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Kandi Technologies Reports Full Year 2012 Financial Results And Achieved Significant Gains In EV Sales

Stocks in this article: KNDI

-Q4 Revenue Increases 131.2% YoY to $26.3 Million-

-Full Year Revenue Increases 60.6% YoY to $64.5 Million-

-Full Year Operating Income Increases 74.9% YoY to $5.3 Million -

-EV sales rose 204.4% YoY to $19.0 Million-

JINHUA, China, April 1, 2013 (GLOBE NEWSWIRE) --  Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced its financial results for the fourth quarter and full year ending December 31, 2012.

Full Year 2012 Highlights

  • Revenues grew 60.6% to $64.5 million from $40.2 million in 2011
  • ATV sales increased 32.0% to 6.4 million
  • Go-kart sales increased 34.3% to 30.8 million
  • EV sales significantly increased 204.4% or $12.8 million to $19.0 million and the Company sold 3,915 units in the full year
  • Refitted car sales increased 70.5% to $3.2 million
  • Gross profit for the full year of 2012 increased 39.9% to $12.9 million compared to $9.2 million in 2011
  • Income from operations grew 74.9% to $5.3 million from $3.0 million in 2011
  • GAAP net income decreased 33.6% to $6.0 million from $9.1 million in 2011 due to a change in the fair value of financial derivatives, higher income tax, and an increase in general and administrative expenses, research and development expenses, and interest expenses in 2012
  • Non-GAAP net income* increased 3.2% to $4.2 million from $4.0 million from the previous year
  • Cash, cash equivalents and restricted cash totaled $28.0 million at year end, a 213.2% increase from $8.9 million at the end of 2011
  • Working capital surplus was $35.9 million at the end of December 31, 2012, an increase from a working capital surplus of $17.5 million as of December 31, 2011

Fourth Quarter 2012 Highlights

  • Revenues rose significantly: 131.2% to $26.3 million from $11.4 million in the same period last year
  • Gross profit increased 82.8% to $4.5 million compared to $2.5 million in the fourth quarter of 2011
  • GAAP net income increased to $2.2 million from a net loss of $829,831 for the same period of last year

"We are very pleased about the fourth quarter of 2012 and full year financial results. While our legacy business experienced solid growth, EV sales have achieved a significant growth in both unit sales and revenue contributions." Mr. Xiaoming Hu, Chief Executive Officer and Chairman of Kandi Technologies commented, "2012 was a breakout year for Kandi, we not only launched China's largest EV leasing program in Hangzhou, but also have negotiated new EV expansion plans in the Shandong and Hainan markets. Kandi is now even better prepared for the increasing EV demand from Chinese consumers and well positioned to benefit from further government initiatives to promote electric vehicles in China."

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