined as the financial measures excluding the change of fair value of financial derivatives and the effects of stock award expenses. We supply non- GAAP information because we believe it allows our investors to obtain a clearer understanding of our operations. Any non-GAAP measure should not be considered as a substitute for, and should only be read in conjunction with, measures of financial performance prepared in accordance with GAAP.

- Tables Below -

KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)

 

 

September 30,

 

 

December 31,

 

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

$

 3,560,510

 

$

 12,235,921

 

Restricted cash

 

20,735,921

 

 

12,957,377

 

Short term investment

 

-

 

 

4,463,097

 

Accounts receivable

 

41,774,453

 

 

32,394,613

 

Inventories (net of provision for slow moving inventory of $574,165 and $415,797 as of September 30, 2017 and December 31, 2016, respectively


15,176,578



11,914,110


Notes receivable from JV Company and related party

 

1,542,147

 

 

400,239

 

Other receivables

 

238,577

 

 

66,064

 

Prepayments and prepaid expense

 

5,471,257

 

 

4,317,855

 

Due from employees

 

25,901

 

 

4,863

 

Advances to suppliers

 

14,536,366

 

 

38,250,818

 

Amount due from JV Company, net

 

136,632,901

 

 

136,536,159

 

Amount due from related party

 

6,437,261

 

 

10,484,816

 

TOTAL CURRENT ASSETS

 

246,131,872

 

 

264,025,932

 

 

 

 

 

 

 

 

LONG-TERM ASSETS

 

 

 

 

 

 

Property, Plant and equipment, net

 

12,962,632

 

 

15,194,442

 

Land use rights, net

 

12,045,926

 

 

11,775,720

 

Construction in progress

 

47,676,068

 

 

27,054,181

 

Deferred taxes assets

 

4,555,018

 

 

-

 

Long Term Investment

 

1,427,798

 

 

1,367,723

 

Investment in JV Company

 

67,087,803

 

 

77,453,014

 

Goodwill

 

322,591

 

 

322,591

 

Intangible assets

 

351,640

 

 

413,211

 

Advances to suppliers

 

27,695,209

 

 

33,819,419

 

Other long term assets

 

7,726,179

 

 

8,271,952

 

Amount due from JV Company, net

 

15,907,183

 

 

-

 

TOTAL Long-Term Assets

 

197,758,047

 

 

175,672,253

 

 

 

 

 

 

 

 

TOTAL ASSETS

$

 443,889,919

 

$

 439,698,185

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Accounts payables

$

 131,047,418

 

$

 115,870,051

 

Other payables and accrued expenses

 

6,523,693

 

 

4,835,952

 

Short-term loans

 

32,613,923

 

 

34,265,065

 

Customer deposits

 

125,411

 

 

41,671

 

Notes payable

 

26,212,569

 

 

14,797,325

 

Income tax payable

 

2,282,514

 

 

1,364,235

 

Due to employees

 

31,956

 

 

21,214

 

Deferred taxes liabilities

 

-

 

 

118,643

 

Deferred income

 

1,397,138

 

 

6,363,751

 

Loss contingency-litigation

 

601,178

 

 

-

 

Total Current Liabilities

 

200,835,800

 

 

177,677,907

 

LONG-TERM LIABILITIES

 

 

 

 

 

 

Long term bank loans

 

30,058,915

 

 

28,794,172

 

Deferred taxes liabilities

 

-

 

 

878,639

 

Total Long-Term Liabilities

 

30,058,915

 

 

29,672,811

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

230,894,715

 

 

207,350,718

 

 

 

 

 

 

 

 

STOCKHOLDER’S EQUITY

 

 

 

 

 

 

Common stock, $0.001 par value; 100,000,000 shares authorized; 48,034,038 and 47,699,638 shares issued and outstanding at September 30,2017 and December 31,2016, respectively

 

48,034

 

 

47,700

 

Additional paid-in capital

 

233,409,326

 

 

227,911,477

 

Retained earnings (the restricted portion is $4,217,753 and $4,219,808 at September 30,2017 and December 31,2016, respectively)

 

(9,248,214

)

 

24,545,163

 

Accumulated other comprehensive loss

 

(11,213,942

)

 

(20,156,873

)

TOTAL STOCKHOLDERS’ EQUITY

 

212,995,204

 

 

232,347,467

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

 443,889,919

 

$

 439,698,185

 



KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)

 

 

Three Months

 

 

Nine Months

 

 

 

Ended September 30,

 

 

Ended September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES FROM UNRELATED PARTY, NET


6,604,109



5,211,201


$

10,720,595


$

46,165,105


REVENUES FROM JV COMPANY AND RELATED PARTY, NET


21,749,790



1,155,179



49,233,156



66,076,536


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES, NET

 

28,353,899

 

 

6,366,380

 

 

59,953,751

 

 

112,241,641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF GOODS SOLD


23,522,406



5,715,211



50,697,990



96,417,337


 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

4,831,493

 

 

651,169

 

 

9,255,761

 

 

15,824,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development


657,851



522,806



26,569,624



1,222,967


Selling and marketing


216,351



374,102



976,913



1,150,880


General and administrative


2,196,201



373,411



12,074,147



18,031,487


Total Operating Expenses


3,070,403



1,270,319



39,620,684



20,405,334


 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM OPERATIONS


1,761,090



(619,150

)


(30,364,923

)


(4,581,030

)

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME

 

 

 

 

 

 

 

 

 

 

 

 

(EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

619,923

 

 

832,031

 

 

1,709,990

 

 

2,397,364

 

Interest expense

 

(598,523

)

 

(425,152

)

 

(1,761,786

)

 

(1,299,549

)

Change in fair value of financial instruments


-



10,692



-



3,823,590


Government grants

 

474,950

 

 

594,323

 

 

5,804,561

 

 

2,292,180

 

Share of income

 

 

 

 

 

 

 

 

 

 

 

 

(loss) after tax of JV

 

444,181

 

 

(299,538

)

 

(13,455,786

)

 

(203,375

)

Other expense, net

 

(6,560

)

 

(106,299

)

 

143,617

 

 

202,878

 

Total other income (expense), net

 

933,971

 

 

606,057

 

 

(7,559,404

)

 

7,213,088

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) BEFORE INCOME TAXES

 

2,695,061

 

 

(13,093

)

 

(37,924,327

)

 

2,632,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAX (EXPENSE) BENEFIT

 

(776,985

)

 

(552,848

)

 

4,130,951

 

 

(316,399

)

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

1,918,076

 

 

(565,941

)

 

(33,793,376

)

 

2,315,659

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME (LOSS)

 


 

 


 

 


 

 


 

Foreign currency translation

 

4,032,652

 

 

(805,216

)

 

8,942,931

 

 

(6,433,480

)

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME (LOSS)

$

 5,950,728

 

$

 (1,371,157

)

$

(24,850,445

)

$

(4,117,821

)

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING BASIC

 

48,028,467

 

 

47,695,290

 

 

47,913,028

 

 

47,436,418

 

WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED

 

48,028,467

 

 

47,695,290

 

 

47,913,028

 

 

47,436,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) PER SHARE, BASIC

$

 0.04

 

$

 (0.01

)

 

(0.71

0.05

 

NET INCOME (LOSS) PER SHARE, DILUTED

$

 0.04

 

$

 (0.01

)

 

(0.71

0.05

 


KANDI TECHNOLOGIES GROUP, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

 

 

September 30,

 

September 30,

 

 

 

2017

 

 

2016

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net (loss) income

$

 (33,793,376

)  

$

2,315,659

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

 

 

Depreciation and amortization

 

3,556,661

 

 

3,681,345

 

Assets Impairments

 

136,936

 

 

-

 

Deferred taxes

 

(5,596,103

)

 

(2,608,702

)

Change in fair value of financial instruments

 

-

 

 

(3,823,590

)

Share of loss after tax of JV Company

 

13,455,786

 

 

203,375

 

Stock Compensation cost

 

5,522,358

 

 

13,930,829

 

Changes in operating assets and liabilities, net of effects of acquisition:

 

 

 

 

 

 

(Increase) Decrease In:

 

 

 

 

 

 

Accounts receivable

 

(8,926,990

)

 

(48,534,492

)

Notes receivable

 

-

 

 

918,018

 

Notes receivable from JV Company and related party

 

4,923,967

 

 

-

 

Inventories

 

(2,814,129

)

 

1,802,780

 

Other receivables and other assets

 

754,661

 

 

(11,868,318

)

Due from employee

 

(10,766

)

 

17,718

 

Advances to supplier and Prepayments and prepaid expenses

 

23,878,150

 

 

(31,684,685

)

Advances to suppliers-Long term

 

(4,804,200

)

 

-

 

Amount due from JV Company

 

(33,071,177

)

 

(87,973,693

)

Amount due from JV Company-Long-term

 

(15,907,183

)

 

-

 

Due from related party

 

4,406,105

 

 

28,994,314

 

Increase (Decrease) In:

 

 

 

 

 

 

Accounts payable

 

53,078,541

 

 

106,924,655

 

Other payables and accrued liabilities

 

2,173,413

 

 

10,415,706

 

Notes payable

 

(3,933,839

)

 

(5,849,988

)

Customer deposits

 

80,057

 

 

(13,598

)

Income Tax payable

 

732,405

 

 

607,422

 

Deferred income

 

(5,127,455

)

 

-

 

Loss contingency-litigation

 

587,579

 

 

-

 

Net cash used in operating activities

$

 (698,599

)  

$

(22,545,245

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of plant and equipment, net

 

(420,037

)

 

(39,250

)

Purchases of construction in progress

 

(1,565,244

)

 

(4,236,301

)

Repayment of notes receivable

 

-

 

 

10,436,303

 

Restricted cash

 

5,875,786

 

 

-

 

Short Term Investment

 

4,553,734

 

 

1,592,024

 

Net cash provided by investing activities

$

 8,444,239

 

$

7,752,776

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Restricted cash

 

(12,922,105

)

 

1,519,477

 

Proceeds from short-term bank loans

 

24,854,574

 

 

-

 

Repayments of short-term bank loans

 

(27,939,362

)

 

-

 

Proceeds from notes payable

 

13,367,413

 

 

-

 

Repayment of notes payable

 

(14,060,961

)

 

-

 

Warrant exercise

 

-

 

 

434,666

 

Net cash (used) provided by financing activities

$

 (16,700,441

$

1,954,143

 

 

 

 

 

 

 

 

NET DECREASE IN CASH AND CASH EQUIVALENTS

 

(8,954,801

)

 

(12,838,326

)

Effect of exchange rate changes on cash

 

279,390

 

 

(210,383

)

Cash and cash equivalents at beginning of year

 

12,235,921

 

 

16,738,559

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

3,560,510

 

 

3,689,850

 

 

 

 

 

 

 

 

SUPPLEMENTARY CASH FLOW INFORMATION

 

 

 

 

 

 

Income taxes paid

 

1,072,082

 

 

2,322,747

 

Interest paid

 

1,164,774

 

 

1,283,843

 

 

 

 

 

 

 

 

SUPPLEMENTAL NON-CASH DISCLOSURES:

 

 

 

 

 

 

Prepayment transferred to construction in progress

 

12,241,736

 

 

-

 

Purchase of construction in progress by accounts payable

 

6,244,120

 

 

-

 

Advances to suppliers-long term adjusted for other payable

 

1,057,152

 

 

-

 

Settlement of due from JV Company and related parties with notes receivable

 

39,197,964

 

 

46,791,213

 

Settlement of accounts receivables with notes receivable from unrelated parties

 

1,150,038

 

 

15,198,694

 

Assignment of notes receivable to supplier to settle accounts payable

 

34,325,141

 

 

61,497,480

 

Settlement of accounts payable with notes payables

 

15,149,150

 

 

5,187,040

 

Deferred tax change to other comprehensive income

 

52,266

 

 

-

 

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