全国统一24小时服务热线:400-0000-889400-0000-889  / 13999887799

最新新闻

当前位置:主页 > 最新新闻 >

China TMK Battery Systems Inc. Reports Fiscal Year 2009 Fina

发布时间:2019-02-01 10:04 作者:AG88 来源:AG 点击: 字号:



Fiscal year 2009 revenues increased 32.3% to $48.6 million

Fiscal year 2009 net income increased 32.5% to $7.5 million

SHENZHEN, China, May 17 /PRNewswire-Asia-FirstCall/ -- China TMK Battery Systems Inc. (OTC Bulletin Board: DFEL) ("TMK" or "the Company") (formerly, Deerfield Resources, Ltd.), a Chinese manufacturer and distributor of customized rechargeable battery solutions to global consumer product companies, today announced the Company's financial results for the fiscal year ending December 31, 2009.

Fiscal Year 2009 Results

2009 2008 CHANGE

Sales $48.6 million $36.8 million +32.3%

Gross Profit $12.1 million $8.6 million +40.5%

Net Income $7.5 million $5.7 million +32.5%

Fiscal Year 2009 Financial Results

For the year ending December 31st 2009, sales revenue increased 32.3% to $48.6 million, from the $36.8 million reported in 2008. International sales comprised 3.5% sales while 97.5% of sales emanated from the PRC.

For 2009, total cost of sales of batteries and other products from the Company increased by $8.3 million, or 29.4%, to $36.5 million which was directly related to increased sales. The Company's gross profit increased $3.5 million, or 40.5%, to $12 million in the fiscal year of 2009 and gross margins were 24.9% compared to 23.4% for 2008.

Operating expenses for 2009 were approximately $2.9 million, or 5.9% of total sales revenue in comparison to $2.6 million in 2008, or 7% of total sales revenue. Administrative expenses increased $0.3 million, or 31.1%, to $1.3 million primarily due to the expansion of the Company's business through acquisition of Leading Asia Ltd. in 2010. Operating Margins were 19.0% compared to 16.4%.

Net income for the Company in 2009 was approximately $7.5 million, an increase of $1.8 million, or 32.5%, from $5.7 million in 2008. The effective tax rate was 15% for 2009.

"We are very pleased with our financial results for the full year of 2009," stated Henian Wu, Chairman and President of the Company. "During 2009, we expanded our customer base and product portfolio for our Ni-MH multi-cell batteries while preparing to launch new products, such as intelligent battery solutions which provide controlled back-up power and address new market verticals, such as traffic technology and the telecommunication infrastructure grid. The rapid growth in consumer products which utilize "environmentally friendly" rechargeable batteries has created a $5 billion market plus market worldwide for Ni-MH batteries and contributed to the Company's robust revenue and earnings growth in 2009. We are currently doubling our production capacity to capitalize on this growth opportunity and expect to gain further market share in 2010."

Balance Sheet and Cash Flow

Net cash from operating activities was $9.2 million for the fiscal year of 2009, in comparison to $6.3 million provided by operating activities for 2008. The increase in net cash provided in operating activities was primarily due to an increase in net income and trade receivable. Total shareholders' equity is approximately $15.7 million, with total assets of $36 million versus total liabilities of $20.3 million. The cash balance on our balance as of December 31, 2009 does not include the recent $6.9 million capital raise completed in February 2010.

About China TMK Battery Systems Inc.

Based in Shenzhen, PRC and founded in 1999, TMK manufactures and distributes high rate discharge Nickel Metal Hydride ("Ni-MH") multi-cell batteries in its manufacturing facility located in Shenzhen, China. TMK maintains a diverse roster of large, consumer-focused clients with major production facilities in China. The Company works with its clients throughout the product design cycle to develop and integrate reliable and long-lasting rechargeable power solutions for widely used consumer products, which include home appliances, cordless power tools, medical devices, multiple personal communication devices and electric bicycles segments. The Company is also focused on becoming a supplier of back-up power solutions to the telecommunications industry and for traffic lighting applications. Corporate Information can be found at www.tmk-battery.com and investor information can be found at http://ir.stockpr.com/tmk-battery/

Cautionary Statement Regarding Forward Looking Information

This press release may contain certain "forward-looking statements" relating to the business of China TMK Battery Systems Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the impact of the proceeds from the private placement on the Company's short term business and operations, including the ability of the Company to significantly increase its Ni-MH battery manufacturing capacity and meet its current backlog of orders; the ability of the Company to introduce new battery types into its product portfolio while developing Lithium-Ion battery production capabilities, sustain aggressive growth in the coming years relative to its peers and position the Company a vertically integrated rechargeable battery supply solution provider; the general ability of the Company to achieve its commercial objectives, including the ability of the Company to sustain growth; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve 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. Investors 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 those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its 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 factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact:

For the Company:

Mr. Jin Hu, CFO

Tel: +86-158-1043-1091

Email: jimmy.hu@tmk-battery.com

Investor Relations:

HC International, Inc.

Ted Haberfield, Executive VP

Tel: +1-760-755-2716

Email: thaberfield@hcinternational.net

FINANCIAL TABLES

LEADING ASIA PACIFIC INVSTMENT LIMITED AND SUBSIDIARY

Consolidated Balance Sheets

(In US Dollars)

December 31,

2009 2008

Assets

Current Assets

Cash and cash equivalents $185,590 $186,463

Trade receivables, net 2,909,234 4,842,007

Advances to suppliers 215,689 68,853

VAT recoverable 34,660 55,791

Short-term loans receivable -- 1,173,520

Inventories, net 3,973,697 2,970,521

Due from related parties 15,204 10,806

Restricted cash 438,780 1,083,130

Total current assets 7,772,854 10,391,091

Property, equipment and construction

in progress, net 11,039,703 3,031,689

Advance for property and equipment

purchase 16,930,020 3,123,964

Restricted cash 263,268 132,021

Other Assets 50,804 77,039

Total Assets $36,056,649 $16,755,804

Liabilities & Stockholders' Equity

Current Liabilities

Accounts payable $1,792,414 $1,047,885

Customer deposits 179,272 100,660

Accrued liabilities and other

payable 511,676 415,103

Various taxes payable 7,453 4,113

Short-term bank loans 4,722,660 3,469,940

Current portion of long-term bank

loans 2,451,700 274,254

Wages payable 556,189 604,598

Bank notes payable -- 1,070,837

Corporate taxes payable 216,443 --

Due to related parties 17,691 8,610

Deferred revenue 36,854 --

Total current liabilities 10,492,352 6,996,000

Long term bank loans 9,236,953 --

Deferred Tax Liability 593,977 --

Total liabilities $20,323,282 $6,996,000

Commitments and contingencies -- --

Stockholders' Equity

Common Stock 50,000 50,000

Additional paid-in capital 1,168,451 1,168,451

Accumulated other comprehensive

income 365,187 408,157

Statutory surplus reserve fund 1,038,988 1,038,988

Retained earnings 13,110,741 7,094,208

Total Stockholders' Equity 15,733,367 9,759,804

Total Liabilities & Stockholders'

Equity $36,056,649 $16,755,804

LEADING ASIA PACIFIC INVSTMENT LIMITED AND SUBSIDIARY

Consolidated Statements of Operations

(In US Dollars)

For the Years Ended

December 31,

2009 2008

Revenues $48,627,436 $36,762,688

Other Sales 18,471 83,463

Cost of goods sold (36,547,011) (28,236,136)

Gross Profit 12,098,896 8,610,015

Operating Costs and Expenses

Selling expenses 979,174 872,441

Depreciation 114,642 22,676

Bad debts (recovery) (66,129) 40,010

Other general and administrative

expenses 1,349,298 1,029,314

Research and development 494,825 624,051

Total operating costs and expenses 2,871,810 2,588,492

Income from operations 9,227,086 6,021,523

Other income (expenses)

Loss on disposal of assets -- (17,644)

Interest income 40 53,335

Interest expense (581,920) (422,550)

Sundry income, net 76,032 22,381

Gain on acquisition of business 106,364 --

Total other income (expenses) (399,484) (364,478)

Income before income taxes 8,827,602 5,657,045

Income taxes (1,334,447) --

Net Income $7,493,155 $5,657,045

LEADING ASIA PACIFIC INVSTMENT LIMITED AND SUBSIDIARY

Consolidated Statements of Cash Flows

(In US Dollars)

For the Years Ended

December 31,

2009 2008

Cash Flows From Operating Activities

Net Income $7,493,155 $5,657,045

Adjustments to reconcile net income to net

cash provided by operating activities:

Depreciation 448,071 266,556

Bad debt (recovery) 66,496 40,010

Loss on disposal of assets -- 16,351

Gain on business acquisition (106,364) --

Deferred tax benefit (12,668) --

Write-down of inventory -- 26,346

Deferred income (18,471) --

Changes in operating assets and

liabilities:

Trade receivables 1,856,675 (961,062)

Advance to suppliers (147,389) 503,976

Inventories, net (1,014,305) 962,441

Prepaid expenses and other receivables 32,228 9,076

Accounts payable - trade 749,433 (263,442)

Customer deposit 72,939 (59,908)

Accrued liabilities and other payables (299,141) 84,545

Various taxes payable 241,339 (131,278)

Wages payable (46,748) 182,736

Other (77,188)

Net cash provided by operating

activities 9,238,062 6,333,392

Cash Flows From Investing Activities

Purchases and advance of property

and equipment (17,589,090) (3,623,733)

Purchase of Borou, Net of Cash

Acquired (3,499,868) --

Proceeds of disposal of fixed

assets -- 5,900

Collection of advances/loans - related

parties 10,800 22,044

Advances/loans - related parties (15,240) (10,806)

Change in restricted cash 515,738 620,971

Repayment of short-term loan

receivable 1,172,880 (1,173,520)

Net cash used in investing

activities (19,404,780) (4,159,144)

Cash Flows From Financing Activities

Borrowing from bank notes 2,932,200 1,070,837

Repayment of bank notes (4,002,453) (325,743)

Borrowing from bank loans 20,221,692 2,200,476

Repayment of bank loans (7,513,259) (4,188,084)

Proceeds from related parties loans 17,733 8,610

Repayment to related parties (8,605) --

Dividends declared to shareholders -- (2,013,625)

Distribution to owners (1,476,622) --

Net cash provided by (used in)

financing activities 10,170,686 (3,247,529)

Effect of exchange rate changes

on cash (4,841) (287,588)

Net increase (decrease) in cash

and cash equivalents (873) (1,360,869)

Cash and cash equivalents, beginning

of period 186,463 1,547,332

Cash and cash equivalents, end of

period $185,590 $186,463

Supplemental disclosure information:

Interest expense paid $581,920 $422,550

Income taxes paid $1,130,154 $--

本文源自: 环亚娱乐

相关文章Related Articles

如果您觉得本站还不错,就请分享给身边的好友吧


分享成功还有机会获得精美礼品哦