This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Kandi Technologies Announces Second Quarter And Six Months 2013 Financial Results

– 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."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs