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Kandi Technologies Announces Second Quarter And Six Months 2013 Financial Results

Stocks in this article: KNDI

– 2 nd quarter revenue increased 9.9% YoY to $12.2 Million – –  2 nd quarter gross margin increased to 23.1% from 16.2% for the same period of 2012 –  2 nd quarter Operating Income Increased 279.1 % YoY to $0.7 Million – –  EV sales increased 40.0% to $2.0 Million in 2 nd quarter – Company's legacy business experienced solid gains in the 2 nd quarter

JINHUA, China, Aug. 14, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced its financial results for the second quarter and six months ended June 30, 2013.

Financial Highlights:

  • Revenue for the second quarter grew 9.9% to $12.2 million from $11.1 million last year and revenue in the first half grew 5.5% to $26.8 million from $25.4 as compared to the period the year before;
  • ATV unit sales grew significantly to 3546 units, up 81.5% from 1954 units in the same period last year, while go-kart unit sales jumped 112.4% in the second quarter to 8500 units up from 4001 units in last year's second quarter;
  • Gross margin for the second quarter increased to 23.1% from 16.2% compared to the second quarter of 2012. Gross margin for the first half increased to 23.0% compared to 20.2% for the first half of 2012;
  • Operating income rose 279.1% to $0.7 million compared with $0.2 million in the same period of last year;
  • Non-GAAP adjusted net income in the second quarter, excluding the stock award expense and the change in the fair value of warrants, was $73,785, a significant change from a net loss of $99,273 for the same period of 2012
  • On a GAAP basis, net loss for the second quarter was ($1.0 million), decreased from a net income of $0.9 million for the same period of last year due to the change in the fair value of warrants.  

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We are very satisfied with solid quarterly financial results, our strong sales of ATV & Go-kart and gross margin improvement over the quarter. Kandi has achieved a great progress in various EV projects, such as the government approval for the first Kandi-Geely co-developed pure electric sedan 'JL7001BEV', and the construction of the first pure EV smart vertical parking and charging facility for the initial launch of Hangzhou public EV sharing system. The Company recently successfully delivered the first 100 Kandi-Geely Co-developed Pure EVs. Additionally, we completed China's First Full Scale Production and Assembly Line Specialized for Pure EV. These have provided the foundation for the deployment of more EVs in the second half of 2013."

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