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Lentuo International Inc. Reports Third Quarter 2010 Financial Results

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “going forward,” “outlook” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

   

LENTUO INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

As of December As of September 30,
31, 2009 2010
(in thousands) RMB RMB   US$
ASSETS
 
Current assets:
Cash and cash equivalents 72,082 266,872 39,888
Restricted cash 169,887 334,756 50,035
Accounts receivable (net of allowance for doubtful accounts of nil as of December 31, 2009 and September 30, 2010) 15,935 50,103 7,489
Inventories, net 290,298 388,887 58,125
Advances to suppliers 251,632 258,555 38,644
Prepaid expenses and other current assets 17,932 36,955 5,524
Amounts due from related parties 308,085 54,821 8,194
 
Total current assets 1,125,851 1,390,949 207,899
 
Non-current assets:
Property and equipment, net 267,696 221,189 33,060
Land use rights, net 9,142 5,842 874
Deferred initial public offering costs 3,635 10,104 1,510
Deferred tax assets 465 464 69
 
Total non-current assets 280,938 237,599 35,513
 
TOTAL ASSETS 1,406,789 1,628,548 243,412
 
As of December As of September 30,
31, 2009 2010
RMB RMB US$
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
Current liabilities:
Accounts payable 8,052 7,582 1,133
Bills payable 409,584 593,141 88,654
Advances from customers 25,821 36,702 5,486
Deposits from third parties 162,114 78,999 11,808
Accrued expenses and other current liabilities 92,553 135,556 20,261
Amounts due to related parties 1,229 - -
Unrecognized tax benefits 49,525 4,963 742
Taxes payable 50,082 126,148 18,854
Short-term loans 325,460 251,537 37,596
 
Total current liabilities 1,124,420 1,234,628 184,534
 
Total liabilities 1,124,420 1,234,628 184,534
 
Commitments and Contingencies
 
Shareholders’ equity:
Ordinary shares, par value US$0.00001 per share
Authorized – 500,000,000 shares as of December 31, 2009 and September 30, 2010 1 1 -
Issued and outstanding – 39,908,389 shares as of December 31, 2009 and 45,937,912 as of September 30, 2010
Additional paid-in capital 53,973 176,200 26,336
Retained earnings 228,395 217,719 32,542
 
Total shareholders’ equity 282,369 393,920 58,878
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1,406,789 1,628,548 243,412
 
 

LENTUO INTERNATIONAL INC

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three months ended September 30
2009   2010
RMB RMB   US$
(in thousands)
Revenues:
Sales of automobiles 540,672 859,381 128,448
Automobile repair and maintenance services 64,685 82,051 12,264
Other services 980 4,418 660
606,337 945,850 141,372
 
 
Cost of goods sold: (494,735) (814,088) (121,678)
Sales of automobiles (22,606) (37,237) (5,566)
Automobile repair and maintenance services (60) (466) (70)
Other services - - -
(517,401) (851,791) (127,314)
 
Gross profit 88,936 94,059 14,058
 
Operating expenses:
Selling, marketing and distribution expenses (9,767) (10,230) (1,529)
General and administrative expenses (8,921) (8,445) (1,262)
 
Total operating expenses (18,688) (18,675) (2,791)
 
Operating income 70,248 75,384 11,267
 
Interest income 86 158 24
Interest expenses (9,224) (12,321) (1,842)
Exchange loss - 49 7
Other income (expenses), net (279) (300) (45)
 
Income before income tax expenses 60,831 62,970 9,411
Income tax expenses (17,026) (17,955) (2,684)
 
Income from continuing operations 43,805 45,015 6,727
Income from discontinued operations, net of tax 72 - -
 
Net income attributable to ordinary shareholders and comprehensive income 43,877 45,015 6,727
 
Earnings per share:
From continuing operations 1.10 1.06 0.16
From discontinued operations 0.01 - -
 
Basic and diluted earnings per share 1.11 1.06 0.16
 
Weighted average ordinary shares outstanding:
Basic and diluted 39,908,389 42,595,459 42,595,459
 




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